The ups and (mostly) downs of Church finances over the years. Ep. 157

In the last few years you may have heard about the wealth of the Church of Jesus Christ of Latter-day Saints, but you probably haven’t heard much about the poverty it endured to get to this point. Today, David unpacks the difficult history of the Church’s deep, soul-crushing debt, and how it became the financial giant it is today.

Video transcript and notes: https://bit.ly/3rL3lGW

— “Church Finances and a Growing Global Faith” news release from the Church (fantastic Q&A format that offers a good review of Church finances): https://bit.ly/3Ix3RhV
— “Crisis in Zion: Heber J. Grant and the Panic of 1983” via BYU Studies: https://bit.ly/3GeJzc8
— “LDS Church Finances from the 1830s to the 1990s” by D. Michael Quinn: https://bit.ly/32bpFQp
— “Church Finances — Commercial Businesses” via the Church’s website: https://bit.ly/3q9JUXZ
— “The Church and Its Financial Independence” via the Church’s newsroom: https://bit.ly/3f5eYBU
— “Tithing” via the Church’s website (Gospel Topics essays): https://bit.ly/3GflPoi
— Lorenzo Snow’s famous talk on tithing (Part 1, Millennial Star): https://bit.ly/3rnBR9x
— Lorenzo Snow’s famous talk on tithing (Part 2, Millennial Star): https://bit.ly/3GefSIh
— “N. Eldon Tanner and Church Administration” by John P. Livingstone (BYU Studies): https://bit.ly/34HfOTg
— “The State of the Church” by Gordon B. Hinckley (April 1991 GC): https://bit.ly/33AC7K3
— “Finances of the Church” via Encyclopedia of Mormonism: https://bit.ly/33nI6lr
— “Business: Church Participation in Business” via Encyclopedia of Mormonism: https://bit.ly/3rQKLfM
— “A History of LDS Temple Admission Standards” by Edward Kimball (Journal of Mormon History): https://bit.ly/3teoJWs
— The diary of James Talmage, which speaks to some of the financial distress of (Aug. 23) 1893: https://bit.ly/3f6U99h
— “‘The Lord’s Way’ The Genesis of the Church Security Plan, 1920-36” by Joseph F. Darowski: https://bit.ly/3GfVG8Q
— “Business and Religion” 2018 BYU Church History Symposium book, available online: https://bit.ly/3qmyuQM
— “The Church During the Great Depression” via the Church’s website: https://bit.ly/3FsqulC
— “The Development of the Council on the Disposition of the Tithes” by David Smith (BYU Studies): https://bit.ly/34HVn8M
— “LDS Church Real-Estate Holdings Include Farms, Ranches, Buildings” by Deseret News: https://bit.ly/3Fs0sif
— “Historian digs into the hidden world of Mormon finances, shows how church went from losing money to making money — lots of it” via The Salt Lake Tribune: https://bit.ly/356LD8x
“How the Church of Jesus Christ Uses Tithes and Donations” via the Church’s newsroom: https://bit.ly/34Q6ZGP
— “Church responds to allegations made by former employee in IRS complaint” via Deseret News: https://bit.ly/3Ijjc5c
— “$100 Billion In Mormon Till Does Not Merit IRS Attention” via Forbes: https://bit.ly/3tDR20M
— A video from the Church about their Florida ranch: https://bit.ly/3nrWfVs
— “Statistical and Financial Report” 1959 Conference Report (for 1958): https://bit.ly/3fAG3Nr
— “Statistical and Financial Report” 1957 Conference Report (for 1956): https://bit.ly/3FEBsnW
— “Financial Statement” 1928 Conference Report (for 1927): https://bit.ly/3AoudzP
— “Auditing Committee’s Report” 1906 Conference Report (for 1905): https://bit.ly/3fAQTmH
— List of Conference Report links: https://bit.ly/3AbMgsF
— If you want to dive really deep into this topic, you may be interested in D. Michael Quinn’s book, “The Mormon Hierarchy: Wealth and Corporate Power”.

Notes:
— D. Michael Quinn believed that attribution of the Church’s financial troubles in the 1890s to the Edmunds-Tucker Act has been overstated in the past, and had more to do with bad investments. I mention both factors in this video, but I acknowledge that (if Quinn is correct), failed investments were the larger factor.
— In August, 1893, James E. Talmage wrote in his journal, “The Church … now feels its poverty most keenly, and many works of improvement have been suspended.”
— In addition to various other financial ventures, the Church has also chosen to store some savings funds in the form of various investments. For example, the Church owns a whole lot of farmland. President Gordon B. Hinckley said, “Prudent management requires that this money be put to use. In that process, we have purchased and hold some good, productive farms. They are well operated under capable management, and they yield a conservative rate of return. We have felt that good farms, over a long period, represent a safe investment where the assets of the Church may be preserved and enhanced, while at the same time they are available as an agricultural resource to feed people should there come a time of need.” Source: https://bit.ly/33AC7K3

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