Beneficial Life Insurance

  • beneficialfinancialgroup.com/public/Default.aspx
    • Deseret Management Corporation’s (parent company of Beneficial)
  • 2019 1217 – Deseret News – Church responds to allegations made by former employee in IRS complaint, by Tad Walch –  [link]
    • 2019 1217 – Salt Lake City Official Statement – First Presidency Statement on Church Finances – Statement provided in response to media stories – [link]
    • David A. Nielsen, a former employee for the investment arm of The Church of Jesus Christ of Latter-day Saints, filed an IRS complaint last month alleging the church should be forced to pay taxes on returns made from invested tithing funds and challenging the faith’s investment strategy, humanitarian efforts and tax-exemption status.
    • They claimed that in 2009 Ensign Peak bailed out Beneficial Financial Group, a life insurance company owned by the church’s for-profit arm, Deseret Management Corp., which also owns the Deseret News. They alleged that Ensign Peak delivered $600 million to Beneficial in 2009.
    • Beneficial made full disclosure to the Utah Department of Insurance that Deseret Management Corp., its owner, provided $594 million to Beneficial during the 2008 financial crisis to strengthen its balance sheet. Those public filings are on file with the Utah Department of Insurance and the payment was reported in two articles published by the Deseret News at the time.
  •  – LC- James Huntsman v. Corporation of the President of the Church of Jesus Christ of Latter-Day Saints – Opinion – 41p
    • No. 21-56056, D.C. No. 2:21-cv02504-SVW-SK
    • United States Court of Appeals for the Ninth Circuit
    • B. Fraud Claims
      • Huntsman brings two fraud claims. First, he claims that the Church fraudulently misrepresented that tithing funds
        would not be, and were not being, used to develop the City Creek Mall project. Second, he claims that the Church
        fraudulently misrepresented that tithing funds would not be used to bail out the Beneficial Life Insurance Company. We
        address these two claims in turn.
  • 2005 -2022 1027 – Fred Anson – Thomas S. Monson’s 2005 Beneficial Insurance Ad – [VIDEO-YouTube-01:40]   
  • 2005 – ulisscarple – BENEFICIAL GORDON BS HINCKLEY 512 PMT WATERMARK – [VIDEO-YouTube-08:50]
    • Gordon BS Hinckley speaking at the 100 year anniversary Party for LDS Inc’s Beneficial Financial
  • Quarterly Journal of Economics – Coorperation Amoung the Mormons, VOLUME XXXI – 84p https://dn790003.ca.archive.org/0/items/cooperationamong00gard/cooperationamong00gard.pdf
    • p494 / 71 – For a people who had adopted as a slogan and as apractice “Patronize home industry” it became increasingly evident each year that millions of dollars were being sent East for life insurance which might be kept at home. Accordingly, the Church authorities took the lead in organizing, in 1905, the Beneficial Life Insurance Company, capitalized at $100,000. Using the same well established methods, a list of stockholders numbering 200 was obtained from all parts of the state. The capital was later enlarged to $200,000. The company has prospered from the beginning and today its business operations extend through ten western states.