An undisclosed amount of church offerings are invested. For example, all donations to the perpetual aid fund are invested. Awards are made in the form of interest-bearing loans out of the interest on the principle endowment. Similarly, church leaders have built what they call a “rainy day” fund in the anticipation of a drop in tithes significant enough to disrupt the regular financial obligations of the church (salaries and rents). Michael Purdy, church spokesman, said,
The church teaches its members to live within their means and put a little money aside for life's unexpected events. As a church, we live by the same principle. (“Insight: Mormon church made wealthy by donations,” Reuters.com, Aug 12, 2012.)
In defense of this position, President Hinckley taught:
For years, the Church has taught its membership the principle of setting aside a reserve of food, as well as money, to take care of emergency needs that might arise. We are only trying to follow the same principle for the Church as a whole. (April 1991 General Conference.)
In this same talk he explained that,
In the financial operations of the Church, we have observed two basic and fixed principles: One, the Church will live within its means. It will not spend more than it receives. Two, a fixed percentage of the income will be set aside to build reserves against what might be called a possible 'rainy day.'
We do not know what this fixed percentage is. However, we know at least some of the things that have been purchased as part of the rainy day fund.
Stocks. Ensign Peak Advisors is an investment company owned by the church. It’s sole mission is to invest church money. Ensign Peak Advisors employee Laurence R. Stay told the Deseret News in 2006 that “billions of dollars change hands every day.”
Real estate. In recent history, the church has accelerated its acquisition of real estate holdings. The City Creek Center, whose costs exceeded a billion dollars, joins with the construction of a large luxury apartment complex in Philadelphia and increases in ranch holdings in Florida. To date, the church owns more ranch land in the United States than any other private entity. It owns a chunk of Florida the size of Rhode Island in addition to large ranches in California, Utah, Nebraska, and Hawaii.
The rainy day fund seems like a good idea on the surface. Just as Joseph stored excess grain in times of surplus, the church can save up money and land in order to use it for good in a time of scarcity. Yet, the money is not surplus. We are surrounded both in and out of the church with those who do not have sufficient food to eat. This is not surplus money—this is money that is optionally assigned to investment rather than fulfilling the needs of the poor, including active LDS poor. We are taking food out of the mouths of members in order to invest it for future use. The question is, future use for whom? If the money comes from ignoring the plight of the poor in the developing world, is it any doubt that the proceeds will not be spent on the developing world?
The rainy day fund is respect of persons. It is saving for the benefit of members in the United States at the expense of international members. As with chapels, temples, and universities, it is another example of how the church treats developing world members differently than those in the United States.
The rainy day fund is a curious program when compared with the scriptures. It is based on many assumptions that are anti-scriptural. When needed, leaders assume that:
- Money will still exist. God says it will not. “Your silver and gold will be thrown into the streets like garbage, because those are the two things that led you into sin, and now they cannot save you from my anger. They are not even worth enough to buy food.” (Ezekiel 7:19, CEV.)
- The stock market will persist. In light of recent regular crashes of the stock market in response to comparatively minor events, this is ludicrous even without considering relevant scriptural prophecies that suggest otherwise.
- Transportation mechanisms will still exist. God says they will not. “The highways are desolate, travel is at an end.” (Isaiah 33:8)
- Civil law and order will be sufficient to protect and distribute the goods. Isaiah says it will not.
Even if God approved of the idea of a rainy day fund, the likelihood that it will be of use when the events God has promised come to pass is essentially zero. All the stockpiled wealth will disappear in an instant, and the stored material goods will be mobbed by local vandals.
The Lord taught amply that his disciples were to give what they had to the poor, not store it up for themselves in a latter time of need:
Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also. (Matthew 6:19-21.)
In Luke 12:33-34, Jesus gives us an idea of treasure in heaven when he says:
Sell that ye have, and give alms; provide yourselves bags which wax not old, a treasure in the heavens that faileth not, where no thief approacheth, neither moth corrupteth. For where your treasure is, there will your heart be also.
