The National Christian Foundation and Our Affiliates
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1 The National Christian Foundation and Our Affiliates 2007 Annual Report
2 Great Moves of God in Giving At The National Christian Foundation (NCF) and our Local Christian Foundation Affiliates, we are humbled to be at the forefront of what we believe is one of the greatest moves of God in our time the new wave of Christian generosity. NCF s 2007 financial statements are evidence of this new generosity movement as we experienced another year of unprecedented giving and granting: Contributions were $520 million in 2007; up 16% from $449 million in 2006 Grants were $348 million; up 53% from $227 million in 2006 Our 2007 year-end net asset balance (dollars available for future granting) was almost $1.2 billion; up from $945 million at the end of 2006 As you can see, NCF is helping move millions into life-giving ministry dollars that are making a difference in lives here and abroad. And one of the most interesting things about this enormous transfer of wealth is the way God is accomplishing it through the lives of our givers. Throughout the past year, we have witnessed the Lord doing something extraordinary transferring unprecedented non-liquid wealth into His Kingdom. Our work has called us alongside hundreds of givers who have been blessed with businesses, properties, and other interests that have exponentially increased in value. And as we help them liquidate these assets for the Kingdom, we see how temporal assets are being transformed into eternal life changes. In addition, thousands more are using our giving tools, solutions, and services to help facilitate their everyday giving. We share this good news in the hopes that you will grasp a broader perspective of what God is doing and how important you are in His great move of giving. Thank you for your faithful generosity, and may God bless you as we continue our Giving Journey together in the years to come. In His Service, Terry Parker, Board Chairman and Co-Founder David Wills, President Terry Parker David Wills Total Functional Expenses 2007 Total Support Revenue 2007 Charitable Grants 93% Other Program Services 3% General Administration and Fund-raising 4% Non-Cash Contributions 57% Investment and Other Income 11% Cash Contributions 32% 2
3 NCF s Financials At-a-Glance 1 (Amounts in thousands, except for percentages) Total Support and Revenue $585,288 $490,949 $404,520 $253,916 $179,659 Program Service Expense 2 $360,566 $235,398 $176,638 $175,888 $117,030 General / Administrative Expense $14,161 $11,302 $6,258 $8,981 $6,841 Fund-raising Expense $1,732 $1,540 $1,350 $983 $855 Total Assets $1,231,199 $1,010,256 $738,390 $514,888 $437,671 Change in Net Assets 3 $210,707 $242,708 $220,276 $70,661 $68,366 Total Net Assets $1,155,607 $944,900 $702,193 $481,917 $411,256 General / Administrative Expense 4 3.8% 4.6% 3.4% 4.8% $5.5% Fund-raising Expense 5 0.3% 0.3% 0.4% 0.4% $0.6% 1 The above unaudited numbers incorporate NCF (National Christian Charitable Foundation, Inc.) and its Affiliates. 2 The 2005 program service expense figure does not include the transfer of approximately $25 million to/from controlled supporting organizations that is eliminated during consolidation. 3 Change in net assets reflects changes in net assets from operations and from acquisition of NPO s. 4 General and administrative expenses are shown as a percentage of total functional expenses. 5 Fund-raising expenses are shown as a percentage of contributions. A Picture of a Movement 520 Contributions 449 Grants 227 Year-end Net Assets , in Millions in Millions in Millions 3
4 Generosity Transcends Adversity For The National Christian Foundation (NCF), 2007 was a very good year. We received new contributions from givers of over $520 million and distributed $348 million in grants to thousands of churches and other ministries. That brought total NCF grants to more than $1.5 billion through the close of our 26th year and allowed us to end 2007 holding almost $1.2 billion for future grant-making. We praise God every day for the generosity of our givers and the loving kindness that their contributions reflect. Our year was particularly impressive in light of the growing economic turbulence in the United States and around the world. The year 2007 ended with investment markets in turmoil as the credit crisis (which began in August with a rapid escalation of sub-prime mortgage defaults) caused a cascade of unexpected problems within the financial community. Virtually all major stock markets declined in the last quarter of the year. Economists and others warned of a possible recession and the Federal Reserve Bank began aggressively lowering short-term interest rates. While our mission is to promote and facilitate generous Christian giving, we also have the responsibility for sound management of the assets we hold. With that goal in mind, we very conscientiously took note of the economic clouds on the horizon and opened a few financial umbrellas to protect those that give through us and the funds we hold on their behalf. Specifically: We ended our budget year with a modest surplus We modified the asset allocations in our investment pools, reducing traditional stock market exposure and adding investments designed to perform well in declining markets We began an extensive, ministry-wide analysis of our strategic approach to serving givers, looking for opportunities to improve the services we offer and to strengthen relationships with our Affiliates and partners As a result of those actions and the ongoing work of our wonderful staff, our Affiliates, and our network of advisors and friends, we believe that 2008 will again be a year of increased giving and solid growth. While we strive to do our part, we are, and always will be, thankful to God for His blessings and to you, our givers, for your love and support. Sincerely, Ken Bowers, Chief Operating Officer Dave Johnson, Chief Financial Officer Bob Fry, Chief Investment Counsel top: Ken Bowers middle: Dave Johnson bottom: Bob Fry 4
