The Church of Jesus Christ of Latter-day Saints' finances faced renewed scrutiny Sunday when CBS aired an interview with a whistleblower who alleges the church tried to hide billions of dollars and violated its tax-exempt status.

What they’re saying: The church's former investment adviser David Nielsen described on "60 Minutes" the religious body's investment portfolio as "a clandestine hedge fund."

• "Those funds weren't used the way they were appropriated to be used. … Well, once the money went in, it didn't go out," he added.

Why it matters: Although Nielsen's allegations had already been widely publicized, the high-profile TV show's segment could hurt the church's public image.

• A church leader repeatedly refused to answer questions from CBS' Sharyn Alfonsi during the segment on how much money it has and hesitated when asked why the church is secretive about its finances.
• The church historically has withheld details of its finances not only from the public, but also from its members.

Catch up quick: Nielsen in 2019 filed a whistleblower complaint with the federal regulators alleging the church's investment arm, Ensign Peak Advisors, abused its tax-exempt status by collecting billions of dollars without spending any of it on charity.

• It did, however, spend a combined $2 million on for-profit businesses the church owns, Nielsen said.
• He also alleged the church created 13 shell companies to divide its investments and obscure the true scale of its wealth.
• After the SEC...

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