Where is modern Mormonism's treasure? Is there any doubt that the heart of modern Mormonism is to be found in Babylon, where its treasure lies? It is certainly not to be found in alms to the poor.
The business model of investing to then later spend a share of whatever profits may come is antithetical to the model the Savior employed while on the earth. He took a boy's few loaves and fishes and distributed them among the hungry. After receiving all the crowd had to give, he made it enough to meet their needs. Their needs were met through faith in God and not security in the bank.
Cast thy bread upon the waters: for thou shalt find it after many days. (Ecclesiastes 1:11.)
The Lord spoke derisively of those who would build bigger barns to store their amassed wealth instead of caring for the poor:
And he said unto them, Take heed, and beware of covetousness: for a man’s life consisteth not in the abundance of the things which he possesseth. And he spake a parable unto them, saying, The ground of a certain rich man brought forth plentifully: And he thought within himself, saying, What shall I do, because I have no room where to bestow my fruits? And he said, This will I do: I will pull down my barns, and build greater; and there will I bestow all my fruits and my goods. And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, and be merry. But God said unto him, Thou fool, this night thy soul shall be required of thee: then whose shall those things be, which thou hast provided? So is he that layeth up treasure for himself, and is not rich toward God. (Luke 12:15-21.)
Let us remember that God has promised widespread destruction at our doors. Any one of these prophesied calamities will render our bigger barns worthless. Isaiah predicted that, in our day, the presiding officers of Ephraim would be drunk on delusion and craft a plan to avoid the suffering to precede the second coming not by righteousness, but by creating secret refuges:
Woe to the garlands of glory of the drunkards of Ephraim! Their crowning splendor has become as fading wreaths on the heads of the opulent overcome with wine....These too have indulged in wine and are giddy with strong drink: priests and prophets have gone astray through liquor. They are intoxicated with wine and stagger because of strong drink; they err as seers, they blunder in their decisions....Therefore hear the word of Jehovah, you scoffers who preside over these people in Jerusalem. You have supposed, by taking refuge in deception and hiding behind falsehoods, to have covenanted with Death, or reached an understanding with Sheol, that, should a flooding scourge sweep through the earth, it shall not reach you. I will make justice the measure, righteousness the weight; a hail shall sweep away your false refuge and waters flood the hiding place. Your covenant with Death shall prove void, your understanding with Sheol have no effect: when the flooding scourge sweeps through, you shall be overrun by it. As often as it sweeps through, you shall be seized by it: by day and by night it shall seize you; it shall cause terror merely to hear word of it. Then shall come to pass the proverb: The couch is too short to stretch out on, the covering too narrow to wrap oneself in. (Isaiah 28: 1,7-20.)
The Lord told Isaiah that the leaders' attempts at avoiding the punishment coming would fail. This isn't surprising to anyone who has read the scriptures. Is a cattle ranch any good when darkness covers the earth for a long time? Will food deposits do anyone any good when God has taken our modern transportation away, or when men are encompassed by plague? Does it not go without saying that real estate holdings and stock market equities will be worthless when Babylon is fallen? The church may claim to preach the gospel, but it certainly does make decisions predicated upon its truthfulness. The only way these programs make any rational sense is if you completely ignore the fact that there are people who are dying now because of lack of very cheap intervention and you believe that the Lord delays his coming (see Matthew 24:48). Not only are we neglecting our brothers and sisters in Christ in order to build bigger barns, but we are building the barns knowing full well they will not be accessible when the prophesied destruction is poured out.
At the time of destruction, it will be righteousness (giving to the poor) and not storage (rainy day fund) that will save.
Treasures of wickedness profit nothing: but righteousness delivereth from death. The Lord will not suffer the soul of the righteous to famish: but he casteth away the substance of the wicked. (Proverbs 10:2-3.)
