History
After the U.S. government confiscated the LDS Church's property under the Edmunds–Tucker Act in 1887, the church fell into severe debt. The government had seized most of the LDS Church assets, including tithing money donated by members. As a result, by the time Lorenzo Snow became the LDS church president in 1898, the church was $2.3 million in debt. Snow reemphasized the payment of tithing (giving 10% of one's income to the church) and by 1907 the LDS Church was completely out of debt and since then has not used debt to fund its operations, even for capital projects. An early pioneer venture of the LDS Church was ZCMI which lasted from 1868 to divesting ZCMI Center Mall in 2007.
Read more about this topic: Finances Of The Church Of Jesus Christ Of Latter-day Saints
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