Church investments and reporting of financial data - Revision history

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	*[[Church investments and reporting of financial data#Why would the Church put tithing into investment portfolios?\|Why would the Church ~~put tithing into investment portfolios?]]~~		'''Summary:''' This page provides answers to questions regarding the Church's investments as well as their reporting of financial data.
	*[[Church investments ~~and~~ reporting of financial data~~#Why does the Church not provide public disclosure of its financial data?\|Why does the Church not provide public disclosure of its financial data?]]~~		----
	*[[Church investments and reporting of financial data#Did the Church hide its investments from the SEC?\|Did the Church hide its investments from the SEC?]]
	*[[Church investments and reporting of financial data#Is the Church guilty of tax evasion?\|Is the Church guilty of tax evasion?]]
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	==Why would the Church put tithing into investment portfolios?==		\| title = ===Why would the Church put tithing into investment portfolios?===
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	Some individuals wonder why the Church puts tithing into investments instead of donating to the poor. President Gordon B. Hinckley explained that saving some tithing funds is a fundamental principle of Church finances:		Some individuals wonder why the Church puts tithing into investments instead of donating to the poor. President Gordon B. Hinckley explained that saving some tithing funds is a fundamental principle of Church finances:
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	====$100 Billion Fund====		====$100 Billion Fund====
	The Church is rumored to have a $100 billion investment fund.<ref>See Adam Miller, [https://publicsquaremag.org/faith/the-100-billion-mormon-church-story-a-contextual-analysis/ "The $100 Billion 'Mormon Church' Story: A Contextual Analysis,"] ''Public Square Magazine'', 20 December 2019.</ref> Assuming the Church's investment fund was only used to support the Church's four universities/colleges, that would be a standard investment size for a well-supported university. For example, Harvard University had an endowment fund of $50.9 billion at the end of fiscal year 2022 while enrolling 25,110 students.<ref>Harvard University, [https://finance.harvard.edu/annual-report ''Financial Report: Fiscal Year 2022''], 7, 9.</ref> The endowment fund equates to $2.03 million per student. As another example, at the end of FY2021, Yale's endowment fund was $41.4 billion, with a Fall 2022 enrollment of 14,776 students.<ref>[https://news.yale.edu/2022/10/04/yale-reports-investment-return-fiscal-2022 "Yale reports investment return for fiscal 2022"], Yale News, 4 October 2022; [https://www.yale.edu/about-yale/yale-facts "Yale Facts"], Yale.edu, accessed 16 May 2023.</ref> Thus, Yale's endowment fund equates to $2.8 million per student. In contrast, the Church's four universities/colleges had a total enrollment of more than 55,000 in 2022.<ref>[https://newsroom.churchofjesuschrist.org/topic/education "Education,"] ''Newsroom.ChurchofJesusChrist.org'', accessed 16 May 2023.</ref> Thus, the Church's $100 billion investment fund would yield $1.8 million per student.<ref>As of 2020, BYU had a university endowment fund of $2.3 billion. Although this slightly increased the size of investment funds per student for BYU, the increase is small. See [https://nces.ed.gov/programs/digest/d21/tables/dt21_333.90.asp "Table 333.90. Endowment funds of the 120 degree-granting postsecondary institutions with the largest endowments, by rank order: Fiscal year 2020"], Digest of Education Statistics, National Center for Education Statistics.</ref> From this it is evident that the Church's investment fund would be considered standard even if it applied only to the Church's educational institutions. Of course, the fund applies to much more than just the Church's four universities/colleges.		The Church is rumored to have a $100 billion investment fund.<ref>See Adam Miller, [https://publicsquaremag.org/faith/the-100-billion-mormon-church-story-a-contextual-analysis/ "The $100 Billion 'Mormon Church' Story: A Contextual Analysis,"] ''Public Square Magazine'', 20 December 2019.</ref> Assuming the Church's investment fund was only used to support the Church's four universities/colleges, that would be a standard investment size for a well-supported university. For example, Harvard University had an endowment fund of $50.9 billion at the end of fiscal year 2022 while enrolling 25,110 students.