Holy Matrimony: The marriage of business and religion.

• Author: Stevenson, Brooks
• Position: Feature Story

As the cover story for the Aug. 4, 1997, issue of Time magazine lit newsstands, Utah residents, regardless of religion, couldn't help but wonder what kind of reaction would come of an article titled "Mormons, Inc.: The Secrets of America's Most Prosperous Religion." In retrospect, the story wasn't much -- just one journalist's look into the business of a Utah-based religion.

Over the past few years, the prominence and success of The church of Jesus Christ of Latter-day Saints (LDS church) has been closely scrutinized by high-profile media such as Time and 60 Minutes.

Such publicity has even led to interviews of the church's prophet and president, Gordon B. Hinckley, by CNN personality Larry King.

The focus of these interviews and news stories often comes not from the religious or philosophical beliefs, but the economics of the LDS Church. The LDS Church's holdings were estimated, though never substantiated, by Time to be around $6 billion.

The LDS Church owns Brigham Young University, the Deseret News daily newspaper, Deseret Book Company, Zion's Securities Corporation, Bonneville International Corp. (the country's 14th largest radio chain), one of the largest cattle ranches in the United States and Beneficial Life Insurance Company, along with various travel and real estate endeavors. And it comes as no surprise that the church makes a lot of money from these businesses.

But is there really anything wrong with mixing business and religion? Is the line of demarcation so distinct that the LDS Church, or any religion for that matter, should divest its business interests and subsist wholly on donations?

The complete economic reality of the situation suggests not.

"The LDS Church has played a major role in the economic development of Utah," says R. Thayne Robson, Bureau of Economic and Business Research Director and professor at the David Eccles School of Business at the University of Utah. "Utah devotes a higher share of personal income to education than does any other state, and is committed to better healthcare, better housing, better nutrition and better education, which come generally with improved wealth, income and economic growth," claims Robson. "Since the 1930s with the impact of the Great Depression and unemployment rates above 30 percent, the LDS Church has grown its own businesses, and supported the economic development programs of state and local government."

This is exemplified by the rapid growth the LDS Church has experienced...