Apostle David Bednar of The Church of Jesus Christ of Latter-day Saints used part of his time at the Silicon Slopes Summit to defend the church's $200 billion worth, emphasizing overhead costs and philanthropic spending.
David Bednar tells Utah Jazz owner Ryan Smith that the faith’s assets are “primarily income-consuming,” not “income-producing.”
A top leader in The Church of Jesus Christ of Latter-day Saints has defended how the faith handles its money in the face of criticism that the Salt Lake City-based church should be more transparent about its finances and more generous with its wealth.Silicon Slopes Summit“You’ve got fixed costs in the maintenance, the utilities, all of those things for all of those buildings,” Bednar said. “You don’t have to be an accountant to figure out those are some big dollars.
“It’s necessary to maintain the mission of this church, which is to bless the lives of individuals and families,” he said. “That’s what we do.”in February for failing to properly disclose past stock holdings and going to “great lengths” to “obscure” the faith’s investment portfolio.
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