From the Dallas Morning News (online): "(complex) was purchased by Utah-based Property Reserve Inc., a real estate investment and development company owned by the of Church of Jesus Christ of Latter-day Saints, county deed records show.

Terms of the sale were not disclosed. The rental community is valued for property taxes at almost $45 million.

Apartment Realty Advisors brokered the sale of the property.

The apartment community has been renamed Fountain Pointe Las Colinas."


$45million appraisal. They didn't buy it for $5, now, did they?

Makes me wonder whether the average Mormon in an average USA ward realizes how much real estate is owned and for what profit?

Puzzling as to why they'd want to buy an apartment complex.

I am a financial dummy, financial moron...but wouldn't the basic point be to get more bang for your buck?

I'm waiting for the church to start loan sharking. I hear there is seriously big money in that! And if they made the missionaries part of the program...


By the ways, the 386 unit, four-story, multi-building complex is just a year old.

Now, a cynic would say that the owner/builder probably had a mormon involved and... Well, the rest is obvious. Because it makes no sense that the church is out looking for such properties to buy. But if someone brought them a good deal...?

EOD wrote, "I'm waiting for the church to start loan sharking. I hear there is seriously big money in that!"

Don't forget human trafficking. If slavery is ever again made legal in the U.S., TSCC can make a killing (literally & figuratively). Plus, being a slave sold by the church is another career option for RMs!

I believe rental income to church owned property is taxed differently (less) than other business income. This in general is why LDS Inc tends to own property. the farms and ranches can then be rented out to the farm and ranching arm of the church. That way part of the ranching income is paid to themselves (in a separate company) as rent, instead of having to declare it all as business income.

I would dearly love to know how much of what LDS Inc owns.Even though we already think it is substantial, I still think we would be surprised.



Edited 1 time(s). Last edit at 07/25/2016 06:17PM by Brother Of Jerry.

This is absurd. So LDS Inc. toots it's own horn and gets media coverage about how they spend $40million on humanitarian aid and welfare, and then spends $45million in ONE business deal on a rental community.

Nice. I'm slow clapping right now.

Golf clap.

Sounds like it is an investment property. What is wrong with someone putting their money to good use, and providing housing in the process?

I don't doubt that they want to make their money work and I'm fine with that. But since it's los mormones, no one is getting their rent lowered. And housing missionaries there will allow the church to hang onto more of the $400/month their getting from those elders and sisters.

If you watch the pennies, the dollars take care of themselves.

I think the issue is that the church invests and "puts their money to good use" INSTEAD OF helping the poor and appears to be trying to distract it's members from that bit of "not-useful truth". How many articles have been pushed by the church onto it's members about new business ventures vs service?

Donating FAR less than 1% of your income to humanitarian aid when you claim you are God's chosen church seems a bit.... sleazy. What does God ask it's church to do in the scriptures? What do the church leaders encourage members to think it does with the money?

The church typically does not advertise to it's members that it has a significant amount of business ventures and investments, but certainly seems to build up to the members that it gives relentlessly to those in need, and this also seems a bit... sleazy. Deceptive.

That's the issue for me anyways. The church I joined told me my tithing went towards basic administration, keeping up of church buildings/temples, and a LOT of welfare and humanitarian aid. Then I find out most of that money really goes towards business ventures and keeping higher ups living a very cushy life compared to mine. Feels like a betrayal.

"Donating FAR less than 1% of your income to humanitarian aid when you claim you are God's chosen church seems a bit.... sleazy. What does God ask it's church to do in the scriptures? What do the church leaders encourage members to think it does with the money?"

Read that and the first thing I thought was, give us 10% of your money or you won't get your temple recommend, etc, etc.... Oh us? We'll give out some money to the needy too. How does less than 1% sound?

It would be cool if there was a movement where church members said, "Sure, we will match in tithing up to 10% what the Mormon church donates in a dollar percentage toward humanitarian aid. Oh, and we will need a full accounting." So right now, church members would apparently only have to donate about .5% of income, and that's IF the Mormon church releases its financials.

It's wrong when you promote your organization as a not-for-profit charity as opposed to a business or a private club.

Millions of non-Mormons subsidize the Mormon church through its tax-exempt status and through allowed deductions from taxes for Mormons who tithe. People do this because there is widespread agreement in the U.S. that religion (in general) provides a benefit to people and engages in charitable endeavors both to its members and to the wider community.

As "thatsnotmyname" pointed out above, the Mormon church just spent more money in one for-profit business transaction than it has spent in humanitarian aid over the past two decades. I believe that this calls into question whether the Mormon church is truly a charitable organization worthy of tax breaks or is simply a real estate investment corporation and/or a private club.



Edited 1 time(s). Last edit at 07/26/2016 09:50AM by summer.

I believe we already decided that this organization is a REIT disguised as a religion.

Providing housing? So, when they open a mall they're just "providing" luxury items? Get real.

