After paying a $5 million settlement to the U.S. government in February for failing to properly disclose stock holdings, The Church of Jesus Christ of Latter-day Saints did not mention the fine or release any figures in its financial statement on Saturday.
that the church went to “great lengths” to “obscure” the size and scope of its investments in violation of reporting requirements.
But the brief report delivered Saturday afternoon by Jared B. Larson, managing director of the church’s Auditing Department, followed the same pattern as previous statements.
That language became of interest after an investigation by the Securities and Exchange Commission discovered that two internal audits from the faith’s top leaders that the reporting approach to the federal agency from Ensign Peak Advisors, the church’s investment arm, might run afoul of SEC rules — which turned out to be the case.
He pointed out that the Utah-based faith “follows the practices taught to its members of living within a budget, avoiding debt, and saving against a time of need.”
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