<ref>Harvard University, [https://finance.harvard.edu/annual-report ''Financial Report: Fiscal Year 2022''], 7, 9.</ref> The endowment fund equates to $2.03 million per student. As another example, at the end of FY2021, Yale's endowment fund was $41.4 billion, with a Fall 2022 enrollment of 14,776 students.<ref>[https://news.yale.edu/2022/10/04/yale-reports-investment-return-fiscal-2022 "Yale reports investment return for fiscal 2022"], Yale News, 4 October 2022; [https://www.yale.edu/about-yale/yale-facts "Yale Facts"], Yale.edu, accessed 16 May 2023.</ref> Thus, Yale's endowment fund equates to $2.8 million per student. In contrast, the Church's four universities/colleges had a total enrollment of more than 55,000 in 2022.<ref>[https://newsroom.churchofjesuschrist.org/topic/education "Education,"] ''Newsroom.ChurchofJesusChrist.org'', accessed 16 May 2023.</ref> Thus, the Church's $100 billion investment fund would yield $1.8 million per student.<ref>As of 2020, BYU had a university endowment fund of $2.3 billion. Although this slightly increased the size of investment funds per student for BYU, the increase is small. See [https://nces.ed.gov/programs/digest/d21/tables/dt21_333.90.asp "Table 333.90. Endowment funds of the 120 degree-granting postsecondary institutions with the largest endowments, by rank order: Fiscal year 2020"], Digest of Education Statistics, National Center for Education Statistics.</ref> From this it is evident that the Church's investment fund would be considered standard even if it applied only to the Church's educational institutions. Of course, the fund applies to much more than just the Church's four universities/colleges.
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	{{~~Back to top}}~~		\| title = ===Why does the Church not provide public disclosure of its financial data?===
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	==Why does the Church not provide public disclosure of its financial data?==		\| content = Some have claimed that the Church ought to provide full disclosure of its financial records to members or interested on-lookers. Believing members typically believe that their tithes and offerings are consecrated gifts to God, and do not feel that they need a detailed accounting of their use. That said, the Church complies with all legal requirements for reporting income, business profits, and donations. These laws vary by country and political jurisdiction. But, the Church has no duty to provide more information than that required by law.
	Some have claimed that the Church ought to provide full disclosure of its financial records to members or interested on-lookers. Believing members typically believe that their tithes and offerings are consecrated gifts to God, and do not feel that they need a detailed accounting of their use. That said, the Church complies with all legal requirements for reporting income, business profits, and donations. These laws vary by country and political jurisdiction. But, the Church has no duty to provide more information than that required by law.

	"Full disclosure" is a nice slogan or buzz-word, but those who advocate for it do not seem to realize the difficulties with it, or the fact that doing so would not provide much more information than is available now without considerable time and expense. Many critics would also likely be impossible to satisfy on this front, and complaints would then turn to micromanaging and Monday-morning quarterbacking Church expenditures.		"Full disclosure" is a nice slogan or buzz-word, but those who advocate for it do not seem to realize the difficulties with it, or the fact that doing so would not provide much more information than is available now without considerable time and expense. Many critics would also likely be impossible to satisfy on this front, and complaints would then turn to micromanaging and Monday-morning quarterbacking Church expenditures.
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	* Tim Gordon, "[http://timjgordon.com/2015/02/the-folly-of-lds-church-financial-transparency/ The Folly of LDS Church Financial Transparency]," ''Tim's Accounting'' blog (25 February 2015).		* Tim Gordon, "[http://timjgordon.com/2015/02/the-folly-of-lds-church-financial-transparency/ The Folly of LDS Church Financial Transparency]," ''Tim's Accounting'' blog (25 February 2015).
