Church of Jesus Christ of Latter-day Saints

The Church of Jesus Christ of Latter-day Saints, widely known as the "LDS Church" or the "Mormon Church", is the largest and best known denomination within the Latter Day Saint movement (a form of Christian Restorationism). The church is headquartered in Salt Lake City, Utah.

Finances

The financial status of the Church has been the focus of two investigative reports: a 1991 report by the Arizona Republic and a 1997 report by Time Magazine. Both claim the Church is the most prosperous American religion, with Time estimating $5.2 billion dollars in tithes during 1996. The Church has holdings in real estate, as well as for-profit businesses managed through Deseret Management Corporation. Time estimated assets in 1996 at more than $30 billion dollars.

Related Topics:
Arizona Republic - Time Magazine - Deseret Management Corporation

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It is difficult to determine the exact financial status of the Church because it is not required to disclose financial information. Some of the Church's known holdings include:

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• AgReserves Inc, Salt Lake City, Utah - the largest producer of nuts in America.
• Beneficial Life Insurance Co. - assets of $1.6 billion dollars.
• Bonneville International Corp - the 14th largest radio chain in the U.S.
• Deseret Cattle and Citrus Ranch in Orlando, Florida - the world's largest beef ranch at 312,000 acres (1260 km²). The land alone is worth $858 million.
• Farmland Reserve, Inc - recently purchased 88,000 acres (356 km²) in Nebraska bringing its total in Nebraska to 228,000 acres (923 km²) second in Nebraska to Ted Turner's 290,000.
• Polynesian Cultural Center, Hawaii - the leading for-profit visitor attraction in Hawaii.

The Church uses its financial resources to provide social welfare and relief, build facilities, maintain the missionary program, and support Church sponsored programs.

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Provide for Social welfare and relief -

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The Church operates a welfare distribution system, as it encourages members to seek financial assistance from family and church first before seeking public or state-sponsored welfare. AgReserves Inc., Deseret Cattle and Citrus Ranch, and Farmland Reserve, Inc. are part of its welfare distribution system. Welfare resources are distributed by local bishops but maintained by the Presiding Bishop.

Related Topics:
Bishops - Presiding Bishop

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Build facilities -

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The Church builds additional chapels and temples as wards and branches of the Church are organized. A recent temple building program concluded in 2001 where the church built about 40 smaller temples between 1998 and 2001. The church currently has 122 temples around the world with 11 additional temples either announced or under construction. See chonological list of temples.

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Maintain its missionary program -

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Although the families of missionaries generally pay $400 a month for missions, additional general funds of the Church support missionaries unable to pay for their own missions. Additionally, the Church provides a mission office and mission home for each of its 300 missions and pays for television advertising offering free copies of the Book of Mormon, the Bible, videos, etc.

Related Topics:
Book of Mormon - Bible

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Support Church sponsored programs -

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The Church owns and subsidizes education at its three Universities (see Education above). It also supports Boy Scouts programs for young men and Seminary and Institute programs.

Related Topics:
Education - Boy Scouts

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