Church History Matters 053 Q&R w/ Prof. Aaron Miller - Modern Money Controversies
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Mar 5, 2024 In this conversation with Aaron Miller, a teaching professor at BYU focusing on ethics, church finances come under scrutiny. They discuss why the Church used shell companies, the implications of a recent lawsuit over tithing, and the need for transparency about massive reserves. Is the Church's humanitarian work effective? Listeners ponder whether giving to the Church or other charities is better. The dialogue wraps up with a thought-provoking exploration of capitalism's role in consecration and Zion building.
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SEC Filing and Privacy
- The Church prioritized privacy when managing financial holdings.
- Using shell companies offered no tax advantage but concealed asset details, leading to an SEC fine for lack of independence between the shell companies.
Reason for SEC Fine
- The SEC fine resulted from coordinated operations among shell companies, not their existence.
- Independent management would have avoided penalties, highlighting a legal gray area and potential miscommunication.
Corporate Lawyer's Perspective on SEC Fine
- A corporate lawyer listener considered the Church's $5 million SEC settlement small.
- The SEC order didn't punish individuals, suggesting a less severe offense, despite ambiguity in regulations.