There is a lot of hullabaloo out there about a news article that looks into Church finances. Bloomberg Businessweek website is currently running an article entitled “How Mormons Make Money.” The proper response to this is “They make money very well, thank you.”
Personally, I don’t lose a moment of sleep worrying about the way the Church handles the money or its finances. Once I seal the envelope and hand it to the Bishop – it isn’t my money anymore. And I do that because God asks me to. I also don’t have a problem that the Church is a good steward of the money it receives. If they can turn 5 talents into 10 talents – awesome.
The article was pretty biased, and attempted to make the Church look like it is more about making money that saving souls. Anyone who has served in the Church in callings, in the lay ministry, or humanitarian endeavors knows that this is utter nonsense.
Read the article if you want, but it is not that important. It wasn’t even that well researched. They did find out some things that most of us probably don’t know, but they didn’t dig very deep. Had they really done their homework, they could have found out some really interesting tidbits.
By some strange coincidence, I happen to be privy to 13 of those tidbits right here!
• Upwards of 12% of total Church revenue goes to donuts for youth activities.
• Up to 63% of all liquid Church funds are held in 3-compartment boxes labeled “Savings • Spending • Mission.”
• The Church does not have representation present during professional LDS athlete’s contract negotiations.
• It has been determined that funding for “Christmas in July” and “Super Saturday’s” is probably not considered “money-laundering.”
• Based on Fast Offering contributions, most Church members are either eating caviar, or food storage wheat.
• Most wards contribute hundreds, if not thousands of dollars to “Friends of Scouting” to support the National Organization. In return, each of those wards receive approximately $7.31 in annual support from the National Organization.
• The single fastest-growing Church expenditure is for t-shirts. It has been speculated that the Church could greatly expand its net worth by selling City Creek Mall, and opening an online silkscreen shop.
• The monthly cost for a full-time mission is standardized at $400/month. Seniors couple costs vary, but seniors can go most anywhere they want, do what they want, for as long as they want – as long as they pay their own way.
• The heaviest tithing ever recorded in one envelope was contributed by Timmy Wright, or Santaquin, Utah. Weighing in at 3.25lbs, the donation totaled $2.37. It should be noted that after processing the tithing, the ward financial clerk required a PPI with the Bishop.
• In business world, many weaker businesses are consumed by monopolistic monsters that consume everything in their paths, and leave a trail of broken competitors in their wakes. In the Church we refer to that as Deseret Book.
• The main focus of the Church is to bring in huge amounts of money, so the top leadership can live out their days in extravagant luxury. Oh, wait. That would be the US Congress. My bad.
• The average member is acutely aware that every crafty handout at church, and every trip to Dairy Queen after Mutual is being paid for by someone’s tithing. That’s why we order the small Blizzards.
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I hope this makes it to your top 10, if only for your accurate observation about Scouting finances!
That was an awesome post. (I could not care any less about Businessweek.)
JWW
All day I have thought about the Church owning a T-shirt business. That is sheer genius.
My very unsophisticated thoughts on the Church making a great deal of money–
Church Expenditures:
Temples, building and maintaining
Chapels, ditto
Places of Historic interest, (Nauvoo, Palmyra etc…)ditto
Missionary efforts, (supporting and maintaining buildings, subsidizing, travel etc.)
BYU, BYU Idaho, BYU Hawaii, LDS Business College, (tuition doesn’t pay it all!)
Bishop’s Storehouse expenses (Giving free food to those in need)
Church Magazines
Church Programs, Seminary, YW & YM, Institutes, RS etc…
The Church is self insured
Just a small, small list, none of these things come cheaply. Personally I am relieved that the Brethren are so fiscally responsible and have such great forethought.
Otherwise they might ask me for 20%.
Great post MMM! I have no problem giving back to the Church what the Lord clearly gave to me. I know the leaders are inspired and will do what is needed to bless and take care of our brothers and sisters the world over.
Unfortunately I have a family member who doesn’t see this and several years ago was heavily influenced by a very anti-mormon person who showed her articles online that “proved” how corrupt the Church was and how they were swindling us all. Sadly the info was believed (because everything on the internet is true) and she likewise was led down that path and is now quite anti-mormon.
Ugh. Bashing of our Church’s finances is a thorn in my side! A reminder of a sister who has left the path.
I was just thinking that I should have bought one of those boxes 10 years ago. My son will be leaving for a mission in a year. If I had “the box” I’d have no need to fear.
I read the article out of curiosity. I don’t know if it was in the comments of the story(I have no desire to go check)but someone used the word “sheeple”. Knowing what I know about sheep, I don’t mind being compared to one….I’ve been more “goat-like” at times in my life.
Great post! Love it!
As a tithe-paying member of the church I would like the church to be more open about the church finances. In global as well as local levels. It has nothing to do about not having faith or anything like that. Actually it would often make fulfilling your callings easier. I’m also not very pleased about the traces of capitalism brought to church. In this “not american church”, as the church often wants to be viewed, the church would do well to remember that capitalism has no role whatsoever in the gospel. Nor should it. We all would also do well to remember that wealth was often the way to apostosy in the scriptures. No, it doesn’t need to be, but yet it often seems to be.
Now hold on there, Sirpa. It’s the love of money/wealth, not wealth itself that is evil. The concept of stewardship and industry are gospel concepts. What happens when God’s people are righteous? He blesses them spiritually and temporally. I point you to the parable of the talents as an illustration that we are encouraged to wisely invest our money. I have no problem that the Church has invested in profitable businesses, which provide the means to help people.
