The Widow’s Mite Report
@thewidowsmite.bsky.social
http://thewidowsmite.org
Research and analysis on the state of wealth in The Church of Jesus Christ of Latter-day Saints
Research and analysis on the state of wealth in The Church of Jesus Christ of Latter-day Saints
The LDS Church allocated $1.2B in 2024 to the BYU system, subsidizing tuition for students. Amounts to a ~$119k 4yr scholarship (~82% subsidy) for all member students at BYU Provo.
Updated BYU system financials, with simplified analysis and data through 2024:
thewidowsmite.org/byu-tuition/
Updated BYU system financials, with simplified analysis and data through 2024:
thewidowsmite.org/byu-tuition/
BYU Tuition Subsidy
BYU System: Overview of Tuition Subsidy and Campus Income/Expenses
thewidowsmite.org
November 15, 2025 at 2:21 AM
The LDS Church allocated $1.2B in 2024 to the BYU system, subsidizing tuition for students. Amounts to a ~$119k 4yr scholarship (~82% subsidy) for all member students at BYU Provo.
Updated BYU system financials, with simplified analysis and data through 2024:
thewidowsmite.org/byu-tuition/
Updated BYU system financials, with simplified analysis and data through 2024:
thewidowsmite.org/byu-tuition/
LDS tithing participation rates through 2024. Based on published financial data in 5 countries with ~4% of global membership. 2016 (25.1%) --> 2024 (20.8%)
thewidowsmite.org/tithing-part...
thewidowsmite.org/tithing-part...
October 23, 2025 at 11:15 PM
LDS tithing participation rates through 2024. Based on published financial data in 5 countries with ~4% of global membership. 2016 (25.1%) --> 2024 (20.8%)
thewidowsmite.org/tithing-part...
thewidowsmite.org/tithing-part...
Q&A on the new Widow's Mite Report tax study. Evidence strongly indicates Ensign Peak engaged in systematic tax evasion by failing to report $200-450 million in taxable income from publicly traded partnerships over 2003-2017.
www.reddit.com/r/mormon/com...
www.reddit.com/r/mormon/com...
From the mormon community on Reddit: Q&A on the new Widow's Mite Report tax study. Evidence strongly indicates Ensign Peak engaged in systematic tax evasion by failing to report $200-450 million in ta...
Explore this post and more from the mormon community
www.reddit.com
June 9, 2025 at 10:08 PM
Q&A on the new Widow's Mite Report tax study. Evidence strongly indicates Ensign Peak engaged in systematic tax evasion by failing to report $200-450 million in taxable income from publicly traded partnerships over 2003-2017.
www.reddit.com/r/mormon/com...
www.reddit.com/r/mormon/com...
Our analysis of Ensign Peak’s publicly traded partnership investments as reported in IRS 990-T & SEC 13F uncovered strong evidence of systematic underreporting of unrelated business taxable income, which continued until the firm received critical public attention.
thewidowsmite.org/epa-tax
thewidowsmite.org/epa-tax
Ensign Peak Advisors: IRS & SEC Filings Raise Tax Concerns
IRS & SEC Filings Raise Tax Concerns
thewidowsmite.org
June 8, 2025 at 2:47 PM
Our analysis of Ensign Peak’s publicly traded partnership investments as reported in IRS 990-T & SEC 13F uncovered strong evidence of systematic underreporting of unrelated business taxable income, which continued until the firm received critical public attention.
thewidowsmite.org/epa-tax
thewidowsmite.org/epa-tax
Ensign Peak Q1 2025 Summary
$52.3B U.S. securities held at quarter-end. Total return -4.8% vs S&P500 -4.3%. Net seller of ~$1.1B of stocks in the quarter.
thewidowsmite.org/ep2025q1
$52.3B U.S. securities held at quarter-end. Total return -4.8% vs S&P500 -4.3%. Net seller of ~$1.1B of stocks in the quarter.
thewidowsmite.org/ep2025q1
May 17, 2025 at 10:03 PM
Ensign Peak Q1 2025 Summary
$52.3B U.S. securities held at quarter-end. Total return -4.8% vs S&P500 -4.3%. Net seller of ~$1.1B of stocks in the quarter.
thewidowsmite.org/ep2025q1
$52.3B U.S. securities held at quarter-end. Total return -4.8% vs S&P500 -4.3%. Net seller of ~$1.1B of stocks in the quarter.
thewidowsmite.org/ep2025q1
What the data says about LDS membership migration in the U.S.
Shifts in membership, activity, ward sizes, w/ global context.
Data implies 3.8-5.4 global active LDS, consistent w/ other datasets. ~50% of those are in the U.S., of which ~50% live in UT & ID.
thewidowsmite.org/usa-trends/
Shifts in membership, activity, ward sizes, w/ global context.
Data implies 3.8-5.4 global active LDS, consistent w/ other datasets. ~50% of those are in the U.S., of which ~50% live in UT & ID.
thewidowsmite.org/usa-trends/
U.S. LDS Membership Trends
Analysis of membership & unit data in the U.S. LDS Church, in a global context
thewidowsmite.org
April 13, 2025 at 4:15 PM
What the data says about LDS membership migration in the U.S.