5 National Christian Charitable Foundation, Inc. and Affiliates Consolidated Statements of Financial Position December 31, ASSETS: 2007 (in thousands) 2006 Current Assets: Cash and cash equivalents $339,364 $283,538 Investments 806, ,443 Accounts receivable Inventory Current portion of notes receivable 1,924 1,725 Prepaid and other assets ,148, ,905 Property and equipment net 4,587 1,965 Notes receivable net of current portion 6,895 7,367 Assets held in trust 71,298 65,019 Total Assets $1,231,199 $1,010,256 LIABILITIES AND NET ASSETS: Liabilities: Accounts payable and accrued expenses $4,147 $2,595 Annuities payable Annuities reinsured payable 3,776 2,415 Trust liabilities 65,715 59,107 Notes payable 1, Total Liabilities 75,592 65,356 Net Assets: Unrestricted 1,146, ,759 Temporarily restricted 8,882 9,141 Total Net Assets 1,155, ,900 Total Liabilities and Net Assets $1,231,199 $1,010,256 The financial statements above and in the following pages represent selected excerpts taken from NCF s audited financial statements for December 31, 2007 and 2006 and individually are not to be considered audited. Please visit our website at for a complete copy of NCF s audited financial statements. 5
6 National Christian Charitable Foundation, Inc. and Affiliates Consolidated Statements of Activities For the Years Ended December 31, 2007 (in thousands) 2006 Temporarily Temporarily Unrestricted Restricted Total Unrestricted Restricted Total SUPPORT AND REVENUE: Contributions $178,226 $6,346 $184,572 $170,506 $5,375 $175,881 Non-cash contributions 335, , , ,422 Investment income 63,978-63,978 40,981-40,981 Change in value of annuities and trusts (458) (330) (788) (359) (430) (789) Other revenue 1,772-1,772 1,452-1,452 Total Support and Revenue 579,272 6, , ,002 4, ,947 RECLASSIFICATIONS: Net assets released from restrictions: Expiration of purpose 6,275 (6,275) - 2,168 (2,168) - Expiration of time (3) - 6,275 (6,275) - 2,171 (2,171) - EXPENSES: Program services: Charitable distributions 348, , , ,194 Grant administration 2,558-2,558 1,749-1,749 Christian education and outreach 9,831-9,831 6,454-6, , , , ,397 Supporting activities: General and administrative (including income tax expense of $1,121 and $2,019, respectively) 14,161-14,161 11,302-11,302 Fund-raising 1,732-1,732 1,540-1,540 15,893-15,893 12,842-12,842 Total Expenses 376, , , ,239 Change in Net Assets from Operations 209,088 (259) 208, ,934 2, ,708 Acquisition of NPO 1,878-1, Change in Net Assets 210,966 (259) 210, ,934 2, ,708 Net Assets, Beginning of Year 935,759 9, , ,825 6, ,192 Net Assets, End of Year $1,146,725 $8,882 $1,155,607 $935,759 $9,141 $944,900 6
7 National Christian Charitable Foundation, Inc. and Affiliates Consolidated Statements of Cash Flow For the Years Ended December 31, (in thousands) CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets $208,829 $242,708 Adjustments to reconcile change in net assets to net cash used by operating activities: Depreciation Non-cash contributions (335,754) (273,422) Net realized and unrealized gains on investments (31,371) (21,070) Grants of notes receivable - (500) Grant of affiliates net assets 1,512 - Changes in operating assets and liabilities: Accounts receivable 147 (609) Inventory 48 (25) Prepaid and other assets (72) (62) Accounts payable 2, Net Cash Used by Operating Activities (153,902) (51,433) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of investments (237,346) (688,724) Proceeds from sale of investments and non-cash contributions 446, ,458 Issuance of new notes receivable (1,289) - Payments received on notes receivable 1,668 3,300 Proceeds from sale of property and equipment Purchases of property and equipment (1,441) (666) Net Cash Provided by Investing Activities 208, ,417 CASH FLOWS FROM FINANCIAL ACTIVITIES: Payments on annuities and trusts (300) (235) Proceeds from new annuities 1, Termination of annuities and trusts - (114) Proceeds from new notes payable 1, Payments on notes payable (858) (365) Net Cash Provided by Financing Activities 1, Net Change in Cash and Cash Equivalents 56, ,553 Cash and Cash Equivalents Transferred During Affiliate Grant (376) - Cash and Cash Equivalents, Beginning of Year 283, ,985 Cash and Cash Equivalents, End of Year $339,364 $283,538 SUPPLEMENTAL DATA: Non-cash investing activities: Non-cash donations of securities, receivables, and real estate and other non-liquid investments $335,754 $273,422 Cash paid for interest $73 $15 Cash paid for income taxes $1,364 $3,117 7
8 The National Christian Foundation is a member of the Evangelical Council for Financial Accountability. To learn more about NCF and our Local Christian Foundation Affiliates contact us at or Copyright, The National Christian Foundation
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