Like all charitable donors, church members – even those who make donations to remain in good standing with their religious institution – give up their legal right to control that money.
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Joseph Smith encouraged early Latter-day Saints to pool their resources. Two centuries later, one of the results is an investment portfolio estimated at $100 billion.
The term, coined in 2011, refers to people who seek to use their money and time to make as much progress as possible toward solving the world’s most pressing problems.
A historian connects the $100 billion reportedly at the church’s disposal with the rocky start Mormons got in finance in the 1830s.
ATMs began appearing in churches providing a way for people to come up with ready cash to give to God and their church. But why was cash necessary?
