The Lacuna Project

lacuna (n.) a gap in a record where something should be

Independent research. Not affiliated with any government, agency, or company.

Nonprofit

Ensign Peak Advisors, Inc.

Documented money flows

Findings that rest on exhibits naming this entity

  • REL-4.3: The SEC found that from 1997 through 2019 Ensign Peak Advisors, an integrated auxiliary of The Church of Jesus Christ of Latter-day Saints, did not file Forms 13F in its own name. The Church and Ensign Peak created thirteen LLCs for the sole purpose of filing the forms and preventing public disclosure of the Church's equity holdings, and the Church's senior leadership approved the approach.
  • REL-4.4: The SEC found that the LLCs' forms misstated that the LLCs had sole investment and voting discretion, and that the Church's audit department highlighted in 2014 and 2017 the risk that the SEC might disagree with the structure. The practice ended with a consolidated Form 13F filed on 14 February 2020 that listed 1,659 securities worth about $37.8 billion.
  • REL-4.5: On 21 February 2023 the SEC ordered Ensign Peak Advisors to pay $4,000,000 and the Church $1,000,000 and ordered both to cease and desist, in a settlement in which neither admitted nor denied the findings. The Church's statement of the same day says Ensign Peak "received and relied upon legal counsel" and that "We affirm our commitment to comply with the law, regret mistakes made, and now consider this matter closed"; its statement of 17 December 2019 says "The Church complies with all applicable law governing our donations, investments, taxes, and reserves."
  • REL-4.6: Religion Unplugged reported on 30 March 2021 that a former Ensign Peak employee prepared a 74-page complaint to send to the IRS whistleblower program, and that an IRS spokesman in Utah could not confirm any investigation. No public IRS outcome has been found. By the Church's own account the SEC first expressed concern about Ensign Peak's reporting in June 2019.

Exhibits naming this entity

  • Exhibit 421 21 February 2023. U.S. Securities and Exchange Commission: In the Matter of Ensign Peak Advisors, Inc. and The Church of Jesus Christ of Latter-day Saints, Exchange Act Release No. 96951, File No. 3-21306
  • Exhibit 422 21 February 2023. U.S. Securities and Exchange Commission: SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings (press release 2023-35)
  • Exhibit 425 21 February 2023. The Church of Jesus Christ of Latter-day Saints: Church Issues Statement on SEC Settlement
  • Exhibit 426 30 March 2021. Religion Unplugged: A Cloud Of Mystery Remains Over Whistleblower Complaint Against LDS Church