Shifts in membership, activity, ward sizes, w/ global context.
Data implies 3.8-5.4 global active LDS, consistent w/ other datasets. ~50% of those are in the U.S., of which ~50% live in UT & ID.
thewidowsmite.org/usa-trends/
Shifts in membership, activity, ward sizes, w/ global context.
Data implies 3.8-5.4 global active LDS, consistent w/ other datasets. ~50% of those are in the U.S., of which ~50% live in UT & ID.
thewidowsmite.org/usa-trends/
Breakdown of 2024 LDS charitable expenditures of $1.45 billion, along with trended data on giving, humanitarian projects, Giving Machines, volunteerism, and other key metrics.
thewidowsmite.org/caring-2024
thewidowsmite.org/caring-2024
Analysis: 2024 Caring For Those In Need
2024 Annual Report | Caring for those in need
thewidowsmite.org
March 28, 2025 at 1:59 AM
Breakdown of 2024 LDS charitable expenditures of $1.45 billion, along with trended data on giving, humanitarian projects, Giving Machines, volunteerism, and other key metrics.
thewidowsmite.org/caring-2024
thewidowsmite.org/caring-2024
Ensign Peak 2024 summary.
$56.3B US stocks. ~$206B estimated total investments. The fund was a net seller of ~$4.7B of US stocks in 2024.
Alpha of -8% vs the market over 5 years.
DMBA owns 5 "sin stocks" not held by Ensign Peak.
thewidowsmite.org/ep2024q4/
$56.3B US stocks. ~$206B estimated total investments. The fund was a net seller of ~$4.7B of US stocks in 2024.
Alpha of -8% vs the market over 5 years.
DMBA owns 5 "sin stocks" not held by Ensign Peak.
thewidowsmite.org/ep2024q4/
February 23, 2025 at 2:08 AM
Ensign Peak 2024 summary.
$56.3B US stocks. ~$206B estimated total investments. The fund was a net seller of ~$4.7B of US stocks in 2024.
Alpha of -8% vs the market over 5 years.
DMBA owns 5 "sin stocks" not held by Ensign Peak.
thewidowsmite.org/ep2024q4/
$56.3B US stocks. ~$206B estimated total investments. The fund was a net seller of ~$4.7B of US stocks in 2024.
Alpha of -8% vs the market over 5 years.
DMBA owns 5 "sin stocks" not held by Ensign Peak.
thewidowsmite.org/ep2024q4/
In early 2024, we first pointed out Ensign Peak's extensive holdings in 26 "war & weapons" stocks. Since then, EP has substantially reduced its holdings of those stocks each quarter. Its combined stake in "war & weapons" is down by roughly half as of Q3 2024.
thewidowsmite.org/sinstocks
thewidowsmite.org/sinstocks
What Stocks Does Ensign Peak Avoid?
Sin Stocks
thewidowsmite.org
February 10, 2025 at 11:31 PM
In early 2024, we first pointed out Ensign Peak's extensive holdings in 26 "war & weapons" stocks. Since then, EP has substantially reduced its holdings of those stocks each quarter. Its combined stake in "war & weapons" is down by roughly half as of Q3 2024.
thewidowsmite.org/sinstocks
thewidowsmite.org/sinstocks
2024 Widow's Mite Report is out.
LDS Church investment funds now >$200 billion.
Updates on Church wealth, cash flows, charity, temples. Examination of common misconceptions about finances of the Church of Jesus Christ of Latter-day Saints.
thewidowsmite.org/2024update/
LDS Church investment funds now >$200 billion.
Updates on Church wealth, cash flows, charity, temples. Examination of common misconceptions about finances of the Church of Jesus Christ of Latter-day Saints.
thewidowsmite.org/2024update/
2024 Update
The Widow’s Mite Report 2023 Year-end Update
thewidowsmite.org
January 2, 2025 at 7:07 PM
2024 Widow's Mite Report is out.
LDS Church investment funds now >$200 billion.
Updates on Church wealth, cash flows, charity, temples. Examination of common misconceptions about finances of the Church of Jesus Christ of Latter-day Saints.
thewidowsmite.org/2024update/
LDS Church investment funds now >$200 billion.
Updates on Church wealth, cash flows, charity, temples. Examination of common misconceptions about finances of the Church of Jesus Christ of Latter-day Saints.
thewidowsmite.org/2024update/
BYU system financials updated through filing year 2023.
Tithing subsidy from the LDS Church consumes roughly 18% of the LDS Church's operating budget and offsets 80% of tuition at BYU Provo, equal to a 4-year $96,000 scholarship for every student.
thewidowsmite.org/byu-tuition/
Tithing subsidy from the LDS Church consumes roughly 18% of the LDS Church's operating budget and offsets 80% of tuition at BYU Provo, equal to a 4-year $96,000 scholarship for every student.
thewidowsmite.org/byu-tuition/
BYU Tuition Subsidy
BYU System: Overview of Tuition Subsidy and Campus Income/Expenses
thewidowsmite.org
December 23, 2024 at 7:15 PM
BYU system financials updated through filing year 2023.