Riches profit not in the day of wrath: but righteousness delivereth from death....The righteousness of the upright shall deliver them: but transgressors shall be taken in their own naughtiness. (Proverbs 11:4,6.)
He that trusteth in his riches shall fall: but the righteous shall flourish as a branch. (Proverbs 11:28.)
This covenant with death will surely fail, and when it does, the repercussion will be that God will not hear the cries of those who oppressed the poor in order to set up security for their own time of need. “Whoso stoppeth his ears at the cry of the poor, he also shall cry himself, but shall not be heard.” (Proverbs 21:13.)
There was a certain rich man, which was clothed in purple and fine linen, and fared sumptuously every day: And there was a certain beggar named Lazarus, which was laid at his gate, full of sores, And desiring to be fed with the crumbs which fell from the rich man’s table: moreover the dogs came and licked his sores. And it came to pass, that the beggar died, and was carried by the angels into Abraham’s bosom: the rich man also died, and was buried; And in hell he lift up his eyes, being in torments, and seeth Abraham afar off, and Lazarus in his bosom. And he cried and said, Father Abraham, have mercy on me, and send Lazarus, that he may dip the tip of his finger in water, and cool my tongue; for I am tormented in this flame. But Abraham said, Son, remember that thou in thy lifetime receivedst thy good things, and likewise Lazarus evil things: but now he is comforted, and thou art tormented. (Luke 16:19-25.)
And again,
Therefore thus saith the Lord; Ye have not hearkened unto me, in proclaiming liberty, every one to his brother, and every man to his neighbour: behold, I proclaim a liberty for you, saith the Lord, to the sword, to the pestilence, and to the famine; and I will make you to be removed into all the kingdoms of the earth. (Jeremiah 24:17.)
And again,
Rob not the poor, because he is poor: neither oppress the afflicted in the gate: For the Lord will plead their cause, and spoil the soul of those that spoiled them. (Proverbs 22:2223.)
And again,
I will punish you for your sins and treat you the same way you have treated others. (Ezekiel 7:27, CEV.)
The Lord's “rainy day” plan is to give to the poor—now—in whatever way we can.
Withhold not good from them to whom it is due, when it is in the power of thine hand to do it. Say not unto thy neighbour, Go, and come again, and to morrow I will give; when thou hast it by thee. (Proverbs 3:27-28.)
Then, and only then, we will have a right to call on him for protection when the destruction comes, not as slothful servants who ignored his commission and counted on his prolonged absence, but as faithful stewards who anticipated his return.
Modern Mormons would do well to heed Mormon's warning to them, having seen our day:
And I know that ye do walk in the pride of your hearts; and there are none save a few only who do not lift themselves up in the pride of their hearts, unto the wearing of very fine apparel, unto envying, and strifes, and malice, and persecutions, and all manner of iniquities; and your churches, yea, even every one, have become polluted because of the pride of your hearts. For behold, ye do love money, and your substance, and your fine apparel, and the adorning of your churches, more than ye love the poor and the needy, the sick and the afflicted. O ye pollutions, ye hypocrites, ye teachers, who sell yourselves for that which will canker, why have ye polluted the holy church of God? Why are ye ashamed to take upon you the name of Christ? Why do ye not think that greater is the value of an endless happiness than that misery which never dies—because of the praise of the world? Why do ye adorn yourselves with that which hath no life, and yet suffer the hungry, and the needy, and the naked, and the sick and the afflicted to pass by you, and notice them not? Yea, why do ye build up your secret abominations to get gain, and cause that widows should mourn before the Lord, and also orphans to mourn before the Lord, and also the blood of their fathers and their husbands to cry unto the Lord from the ground, for vengeance upon your heads? Behold, the sword of vengeance hangeth over you; and the time soon cometh that he avengeth the blood of the saints upon you, for he will not suffer their cries any longer. (Mormon 8:36-41.)