	* {{Dialogue\|author=Samuel D. Brunson\|article=[https://www.dialoguejournal.com/wp-content/uploads/sbi/articles/4804_taxdaysb.pdf The Present, Past, and Future of LDS Financial Transparency]\|vol=48\|num=1\|date=Spring 2015\|pages=1–45}}		* {{Dialogue\|author=Samuel D. Brunson\|article=[https://www.dialoguejournal.com/wp-content/uploads/sbi/articles/4804_taxdaysb.pdf The Present, Past, and Future of LDS Financial Transparency]\|vol=48\|num=1\|date=Spring 2015\|pages=1–45}}
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	==Did the Church hide its investments from the SEC?==		\| title = ===Did the Church hide its investments from the SEC?===
	In February 2023, the Securities and Exchange Commission of the United States of America accused the Church and its investment company of "filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions."<ref>[https://www.sec.gov/news/press-release/2023-35 "SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings,"] U.S. Securities and Exchange Commission, press release 21 February 2023.</ref> However, there were no allegations that the Church actually hid investments or that the shell companies were illegal. In essence, "Because the subsidiaries were all under the control of EPA the SEC believed they needed to file one joint form 13F. No accusations have been made that EPA abused the separate filings to gain advantage, but the separate filings could in theory have made it possible to do so.<ref>Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.</ref> The Church stated it believes "that all securities required to be reported were included in the filings by the separate companies.<ref>[https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement "Church Issues Statement on SEC Settlement"], ''Newsroom'', 21 February 2023.</ref>		\| state = closed
			\| content = In February 2023, the Securities and Exchange Commission of the United States of America accused the Church and its investment company of "filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions."<ref>[https://www.sec.gov/news/press-release/2023-35 "SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings,"] U.S. Securities and Exchange Commission, press release 21 February 2023.</ref> However, there were no allegations that the Church actually hid investments or that the shell companies were illegal. In essence, "Because the subsidiaries were all under the control of EPA the SEC believed they needed to file one joint form 13F. No accusations have been made that EPA abused the separate filings to gain advantage, but the separate filings could in theory have made it possible to do so.<ref>Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.</ref> The Church stated it believes "that all securities required to be reported were included in the filings by the separate companies.<ref>[https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement "Church Issues Statement on SEC Settlement"], ''Newsroom'', 21 February 2023.</ref>

	For more detail on the SEC issue, see [[Church financial reporting to the SEC]].		For more detail on the SEC issue, see [[Church financial reporting to the SEC]].
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			\| title = ===Is the Church guilty of tax evasion?===
	==Is the Church guilty of tax evasion?==		\| state = closed
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	The Church exists to help people receive eternal life. In order to receive eternal life, we need to receive essential ordinances and live according to God's commandments. These truths affect how the Church uses its financial resources. The Church is also required by gospel principles to be wise with its financial resources.<ref>See Gérald Caussé, [https://www.churchofjesuschrist.org/study/ensign/2018/07/the-spiritual-foundations-of-church-financial-self-reliance?lang=eng "The Spiritual Foundations of Church Financial Self-Reliance,"] Ensign, July 2018; adapted from Gérald Caussé, [https://newsroom.churchofjesuschrist.org/article/bishop-causse-church-finance-church-history-symposium-transcript-2018 "In the Lord’s Way: The Spiritual Foundations of Church Financial Self-Reliance,"] address given at the 2018 Church History Symposium on March 2, 2018.</ref>		The Church exists to help people receive eternal life. In order to receive eternal life, we need to receive essential ordinances and live according to God's commandments. These truths affect how the Church uses its financial resources. The Church is also required by gospel principles to be wise with its financial resources.<ref>See Gérald Caussé, [https://www.churchofjesuschrist.org/study/ensign/2018/07/the-spiritual-foundations-of-church-financial-self-reliance?lang=eng "The Spiritual Foundations of Church Financial Self-Reliance,"] Ensign, July 2018; adapted from Gérald Caussé, [https://newsroom.churchofjesuschrist.org/article/bishop-causse-church-finance-church-history-symposium-transcript-2018 "In the Lord’s Way: The Spiritual Foundations of Church Financial Self-Reliance,"] address given at the 2018 Church History Symposium on March 2, 2018.</ref>

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	Working to ensure you pay only what the law requires is sometimes called ''minimizing tax liability'' or ''tax avoidance''. This is very different from tax evasion, which is intentionally failing to pay required taxes. The Church, as with most other people and organizations that follow wise financial principles, likely strives to minimize its tax liability. However, it does not engage in tax evasion.		Working to ensure you pay only what the law requires is sometimes called ''minimizing tax liability'' or ''tax avoidance''. This is very different from tax evasion, which is intentionally failing to pay required taxes. The Church, as with most other people and organizations that follow wise financial principles, likely strives to minimize its tax liability. However, it does not engage in tax evasion.