Tithing subsidy from the LDS Church consumes roughly 18% of the LDS Church's operating budget and offsets 80% of tuition at BYU Provo, equal to a 4-year $96,000 scholarship for every student.
thewidowsmite.org/byu-tuition/
Tithing subsidy from the LDS Church consumes roughly 18% of the LDS Church's operating budget and offsets 80% of tuition at BYU Provo, equal to a 4-year $96,000 scholarship for every student.
thewidowsmite.org/byu-tuition/
For 2025, we estimate $183k taxable-equivalent salary for LDS General Authorities (senior clergy).
- 85% above the median UT household income
- 2x higher than the average Church employee
Church employment rose ~3% in '22 & ~4% in '23. 2024 data TBD.
thewidowsmite.org/comp/
- 85% above the median UT household income
- 2x higher than the average Church employee
Church employment rose ~3% in '22 & ~4% in '23. 2024 data TBD.
thewidowsmite.org/comp/
General Authority Compensation & Church Employment
Widow's Mite Report General Authority Compensation
thewidowsmite.org
December 14, 2024 at 6:45 PM
For 2025, we estimate $183k taxable-equivalent salary for LDS General Authorities (senior clergy).
- 85% above the median UT household income
- 2x higher than the average Church employee
Church employment rose ~3% in '22 & ~4% in '23. 2024 data TBD.
thewidowsmite.org/comp/
- 85% above the median UT household income
- 2x higher than the average Church employee
Church employment rose ~3% in '22 & ~4% in '23. 2024 data TBD.
thewidowsmite.org/comp/
Financial data indicates an overall stable global LDS activity rate in 2023 vs 2022
Based on filings in 5 countries, which are all now available online through 2023.
Data covers ~4% of global membership.
thewidowsmite.org/tithing-part...
Based on filings in 5 countries, which are all now available online through 2023.
Data covers ~4% of global membership.
thewidowsmite.org/tithing-part...
Tithing Participation Rates
Widow’s Mite Report, Household Tithing Participation Rates
thewidowsmite.org
December 12, 2024 at 7:05 AM
Financial data indicates an overall stable global LDS activity rate in 2023 vs 2022
Based on filings in 5 countries, which are all now available online through 2023.
Data covers ~4% of global membership.
thewidowsmite.org/tithing-part...
Based on filings in 5 countries, which are all now available online through 2023.
Data covers ~4% of global membership.
thewidowsmite.org/tithing-part...
Updated with a sharable link:
9 Common Misconceptions About the Settlement Between the U.S. SEC and Ensign Peak/LDS Church
9 Common Misconceptions About the Settlement Between the U.S. SEC and Ensign Peak/LDS Church
9 Common Misconceptions about the SEC Settlement
9 Common Misconceptions About the Settlement Between the SEC and Ensign Peak/the LDS Church | The Widow’s Mite Report
thewidowsmite.org
December 4, 2024 at 10:31 PM
Updated with a sharable link:
9 Common Misconceptions About the Settlement Between the U.S. SEC and Ensign Peak/LDS Church
9 Common Misconceptions About the Settlement Between the U.S. SEC and Ensign Peak/LDS Church
7 common misconceptions about the settlement between the SEC and Ensign Peak/the LDS Church
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www.reddit.com/r/mormon/s/z...
Reddit - Dive into anything
/r/Mormon is a subreddit for articles and topics of interest to people interested in Mormon themes. People of all faiths and perspectives are welcome to engage in civil, respectful discussion about topics related to Mormonism.
www.reddit.com
November 22, 2024 at 11:49 PM
7 common misconceptions about the settlement between the SEC and Ensign Peak/the LDS Church
www.reddit.com/r/mormon/s/z...
www.reddit.com/r/mormon/s/z...
Ensign Peak ended Q3'24 with $56.9B US stocks. Returns matched S&P500 in Q3. Sold $0.9B stocks (net); 2023-24 net sales ~$6B.
EPA has lagged the index by ~1%/yr since 2019, implies ~$3B lost through active management.
Estimated total investments are now $185-210B.
thewidowsmite.org/ep2024q3/
EPA has lagged the index by ~1%/yr since 2019, implies ~$3B lost through active management.
Estimated total investments are now $185-210B.
thewidowsmite.org/ep2024q3/
Ensign Peak Q3 2024 US Portfolio Update
Ensign Peak Q3 2024 US stock portfolio
thewidowsmite.org
November 18, 2024 at 9:34 PM
Ensign Peak ended Q3'24 with $56.9B US stocks. Returns matched S&P500 in Q3. Sold $0.9B stocks (net); 2023-24 net sales ~$6B.
EPA has lagged the index by ~1%/yr since 2019, implies ~$3B lost through active management.
Estimated total investments are now $185-210B.
thewidowsmite.org/ep2024q3/
EPA has lagged the index by ~1%/yr since 2019, implies ~$3B lost through active management.
Estimated total investments are now $185-210B.
thewidowsmite.org/ep2024q3/