Sirpa, you are right that there are plenty of injunctions in the scritpures warning about the potential of wealth to corrupt, both in the Book of Mormon and in the New Testament.
But I guess i don’t understand your discussion of capitalism re: the church. I don’t see how the church fulfilling its mission to invite all to come unto Christ is related to capitalism. Perhaps you refer to the church’s conservative practice of protecting its assets. That’s nicely explained in the church’s recent press release and has — as Vatermann points out — less to do with capitalism and more to do with stewardship.
Vaterman: this is the first time I hear someone say the parable of the talents is about money. I’ve always thought it was about how we spend our time and our abilities here, and yes, maybe in some cases money, but I never saw it as a parable of making investment decisions. Interesting.
Paul: what I mean is, that there are number of small, probably insignificant, but yet to me important traits of capitalism that I’m not very fond of, but have learned to tolerate. Like why are so many of the bishops businessmen of some kind? I don’t know about anywhere else, but in my stake most of them are/have been.Coincidence? Maybe, but it makes you wonder anyway. And why does the prophet need to be brought to a temple dedication in a really expensive car? A less expensive wouldn’t do? Why? I know the church can afford it, and I’m not saying he needs to ride a donkey or a 20 year old rusty car, and like I said it doesn’t really make a difference, but to me it does kind of send a subtle message that I don’t like. Also the concept of a mormon mall and the prophet advocating the gospel of consuming is a bit strange to me. I understand this is probably a cultural thing, and probably looks very different from U.S. perspective, but even so, I think it’s just another demonstration of the church not being so “genuinely international faith” after all. (I’m referring t this: http://www.washingtonpost.com/blogs/guest-voices/post/mormons-not-necessarily-who-you-think-they-are/2011/08/05/gIQAKFsXwI_blog.html)
Interesting comment regarding the prophet’s transportation to temple dedications. When President Hinckley came to dedicate our small temple, his team specifically requested a modest vehicle. It so happened that a member of the church who attended church next door to the temple arranged for President Hinckley to have a very expensive car to use. The local member did it to honor the prophet, and I suspect the local member handled the payment, not the church.
As for bishops being businessmen, I think it depends where you are. In my stake right now, we have mid-level businessmen, a law enforcement officer; in the past we’ve had educators and one hourly worker. In other places I’ve lived (including outside the US) we’ve had similar mix of people.
As for the parable of the talents, I suppose it could be a language thing. In the King James version of Matthew 25, verse 14 makes clear the master divides his goods (the talents) among his servants. Verse 16 makes clear the first servant traded with his talents to double them. And in verse 27, the ruler makes clear to the third servant that he is concerned about the treatment of his money “Thou oughtest therefore to have put my money to the exchangers…” At least in the English it’s pretty clear it’s about money (among other things). There are also many Old Testament references to talents as units of money.
I think that whether or not your bishop is a business man depends primarily on where you live. If you live in an area that many business men reside, your chances go way up of having a businessman as a bishop. I can personally tell you that my current bishop is a postal worker. My previous bishop (different ward)was a coal miner. Before that a construction worker. I have also had a bishop who was a mechanic. But if my bishop had been a businessman I wouldn’t have thought twice about it. I care far more that my bishop is a good honest man how loves the Lord.
About the talents: could it be that when Christ talked about talents he wasn’t talking about money? Just like when he talked about the sower he wasn’t really talking about farming? The Finnish topical guide for LDS scriptures says the word “talent” also describes something valuable, like the gospel of Jesus Christ. That gives the parable of the talents a whole new perspective. Like missionary work. Interesting. Never thought of it like that.
All this talk about church’s finances also kind of makes me think (once again) why on earth is it so impossible to have a proper piano for our meeting place. Sure, it’s not a good investment financially, but I think spiritually it would make more difference. I’ve tried to talk about this to my local leaders for years, but nothing’s happened. We still have the same terrible piano that won’t stay tuned and no one wants to play.
That’s the thing with parables. They are multi-dimensional. I do think the parable applies to actual talents (i.e. abilities). I think it applies to our knowledge and strength in the gospel. I think it applies to finances. How many times are we as church members reminded to be good stewards of our money? What good would it do for the church to ONLY have enough money to operate? How can they foresee future growth/expenses? I, personally, find it a testimony builder that the church operates under the same expectations they have of us… Be self-reliant. Which, in LARGE part (to me, anyways), means being financially independent.
Caviar or food storage wheat…love it! So true.
The only cool part about that article (Bloomberg’s) was all the comments. Even nonmembers were defending the church because of their interactions with members. Go us!
I kept seeing the cover described as offensive, but i chose not to take offense. Much easier that way! Thanx, MMM.
Loved reading this! Thank you.
I am still dying at the DB comment…not much of a joke at all, but hilariously true! 😉
And p.s. You really order a SMALL blizzard? That doesn’t even make good financial sense at all…ounce per ounce you are always cheapest to go with the largest Blizzard! 😉
ha ha! Nice jab on DB!
I have no problem with the Church’s utilizing existing tax benefits and running successful businesses. What do they expect the Church to do, invest in gold coins and hoard them in the Granite Mountain Vault?
I love those divided banks!
I totally had one (or two, or three? Not sure how many we went through) of those!
We probably bought them at Deseret Book.
So glad you covered this topic! I had to take a double take when I saw the distasteful cover of Businessweek- but then decided to not let it bother me so much after reading the unbalanced article. My favorite quote regarding the Church’s “wealth” comes from President Hinckley:
“The only true wealth of the Church is in the faith of its people.”
Nice. Well played.