Posted by:
SL Cabbie
(
)
Date: July 13, 2016 05:46AM
Forty million a year on the income it takes in is chump change, honest...
http://www.bloomberg.com/news/articles/2012-07-18/how-the-mormons-make-money>First among its for-profit enterprises is DMC, which reaps estimated annual revenue of $1.2 billion from six subsidiaries, according to the business information and analysis firm Hoover’s Company Records. Those subsidiaries run a newspaper, 11 radio stations, a TV station, a publishing and distribution company, a digital media company, a hospitality business, and an insurance business with assets worth $3.3 billion.
>AgReserves, another for-profit Mormon umbrella company, together with other church-run agricultural affiliates, reportedly owns about 1 million acres in the continental U.S., on which the church has farms, hunting preserves, orchards, and ranches. These include the $1 billion, 290,000-acre Deseret Ranches in Florida, which, in addition to keeping 44,000 cows and 1,300 bulls, also has citrus, sod, and timber operations. Outside the U.S., AgReserves operates in Britain, Canada, Australia, Mexico, Argentina, and Brazil. Its Australian property, valued at $61 million in 1997, has estimated annual sales of $276 million, according to Dun & Bradstreet.
The church also runs several for-profit real estate arms that own, develop, and manage malls, parking lots, office parks, residential buildings, and more. Hawaii Reserves, for example, owns or manages more than 7,000 acres on Oahu, where it maintains commercial and residential buildings, parks, water and sewage infrastructure, and two cemeteries. Utah Property Management Associates, a real estate arm of the church, manages portions of City Creek Center. According to Spencer P. Eccles from the Utah Governor’s Office of Economic Development, the mall cost the church an estimated $2 billion. It is only one part of a $5 billion church-funded revamping of downtown Salt Lake City, according to the Mormon-owned news site KSL. “They run their businesses like businesses, no bones about it,” says Eccles.
>In addition, the church owns several nonprofit organizations, some of which appear to be lucrative. Take, for example, the Polynesian Cultural Center (PCC), a 42-acre tropical theme park on Oahu’s north shore that hosts luaus, canoe rides, and tours through seven simulated Polynesian villages. General-admission adult tickets cost $49.95; VIP tickets cost up to $228.95. In 2010 the PCC had net assets worth $70 million and collected $23 million in ticket sales alone, as well as $36 million in tax-free donations. The PCC’s president, meanwhile, received a salary of $296,000. At the local level, the PCC, opened in 1963, began paying commercial property taxes in 1992, when the Land and Tax Appeal Court of Hawaii ruled that the theme park “is not for charitable purposes” and is, in fact, a “commercial enterprise and business undertaking.” Nevertheless, the tourist destination remains exempt from federal taxes because the PCC claims to be a “living museum” and an education-oriented charity that employs students who work at the center to pay their way through church-run Brigham Young University-Hawaii.
>“There are religious groups that own radio stations, but they don’t also own cattle ranches. There are religious groups that own retreats, but they don’t also own insurance companies,” says Ryan Cragun, a sociology professor at the University of Tampa and co-author of the recently published book Could I Vote for a Mormon for President? “Given their array of corporate interests, it would probably make more sense to refer to them as The Church of Jesus Christ of Latter-day Saints Holdings Inc.”
Edited 1 time(s). Last edit at 07/13/2016 05:47AM by SL Cabbie.