There's nothing wrong with SOMEONE investing in real estate. There is something wrong when we're talking about a church.

lolly18 Wrote:
-------------------------------------------------------
> Sounds like it is an investment property. What
> is wrong with someone putting their money to good
> use, and providing housing in the process?

This is a claimed *church.* Not "someone."
This claimed church also just made a huge public relations deal about how generous and giving they are, by claiming (without any verification possible) that they give $40 million a year to charity.

Then they spend more than they give in charity over an entire year to buy an apartment complex that's going to bring them in a yearly prophet...err, profit.

Churches are tax-exempt because they are *supposed* to be charitable organizations that devote the majority of their income to *charity.* The mormon church devotes the majority of their income to making more income. They don't merit tax-exempt status, they're hypocrites, and motivated not by "the spirit," but by simple down and dirty greed.

That's what's wrong.

lolly18 Wrote:
-------------------------------------------------------
> Sounds like it is an investment property. What
> is wrong with someone putting their money to good
> use, and providing housing in the process?

Are you serious? What is wrong with someone putting money to good use?

I'll tell you what's wrong with it. This is the same church that demands member pay 10% of their GROSS income to the church. This is the church that tells members to pay 10% even if they can't pay for food, power, clothing, or, RENT!

Meaning if a member of the lds church lived in that building, and gave 10% of their income to the church, and as a consequence, didn't have enough to pay rent, that person would end up evicted by the church they gave their money away to.

The church is supposed to represent god, so that when you give your money to the church they are really giving giving it to god. TSCC should actually do something good with that money, not use it to further their business interests at the expense of believing members.

The size of the church is shrinking. They can't seem to do anything about the number of people, but they can ensure that the size of the corporate assets don't shrink in the secular future they foresee.

If that means cutting back on charity, well, priorities.

I grew up in a rental house that was owned by the church. 6 kids, and about 1400 sq. ft. They charged too much for my parents to save up much of a down payment and always dangled the offer of "maybe we'll be able to sell this house to you one day". There was no door for the garage, so it was like a carport. Carpet had wholes in it from being so old. The house was falling apart around us. One time a couple came from the church to see what kind of repairs needed to be doe(there were several) they talked about new carpet, fixing the swamp cooler and other things. Never heard from them again. Any repairs, my dad did and they never reimbursed him. A couple years after my parents finally moved, the church sold the house and surrounding land, there is now a neighborhood of $300,000 homes out there. They should not be in the rental business.

That' "holes". .... Stinking auto correct :)

I bear solemn witness that this is God's one true and living real estate investment and development corporation on the face of the earth. In the name of our most sacred advertising mascot, even JESUS CHRIST--Amen.

BTW - Isn't it noteworthy that they had to inject a little English into the name of the complex calling it "Fountain Pointe Las Colinas" from just "Las Colinas."

I guess we just have to remember that God speaks English--King James English--poorly.

https://www.youtube.com/watch?v=O_LBzEsTlbk

http://www.dallasnews.com/business/headlines/20160725-new-las-colinas-apartment-community-sells-to-mormon-investment-company.ece

So how families that pay thousands of dollars to them in tithing etc.. went into this venture!???

Doesn't it come across that the purchases they make, and the plans they announce, promote the point of view that los afossils are not expecting the return of Jesucristo in this century? That they are making plans for a non-Second Coming future?

They're just trying to make sure Jeezus has a nice balanced portfolio of stocks, corporations, and real estate when he returns (his return being imminent).
'Cause that's what the man-god-son-thing of the universe needs: a balanced portfolio.

I didn't know this part I found on line: Property Reserve, Inc. was formerly known as The Prudential Savings Bank, F.S.B. The company is based in Salt Lake City, Utah. Property Reserve, Inc. operates as a subsidiary of Church Of Jesus Christ Of Latter Day Saints."

And to make it more complicated: "Utah Property Management Associates (UPMA), formerly Zions Securities Corporation (ZSC), is a subsidiary of Property Reserve Inc., which manages property owned by the Corporation of the President of The Church of Jesus Christ of Latter-day Saints (LDS Church) mostly in Salt Lake City, Utah. They manage major corporate, residential, and retail spaces along with parking lots and plazas.

"In January 2012, Zions Securities Company changed its name to Utah Property Management Associates, LLC, (UPMA). UPMA is part of the Investment Properties Management Department of the LDS Church."

Each and every name change, along with every deal made, are the products of continuing revelation from a just and merciful ghawd.

Gives me chills...

A development company disguised as a religion.

When you stop and think, it is all tithes and offerings. If a widows mite is invested and becomes two mites, it is still money that is really still tithes and offerings. But, as the church has learned "you can buy anything in this world with money" - even if it takes millions of 'widows' mites.

How does a church get away with owning all thes businesses? The mall in Salt Lake, apt. complexes, Polynestion Culture Center. I don't understand this.

The morg is tax exempt. So they pay no taxes. Somebody please explain this !!

The laws in the U.S. allow for it, because...religion. Hopefully someday people will wake up to it.