Accompanying the complaint is a 74-page narrative by Neilsen, who alleges Ensign stockpiled $100 billion in charitable donations and deceived church members by doing so. Big number: According to the Post, Ensign’s $100 billion fund was bigger than Harvard University’s endowment and the Bill and Melinda Gates Foundation’s endowment⁠—combined. Around $7 billion is collected in member donations each year, with $1 billion of that directed by the church to the Ensign fund. When the church formed Ensign in 1997, it was valued at $12 billion. By holding over $100 billion in charitable funds without spending it on charity, the Post reported that Ensign is likely not following U.S. tax law, citing a former IRS official.

Source: Forbes December 17, 2019 13:39 UTC