Your friend is slightly mistaken

"The Corporation of the President of the Church of Jesus Christ of Latter-day Saints" and
"The Corporation of the Presiding Bishop of the Church of Jesus Christ of Latter-day Saints" (the hyphen is important it is part of the trade mark and the Church of Jesus Christ of Latter day Saints (no hyphen) is a totally separate and unconnected church)
Are the two legal and business organisations affiliated to but not the property of the Church of Jesus Christ of Latter-day Saints.
This way the church can accept tax free donations from the two corporations, who administer all church assets and properties and the corporations can claim back such donations against their tax (win win).
The two corporations own between them , railways, shopping malls, international shipping concerns, Bonneville communications, a hunting reserve in Florida staffed by missionaries, newspapers, publishing houses, television stations, radio stations, Billions (literally billions) of dollars in stocks and shares and other concerns too numerous to mention.
Both Corporations are Corporation Soles, an accounting device that means the corporations are the individual property lock stock and barrel of the current prophet of the church, the church owns NOTHING and so is liable for nothing. However upon the death of the prophet, the corporation sole appoints automatically the next longest serving member of the apostles quorum as owner and prophet it being taken as a sign from god that this next old fart has not died, and so is worthy to become president, prophet and managing director.