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	In the parable of the talents, the lord who asked for an accounting from his servants chastised the one who had not invested the money entrusted to him but instead had hid that money in the earth. He characterized the servant as “wicked and slothful” for not investing that money for a reasonable financial return. Consistent with this spiritual principle, the Church’s financial reserves are not left idle in nonproductive bank accounts but are instead employed where they can produce a return.<ref>Gerald Causse, [https://www.churchofjesuschrist.org/study/ensign/2018/07/the-spiritual-foundations-of-church-financial-self-reliance?lang=eng “The Spiritual Foundations of Church Financial Self-Reliance,”] ''Ensign'', July 2018.</ref>		In the parable of the talents, the lord who asked for an accounting from his servants chastised the one who had not invested the money entrusted to him but instead had hid that money in the earth. He characterized the servant as “wicked and slothful” for not investing that money for a reasonable financial return. Consistent with this spiritual principle, the Church’s financial reserves are not left idle in nonproductive bank accounts but are instead employed where they can produce a return.<ref>Gerald Causse, [https://www.churchofjesuschrist.org/study/ensign/2018/07/the-spiritual-foundations-of-church-financial-self-reliance?lang=eng “The Spiritual Foundations of Church Financial Self-Reliance,”] ''Ensign'', July 2018.</ref>
	</blockquote>		</blockquote>

			====$100 Billion Fund====
			The Church is rumored to have a $100 billion investment fund.<ref>See Adam Miller, [https://publicsquaremag.org/faith/the-100-billion-mormon-church-story-a-contextual-analysis/ "The $100 Billion 'Mormon Church' Story: A Contextual Analysis,"] ''Public Square Magazine'', 20 December 2019.</ref> Assuming the Church's investment fund was only used to support the Church's four universities/colleges, that would be a standard investment size for a well-supported university. For example, Harvard University had an endowment fund of $50.9 billion at the end of fiscal year 2022 while enrolling 25,110 students.<ref>Harvard University, [https://finance.harvard.edu/annual-report ''Financial Report: Fiscal Year 2022''], 7, 9.</ref> The endowment fund equates to $2.03 million per student. As another example, at the end of FY2021, Yale's endowment fund was $41.4 billion, with a Fall 2022 enrollment of 14,776 students.<ref>[https://news.yale.edu/2022/10/04/yale-reports-investment-return-fiscal-2022 "Yale reports investment return for fiscal 2022"], Yale News, 4 October 2022; [https://www.yale.edu/about-yale/yale-facts "Yale Facts"], Yale.edu, accessed 16 May 2023.</ref> Thus, Yale's endowment fund equates to $2.8 million per student. In contrast, the Church's four universities/colleges had a total enrollment of more than 55,000 in 2022.<ref>[https://newsroom.churchofjesuschrist.org/topic/education "Education,"] ''Newsroom.ChurchofJesusChrist.org'', accessed 16 May 2023.</ref> Thus, the Church's $100 billion investment fund would yield $1.8 million per student.<ref>As of 2020, BYU had a university endowment fund of $2.3 billion. Although this slightly increased the size of investment funds per student for BYU, the increase is small. See [https://nces.ed.gov/programs/digest/d21/tables/dt21_333.90.asp "Table 333.90. Endowment funds of the 120 degree-granting postsecondary institutions with the largest endowments, by rank order: Fiscal year 2020"], Digest of Education Statistics, National Center for Education Statistics.</ref> From this it is evident that the Church's investment fund would be considered standard even if it applied only to the Church's educational institutions. Of course, the fund applies to much more than just the Church's four universities/colleges.

