Deseret Management Corporation

Deseret Management Corporation

Industry	Asset management company
Founded	1966 (1966)
Founder(s)	The Church of Jesus Christ of Latter-day Saints
Headquarters	Salt Lake City, Utah, USA
Key people	Mark H. Willes (CEO/President)
Divisions	Deseret Digital Media Deseret Media Companies KSL Broadcast Division
Subsidiaries	Beneficial Financial Group Bonneville International Corp Deseret News Deseret Book Hawaii Reserves Temple Square Hospitality
Website	Deseret Management Corporation

The Deseret Management Corporation (DMC) is a for-profit management company of assets for The Church of Jesus Christ of Latter-day Saints. It was established in 1966^[1] by then church president David O. McKay^[2] to hold already-existing church assets.^[3]

Subsidiaries

The following are DMC subsidiaries:

• Beneficial Financial Group: insurance, investment, and retirement services.
• Bonneville International Corporation: owns radio stations nationwide, Bonneville Communications, Bonneville Interactive, and Bonneville Satellite Company.
• Deseret Book: LDS publisher and bookstores chain.
• Deseret Mutual: Provides medical, dental, life, and disability insurance, retirement and savings benefits to Deseret Management Corporation employees, and health insurance to LDS Missionaries and General Authorities.^[4]
• Deseret News Publishing: Publishes Utah's second-largest daily newspaper, the Deseret News, along with Mormon Times, LDS Church News and El Observador.
• Hawaii Reserves: manages commercial and residential properties in Lā'ie, Hawai'i.
• Temple Square Hospitality: operates downtown Salt Lake City properties such as the Lion House and the Joseph Smith Memorial Building.
• Zions Securities: Real estate company which manages apartments and commercial property, particularly in downtown Salt Lake City.

Divisions

• Deseret Digital Media: Operates the Web sites of other DMC media companies, including deseretnews.com, ksl.com and deseretbook.com.
• Deseret Media Companies: Helps operate Deseret Management's media focused subsidiaries.
• KSL Broadcast Division: Operates KSL-TV & KSL Newsradio in Salt Lake City, Utah for the Bonneville International Corporation.

Leadership

In February 2009, Mark Willes, former head of the Los Angeles Times and General Mills, was named president of DMC.^[5] Willes was also president of the Federal Reserve Bank of Minneapolis from 1977-1980.^[6] He replaces 76-year-old Rodney H. Brady.^[7]

Relation to LDS Church

Deseret Management Corporation is the holding company which owns the tax-paying companies that fall under the umbrella of the Church of Jesus Christ of Latter-day Saints. DMC's Board of Directors is made up of The First Presidency, three rotating members of the Quorum of the Twelve, and the Presiding Bishopric of the Church.

See also

• Intellectual Reserve

References

1. ^ "About Us". Deseret Management Corporation official web site. http://www.deseretmanagement.com/?nid=4. Retrieved 2009-09-13. 
2. ^ "Presidents of the Church". The Church of Jesus Christ of Latter-day Saints official website. http://www.lds.org/churchhistory/presidents/leaders.jsp. Retrieved 2009-10-25. 
3. ^ "Deseret Management hires former LA Times publisher". Salt Lake Tribune. 2009-02-04. http://www.sltrib.com/business/ci_11629454. Retrieved 2009-02-11. ^{[dead link]}
4. ^ Deseret Mutual Benefit Administrator. "Deseret Mutual Participating Employers". Deseret Mutual website. http://www.dmba.com/nsc/dmba/AffiliatedEmployers.aspx. Retrieved 5 January 2011. 
5. ^ "Ex 'L.A. Times' Publisher To Head Mormon Paper". Around the Net. Media Post. 2009-02-11. http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=100117. Retrieved 2009-02-11. 
6. ^ "Leadership changing for church businesses". Deseret News. 2009-02-05. http://deseretnews.com/article/1,5143,705282932,00.html. Retrieved 2009-02-11. 
7. ^ "Brady retires from Deseret Management Corp.". KSL News. 2009-02-04. http://www.ksl.com/?nid=148&sid=5507551. Retrieved 2009-02-11. 

External links

• Deseret Management Corporation site