Letter to an IRS Director © 2019 Lars Nielsen,
[email protected] Executive Summary Ensign Peak Advisors, Inc. (EPA) is ostensibly a 501c3 supporting organization to the Corporation of the President of the Church of Jesus Christ of Latter-day Saints (COP). However, it is functionally not so. Its owned assets under management (OAUM) have grown from $10 billion to ~$101 billion in 22 years without making a single religious, educational or charitable distribution. It has garnered tens of billions of dollars in tax breaks from the Internal Revenue Service (IRS) without any activity towards any tax- exempt mission. In addition, it has engaged in two unlawful distributions per its Articles of Incorporation (AOI) and the Internal Revenue Code (IRC). Top COP and EPA leaders have made public statements concerning church finances and reserves that are disingenuous, specious, and false for the purpose of misleading the IRS, church members, and the public because they were afraid of losing their tax-exempt status. Finally, as will be shown, the COP fails a common-sense commensurate test, which should disqualify it and all its supporting organizations—especially EPA—from tax-exempt status. Specific Grievances: 1) EPA has made 0 religious, educational, or charitable distributions in 22 years. 2) EPA unlawfully distributed $600 million to bail out a for-profit business in violation of EPA’s AOI and of IRS rules. 3) EPA unlawfully distributed $1.4 billion towards a non-legitimate purpose as per EPA’s AOI and per IRS rules. 4) These two distributions may also have been unlawful on the basis that they inured a trustee, who is also the sole proprietor of the COP and ultimate owner of the two for-profit businesses benefited thereby.