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	==Why does the Church not provide public disclosure of its financial data?==		==Why does the Church not provide public disclosure of its financial data?==
	Some have claimed that the Church ought to provide full disclosure of its financial records to members or interested on-lookers. Believing members typically believe that their tithes and offerings are consecrated gifts to God, and do not feel that they need a detailed accounting of their use. That said, the Church complies with all legal requirements for reporting income, business profits, and donations. These laws vary by country and political jurisdiction. But, the Church has no duty to provide more information than that required by law.		Some have claimed that the Church ought to provide full disclosure of its financial records to members or interested on-lookers. Believing members typically believe that their tithes and offerings are consecrated gifts to God, and do not feel that they need a detailed accounting of their use. That said, the Church complies with all legal requirements for reporting income, business profits, and donations. These laws vary by country and political jurisdiction. But, the Church has no duty to provide more information than that required by law.

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	*[[Church investments and reporting of financial data#Why would the Church put tithing into investment portfolios?\|Why would the Church put tithing into investment portfolios?]]		*[[Church investments and reporting of financial data#Why would the Church put tithing into investment portfolios?\|Why would the Church put tithing into investment portfolios?]]
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	In February 2023, the Securities and Exchange Commission of the United States of America accused the Church and its investment company of "filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions."<ref>[https://www.sec.gov/news/press-release/2023-35 "SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings,"] U.S. Securities and Exchange Commission, press release 21 February 2023.</ref> However, there were no allegations that the Church actually hid investments or that the shell companies were illegal. In essence, "Because the subsidiaries were all under the control of EPA the SEC believed they needed to file one joint form 13F. No accusations have been made that EPA abused the separate filings to gain advantage, but the separate filings could in theory have made it possible to do so.<ref>Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.</ref> The Church stated it believes "that all securities required to be reported were included in the filings by the separate companies.<ref>[https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement "Church Issues Statement on SEC Settlement"], ''Newsroom'', 21 February 2023.</ref>		In February 2023, the Securities and Exchange Commission of the United States of America accused the Church and its investment company of "filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions."<ref>[https://www.sec.gov/news/press-release/2023-35 "SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings,"] U.S. Securities and Exchange Commission, press release 21 February 2023.</ref> However, there were no allegations that the Church actually hid investments or that the shell companies were illegal. In essence, "Because the subsidiaries were all under the control of EPA the SEC believed they needed to file one joint form 13F. No accusations have been made that EPA abused the separate filings to gain advantage, but the separate filings could in theory have made it possible to do so.<ref>Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.</ref> The Church stated it believes "that all securities required to be reported were included in the filings by the separate companies.<ref>[https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement "Church Issues Statement on SEC Settlement"], ''Newsroom'', 21 February 2023.</ref>

	For more detail on the SEC issue, see ~~Public Square Staff,~~ [~~https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying~~ the SEC ~~Announcement,"~~] ~~''Public Square Magazine'', 21 February 2023~~.		For more detail on the SEC issue, see [[Church financial reporting to the SEC]].
