Public Record LDS Church financial statements — Canada

. (They shouldn’t make that comparison, but it’s interesting to see how they do make comparisons that work for their arguments while ignoring those that don’t work.)

It goes both ways.

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Two comments

a) You will notice that the church received VERY large sums of money from an outside donor (line 4510 for $151.8 Million) They also transferred a huge chunk of this money to “qualified donees” (line 5050 $112 Million).

There is a discussion on another site that indicates the church moves money around , through different countries. I also read this in Mormon America (a book on the church that was popular years ago). In this case, they appeared to have moved money out of US Church operations (the outside donor in line 4510), temporarily to Canada, and then to a foreign country (a qualified donee?, line 5050).

Perhaps this is an example of US operations funding poorer international operations? They move the money through Canada due to its ability to receive funds, and transfer funds to foreign countries more easily than can be accomplished directly from America?

I am not criticizing, but this transferring of funds makes it harder to understand the financial statements as it doesn’t show the financials associated with money generated and spent only within Canada.

I might work on reassembling the data to show this….

b) If you check out their short term financial position..in their balance sheet, it shows the church is well off in Canada.

Short terms assets (that can be liquidated in a year) are roughtly 91 million. Short term liabilities are about 23 Million (roughly). This means the church has four times the money it needs to handle its short term obligations. I got these figures from simply adding up the items in the balance sheet that can be liquidated in one year (current assets) or must be paid in one year (current liabilities).

c) Also, has a very strong balance sheet overall — lots of assets, mostly in buildings and short-term cash on hand, and almost no debt.

So, even if we don’t know the specific donors and donees behind the financial statements, there is no question the church has a lot of cash around.

Two comments

a) You will notice that the church received VERY large sums of money from an outside donor (line 4510 for $151.8 Million) They also transferred a huge chunk of this money to “qualified donees” (line 5050 $112 Million).

I’m not sure why the CRA site doesn’t shown the info anymore but last year when I was looking at the Church’s info on the site it gave more detailed info.

IIRC the outside donors are transfers from the individual units (wards & branches) and the qualified donee was BYU. So most of the Canadian tithing goes to the Y.