Latter-day Saints employ vast amounts of money in investments that TIME estimates to be at least $6 billion strong. Even more unusual, most of this money is not in bonds or stock in other peoples' companies but is invested directly in church-owned, for-profit concerns, the largest of which are in agribusiness, media, insurance, travel and real estate. Deseret Management Corp., the company through which the church holds almost all its commercial assets, is one of the largest owners of farm and ranchland in the country, including 49 for-profit parcels in addition to the Deseret Ranch. Besides the Bonneville International chain and Beneficial Life, the church owns a 52% holding in ZCMI, Utah's largest department-store chain. (For a more complete list, see chart.) All told, TIME estimates that the Latter-day Saints farmland and financial investments total some $11 billion, and that the church's nontithe income from its investments exceeds $600 million.
http://www.lds-mormon.com/tim
2007-07-13 11:38:20 · 9 answers · asked by Anonymous in Society & Culture ➔ Religion & Spirituality
And they complain about Pastors being paid with tithing? Seems everybody is for sale in mormonism.
2007-07-13 11:39:14 · update #1
Yes, it does seem to be a business, doesn't it?
I know some churches that own businesses- willed to them at someone's decease.
It is clear, or should be, that any church that gets involved in business is NO longer a church! It has then BECOME a business!
2007-07-13 11:43:24 · answer #1 · answered by Jed 7 · 4⤊ 2⤋
Simply put... because the church is smart. It utilizes its resources to better its members. With these investments they can more easily provide for their members. They can build new buildings as the church expands, they spend an awful lot in humanitarian aid around the world, they have their own welfare system to help it's members when appropriate and needed.
You fail to mention that the church still has a lay clergy. In other words, people do NOT GET PAID for their service in the church, it is volutary. Bishops, Stake Presidents, Mission Presidents and so on, all make their own wages. The money brought into the church is used for the church and its members and others is need.
When N.O. flooded the church was only one of two major organizations where you could donate and all 100 cent dollars went to the people of N.O. Not 80 cents or even 95 cents on the dollar... all of it.
So... what was the problem with this?
2007-07-13 17:44:51 · answer #2 · answered by Mr. Perfect 5 · 2⤊ 0⤋
I am sure that we can believe absolutely everything that is printed in Time.
Yes the LDS Church does own farms and ranches. The produce grown on the farms go to the church's welfare program which is used to provide food for needy members and non-members all over the world. There is no charge for this food to anyone. Any produce that is left over after the harvest is available for anyone who would like it. There are apple orchards near where I live, after the church is done harvesting the apples, then people can go out and get the apples that have fallen on the ground. THere is no charge and you can take as much as you will use. You really should check into the humanitarian efforts by the LDS church.
The LDS church teaches self reliance to it's people. These other businesses help the church to be self reliant. I am sure that other religions that have for profit businesses are given the same benefits by the law the the LDS church is given.
Maybe you should research what business interest other religions have as well. I believe that the 7th day Adventests own Rhoads breads, their products are sold in grocery stores everywhere.
Really I wish these reports would be more unbiased and show what other organizations are doing as well.
2007-07-13 12:02:40 · answer #3 · answered by Anonymous · 4⤊ 1⤋
You and Time do have a few things wrong. Most of the real estate the LDS church owns are church building, temples, ball fields, camps (for family and youth activities), farms, orchards, cattle ranches and dairy. They do own a few for profit real estate investments but not that many by any means. They also no longer own ZCMI, several years ago it was sold to May & Co. who kept the name ZCMI becuase is was so established in the Northwest US. They do own Beneficial Life but at the same time it is used for all of the church's insurance needs (building, liability, workmans comp, etc). The Travel is also done to take care of the missionaries travel needs all over the world. It does book for others on a profit basis but the reason for it is not profit. Bonniville Media also makes sure that any books, magizines, tv ads, or other media needs of the LDS church as taken care of 1st and after that they take in for profit work.
The LDS church does not just sit on this income for the fun of it. They are one of the most organized and largest charities in the world. Very often of another charity is taking care of a need they will simply help them instead of starting a secend one (big supporter of Catholic Charities and the Red Cross). They also have a social service program to give counceling and other mental health assistance as needed.based on your income (no gov. grants needed).
So this income while may come from a for profit business is not kept as a profit to fill someone pockets, it is used for everyone in this world.
2007-07-14 22:42:54 · answer #4 · answered by idaho gal 4 · 3⤊ 0⤋
So what would you say if they were operating fiscally irresponsibly?
Remember the parable of the Talents??? The man who multiplied the talents (ie money) for the Lord was given more. The bible says what they're doing is fine.
It's in compliance with the IRS.
It's members know that they invest some money into businesses and continue to give.
Why do you care how some church spends and invests it's money if it's not your church and it was never your money???
Just another Mormon hater???
2007-07-14 14:46:51 · answer #5 · answered by Ender 6 · 3⤊ 0⤋
specific, tax them. How a lot of that income is going into the wallet of a few adult males? that's what the left is against, if traders have been given a greater perfect proportion of the income, greater people might make investments.. The CEO's of those agencies not in basic terms make greater advantageous than many international locations are well worth, however the activity on their funds is larger than the earning of over a million/2 of the U. S. inhabitants. it quite is ridiculous. somebody would not decide for greater funds than they might bodily spend.
2016-09-29 22:54:01 · answer #6 · answered by ? 4 · 0⤊ 0⤋
LOL. Yes, but lets not bother to mention the HUNDREDS OF BILLIONS of dollars the Vatican holds in art work, gold, treasure and other sources of income...
At least the Mormon's pay taxes on these for-profit ventures.
2007-07-13 11:43:13 · answer #7 · answered by ? 5 · 9⤊ 0⤋
As long as for-profit businesses are taxed and follow legal guidelines, it really is not any of my business.
2007-07-13 11:47:28 · answer #8 · answered by James O 7 · 4⤊ 0⤋
They hide behind the religion banner! Most religions are just corporations! The Truth
2007-07-13 11:44:53 · answer #9 · answered by Anonymous · 3⤊ 2⤋