Ensign Peak Advisors
The capital axis of the exemption-fork — matured
[Report #172] The LDS Church's investment arm (1997). ~$100 billion total AUM (whistleblower/media; the Securities and Exchange Commission (SEC) order cites ~$32-38 billion in equities) held tax-free under the church shield, its size concealed via 13 LLCs — the 2023 SEC order ($4 million + $1 million = $5 million) is the documented catch. When members sued over reserve transfers ($1.4 billion City Creek / $600 million Beneficial Life, acknowledged), the courts DISMISSED on church-autonomy (Huntsman 9th Cir. 2025). Tax + liability exemption, fully weaponized.