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 by then church president David O. McKay

David O. McKay

David Oman McKay was the ninth president of The Church of Jesus Christ of Latter-day Saints , serving from 1951 until his death. Ordained an apostle and member of the Quorum of the Twelve Apostles in 1906, McKay was a general authority for nearly 64 years, longer than anyone else in LDS Church...

 to hold already-existing church assets.

Subsidiaries

The following are DMC subsidiaries

Subsidiary

A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...

:

• Beneficial Financial Group
  Beneficial Financial Group
  Beneficial Financial Group is an insurance and financial services company based in Salt Lake City, Utah. It is a subsidiary of Deseret Management Corporation, which is in turn owned by The Church of Jesus Christ of Latter-day Saints...
  
  : insurance, investment, and retirement services.
• Bonneville International Corporation: owns radio station
  Radio station
  Radio broadcasting is a one-way wireless transmission over radio waves intended to reach a wide audience. Stations can be linked in radio networks to broadcast a common radio format, either in broadcast syndication or simulcast or both...
  
  s nationwide, Bonneville Communications, Bonneville Interactive, and Bonneville Satellite Company.
• Deseret Book
  Deseret Book
  Deseret Book is the largest Latter-day Saint book publisher and also owns a chain of LDS bookstores in the western United States. Over 150 people work in its Salt Lake City headquarters...
  
  : 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
  Missionary (LDS Church)
  The Church of Jesus Christ of Latter-day Saints is one of the most active modern practitioners of missionary work, with over 52,000 full-time missionaries worldwide, as of the end of 2010...
  
   and General Authorities
  General authority
  In The Church of Jesus Christ of Latter-day Saints , a general authority is a member of certain leadership organizations who are given administrative and ecclesiastical authority over the church...
  
  .
• 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
  Hawaii Reserves
  Hawaii Reserves, Inc. is a subsidiary of the Deseret Management Corporation that manages property for The Church of Jesus Christ of Latter-day Saints in the town of Laie, Hawaii. These properties include the Laie Water Company and the Laie Treatment Works, as well as the Laie Shopping Center, Laie...
  
  : manages commercial and residential properties in Lā'ie, Hawai'i
  La'ie, Hawai'i
  Laie is a census-designated place located in the Koolauloa District on the island of Oahu in Honolulu County, Hawaii, United States. In Hawaiian, lāie means "ie leaf" . The population was 4,585 at the 2000 census.-History:Historically, Laie was a puuhonua, a sanctuary for fugitives...
  
  .
• Temple Square Hospitality
  Temple Square Hospitality
  __NOEDITSECTION__Temple Square Hospitality Corporation is a subsidiary of Deseret Management Corporation which provides services such as dining and catering services at the Lion House, Joseph Smith Memorial Building, all properties owned by Zions Securities Corporation near Temple Square in...
  
  : operates downtown Salt Lake City properties such as the Lion House and the Joseph Smith Memorial Building
  Joseph Smith Memorial Building
  The Joseph Smith Memorial Building is named in honor of Joseph Smith, Jr., the founder of the Latter Day Saint movement. It is located on the corner of Main Street and South Temple in Salt Lake City. Previously the Hotel Utah, it is now an administrative building...
  
  .
• Zions Securities
  Zions Securities
  Zions Securities Corporation is a subsidiary of the Deseret Management Corporation that manages property owned by The Church of Jesus Christ of Latter-day Saints mostly in Salt Lake City, Utah...
  
  : Real estate
  Real estate
  In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
  
   company which manages apartments and commercial property, particularly in downtown Salt Lake City.

Divisions

• Deseret Digital Media
  Deseret Digital Media
  __NOEDITSECTION__Deseret Digital Media, Inc. is a subsidiary company of Deseret Management Corporation. The CEO of DDM is Clark Gilbert....
  
  : 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-TV
  KSL-TV, virtual channel 5, is an NBC-affiliated television station located in Salt Lake City, Utah, USA. KSL-TV is owned by Bonneville International Corporation, which is in turn owned by The Church of Jesus Christ of Latter-day Saints...
  
   & 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

Los Angeles Times

The Los Angeles Times is a daily newspaper published in Los Angeles, California, since 1881. It was the second-largest metropolitan newspaper in circulation in the United States in 2008 and the fourth most widely distributed newspaper in the country....

and General Mills

General Mills

General Mills, Inc. is an American Fortune 500 corporation, primarily concerned with food products, which is headquartered in Golden Valley, Minnesota, a suburb of Minneapolis. The company markets many well-known brands, such as Betty Crocker, Yoplait, Colombo, Totinos, Jeno's, Pillsbury, Green...

, was named president of DMC. Willes was also president of the Federal Reserve Bank of Minneapolis from 1977-1980. He replaces 76-year-old Rodney H. Brady.

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

First Presidency

In the Latter Day Saint movement, the First Presidency was the highest governing body in the Latter Day Saint church established by Joseph Smith, Jr. in 1832, and is the highest governing body of several modern Latter Day Saint denominations...

, three rotating members of the Quorum of the Twelve

Quorum of the Twelve

In the Latter Day Saint movement, the Quorum of the Twelve was one of the governing bodies of the church hierarchy organized by the movement's founder Joseph Smith, Jr., and patterned after the twelve apostles of Christ In the Latter Day Saint movement, the Quorum of the Twelve (also known as the...

, and the Presiding Bishopric

Presiding Bishop (LDS Church)

The Presiding Bishop of The Church of Jesus Christ of Latter-day Saints is a priesthood calling with church-wide authority. The Presiding Bishop is the highest leadership position within the church's Aaronic priesthood.-Presiding Bishopric:...

of the Church.

External links

• Deseret Management Corporation site