Mormon Church has misled members on $100 billion tax-exempt investment fund, whistleblower alleges

A former investment manager alleges in a whistleblower complaint to the Internal Revenue Service that the Church of Jesus Christ of Latter-day Saints has amassed about $100 billion in accounts intended for charitable purposes, according to a copy of the complaint obtained by the Washington Post.

The confidential document, received by the IRS on Nov. 21, accuses church leaders of misleading members — and possibly breaching federal tax rules — by stockpiling their surplus donations instead of using them for charitable works. It also accuses church leaders of using the tax-exempt donations to prop up a pair of businesses.

http://www.startribune.com/mormon-church-has-misled-members-on-100-billion-tax-exempt-investment-fund-whistleblower-alleges/566264182/