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	==Did the Church hide its investments from the SEC?==		==Did the Church hide its investments from the SEC?==
	~~The~~ Securities and Exchange Commission of the United States of America accused the Church and its investment company of "filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions."<ref>[https://www.sec.gov/news/press-release/2023-35 "SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings,"] U.S. Securities and Exchange Commission, press release 21 February 2023.</ref> However, there were no allegations that the Church actually hid investments or that the shell companies were illegal. In essence, "Because the subsidiaries were all under the control of EPA the SEC believed they needed to file one joint form 13F. No accusations have been made that EPA abused the separate filings to gain advantage, but the separate filings could in theory have made it possible to do so.<ref>Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.</ref> The Church stated it believes "that all securities required to be reported were included in the filings by the separate companies.<ref>[https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement "Church Issues Statement on SEC Settlement"], ''Newsroom'', 21 February 2023.</ref>		In February 2023, the Securities and Exchange Commission of the United States of America accused the Church and its investment company of "filing forms for shell companies that obscured the Church’s portfolio and misstated Ensign Peak’s control over the Church’s investment decisions."<ref>[https://www.sec.gov/news/press-release/2023-35 "SEC Charges The Church of Jesus Christ of Latter-day Saints and Its Investment Management Company for Disclosure Failures and Misstated Filings,"] U.S. Securities and Exchange Commission, press release 21 February 2023.</ref> However, there were no allegations that the Church actually hid investments or that the shell companies were illegal. In essence, "Because the subsidiaries were all under the control of EPA the SEC believed they needed to file one joint form 13F. No accusations have been made that EPA abused the separate filings to gain advantage, but the separate filings could in theory have made it possible to do so.<ref>Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.</ref> The Church stated it believes "that all securities required to be reported were included in the filings by the separate companies.<ref>[https://newsroom.churchofjesuschrist.org/article/church-issues-statement-on-sec-settlement "Church Issues Statement on SEC Settlement"], ''Newsroom'', 21 February 2023.</ref>

	For more detail on the SEC issue, see Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.		For more detail on the SEC issue, see Public Square Staff, [https://publicsquaremag.org/faith/church-state/ensign-peak-clarifying-the-sec-announcement/ "Ensign Peak: Clarifying the SEC Announcement,"] ''Public Square Magazine'', 21 February 2023.
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	==Is the Church guilty of tax evasion?==		==Is the Church guilty of tax evasion?==
	The Church exists to help people receive eternal life. In order to receive eternal life, we need to receive essential ordinances and live according to God's commandments. These truths affect how the Church uses its financial resources. The Church is also required by gospel principles to be wise with its financial resources.<ref>See Gérald Caussé, [https://www.churchofjesuschrist.org/study/ensign/2018/07/the-spiritual-foundations-of-church-financial-self-reliance?lang=eng "The Spiritual Foundations of Church Financial Self-Reliance,"] Ensign, July 2018; adapted from Gérald Caussé, [https://newsroom.churchofjesuschrist.org/article/bishop-causse-church-finance-church-history-symposium-transcript-2018 "In the Lord’s Way: The Spiritual Foundations of Church Financial Self-Reliance,"] address given at the 2018 Church History Symposium on March 2, 2018.</ref>		The Church exists to help people receive eternal life. In order to receive eternal life, we need to receive essential ordinances and live according to God's commandments. These truths affect how the Church uses its financial resources. The Church is also required by gospel principles to be wise with its financial resources.<ref>See Gérald Caussé, [https://www.churchofjesuschrist.org/study/ensign/2018/07/the-spiritual-foundations-of-church-financial-self-reliance?lang=eng "The Spiritual Foundations of Church Financial Self-Reliance,"] Ensign, July 2018; adapted from Gérald Caussé, [https://newsroom.churchofjesuschrist.org/article/bishop-causse-church-finance-church-history-symposium-transcript-2018 "In the Lord’s Way: The Spiritual Foundations of Church Financial Self-Reliance,"] address given at the 2018 Church History Symposium on March 2, 2018.</ref>