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| − | All [[Mormon missionaries|missionaries]] and [[Mormon Callings|Church leaders]] volunteer their time and are unpaid.
| + | #redirect [[Finances of the Church of Jesus Christ]] |
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| − | The Church has no debt. All buildings are paid for in cash (about two new congregations per day).
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| − | A ''Time Magazine'' report suggested that in 1996 the Church collected $5.2 billion in tithes. Church [[Demographics|membership]] has increased 20% since then. At that time, ''Time Magazine'' estimated Church assets, which include real estate and some for-profit businesses, to be worth about $30 billion. This money is meticulously managed in order to maximize its benefits, benefits which include an extensive [[Humanitarian Efforts|humanitarian program]]. According to ''Time'', if the Church were a cooperation, it would be listed on the Fortune 500 above Nike and the Gap. How does the Church have so much?
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| − | * Faithful members of the Church pay 10% of their income, called [[tithing]], in addition to “fast offerings,” which are used to support the poor. Tithing accounts for about 90% of the Church's “income,” at least in 1996.
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| − | * The Church has no paid clergy, eliminating many personnel costs.
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| − | * Because the Church emphasizes [[Debt Reduction|industry]], many Mormons are well-off. According to ''Time'', “There is no major Church in the U.S. as active as the Latter-day Saints in economic life, nor, per capita, as successful at it...” Of course, there are also many poor Mormons.
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| − | * About 10% of the Church's “income” comes from its financial holdings. Some of the Church's known financial holding include:
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| − | **AgReserves Inc, Salt Lake City, Utah. The largest producer of nuts in America, part of the [[Church Welfare Program|LDS welfare system]].
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| − | **Beneficial Life Insurance Co. Assets of $1.6 billion.
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| − | **Bonneville International Corporation. The 14th largest radio chain in the U.S., used to broadcast the LDS biannual [[General Conference]] as well as the [[Mormon Tabernacle Choir]]'s weekly program, [[Music and the Spoken Word]].
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| − | **Deseret Cattle and Citrus Ranch in Orlando, Florida. The world's largest beef ranch (312,000 acres). The land alone is worth $858 million. The ranch is part of the LDS welfare system.
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| − | **Farmland Reserve, Inc. Owns 228,000 acres in Nebraska, second only to Ted Turner's 290,000. Also owns land east of Orlando, appraised at $10 million. The reserve is part of the LDS welfare system.
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| − | **[[Polynesian Cultural Center]], Hawaii. The leading for-profit visitor attraction in Hawaii.
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| − | Reading this list, the tendency is to imagine the Church as a massive, faceless, capitalistic organization, but this is far from the case. Despite these financial assets, the Church is a non-profit organization. Imagine the influence for good this much money has...imagine the children in Africa getting their immunizations, the impoverished in Brazil getting [[Perpetual Education Fund|student loans]], the poor and the rich worshiping together. The power for good is unimaginable.
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| − | ''See also [[Humanitarian Efforts]], [[LDS Family Services]], [[Perpetual Education Fund]], and [[Employment Programs]]''
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| − | For sources, see [http://www.allaboutmormons.com/finances.php AllAboutMormons.com]
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| − | [[Category:Mormon Life and Culture]]
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