ANNUAL REPORT MISSION INVESTMENT FUND
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1 ANNUAL REPORT MISSION INVESTMENT FUND
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3 Amazing, the things that hope can build. 3
4 PRESIDENT'S LETTER Growing the church together. Again throughout 2011, the Mission Investment Fund continued our important mission to share God s love with the world. As the sole lending institution of the Evangelical Lutheran Church in America, the Mission Investment Fund provides loans to ELCA congregations and related ministries. Our loans, funded with your investments, help grow the church and offer hope to so many. Hope to the young congregation in search of a worship space. Hope to a neighbor in need of a hot meal. Hope to parents intent on offering their children a Christian education. Hope to a family searching for a spiritual home. Loans funded by the Mission Investment Fund help purchase land and build churches first churches for new-start congregations and expanded houses of worship for growing congregations. Our loans help renovate and expand the church and ministry buildings where members worship and gather where youngsters attend faith-based preschool where men and women without a home are offered a bed for a night where senior citizens find life-affirming supportive services. Our strong foundation. We can support ELCA congregations and ministries in their endeavors because the Mission Investment Fund is a strong, stable financial institution. Our 2011 financial results reflect our strategic focus and emphasis on building and enhancing the capabilities of this organization to meet the needs of those we serve. We are emerging from the difficult economy of recent years even stronger, with an increase in net assets and a corresponding exceptional capital position. Our loan portfolio is solid. Our focus on prudent and consistent underwriting principles and practices continues to serve the Mission Investment Fund well. As the economy began to strengthen during 2011, we were encouraged to see an increase in the number of loan applications and a renewed interest by congregations and ministries in pursuing larger-scale projects. In addition, we received far fewer requests to modify loans last year a sign of a high-quality asset base alongside a stabilizing economy. 4
5 Standing by our partners. Whenever possible, the Mission Investment Fund is committed to reaching out to our partners within the ELCA. In 2011, an unprecedented number of natural disasters struck the United States from springtime tornadoes in the Southeast and Midwest to summertime flooding in North Dakota and the Mission Investment Fund extended a helping hand. We worked closely with Lutheran Disaster Response to identify those congregations and ministries that sustained property damage in these catastrophic events, and we sent our church building consultants to the disaster sites to help assess damage and advise on the rebuilding process. In the aftermath of summer flooding, we were able to assist Christ Lutheran Church in Minot, North Dakota, with a loan for renovation. Again in 2011, we provided a $1.5 million annual grant to assist new-start congregations a significant contribution that enables the ELCA s Congregational and Synodical Mission unit to support new congregations. And again, the ELCA Fund for Leaders provided Mission Developer Scholarships to seminary students who feel called to plant new congregations. The Mission Investment Fund provided initial funding for this scholarship program in 2009, and 13 scholarships have been granted since then. Thank you for your participation. As you read through the inspiring stories in this Annual Report, you will see how the Mission Investment Fund builds so much more than brick-andmortar structures. Yo u are the Mission Investment Fund, and without your participation our work simply would not be possible. With every additional investment made and every new borrower we serve, our ability to help our neighbors increases. Imagine what we could accomplish if, together, we did even more. Imagine the hope that we could inspire. Yours in Christ, Eva M. Roby President and CEO May 25,
6 AN IOWA CONGREGATION THAT IS BUILDING ON HOPE. A brew pub may not be the first place you would consider for attending worship. But that is exactly where the members of Grace Lutheran Church in Adel, Iowa, gathered for their first church service on Pentecost Sunday in For the next eight years, the congregation worshipped in a bank, a community house and a local high school. In 2003, Grace Lutheran began its first capital campaign, enlisting MIF to help plan its future building. The congregation then financed the building of a brick sanctuary on a hill overlooking town with a fellowship hall, church offices and a nursery. Having such a visible building has helped Grace s outreach, attracting visitors and new members. But all those years of setting up and breaking down their worship space each week came with its own blessings. I m thankful for it, actually, says Grace s pastor, the Rev. William Bernau. The coordination and cooperation involved in using borrowed space helped make our congregation strong. In keeping with its own history of borrowing space from other organizations, Grace welcomes a number of community groups from scouting troops to the local public schools to use its space, offering up some of the same hospitality it once experienced. Five years after completing the initial building project, Grace s burgeoning Sunday school classes are meeting in the hallways. And the congregation is once again eager for more space. Although some members initially expressed concern about taking on another mortgage in the current economy, Grace s longstanding relationship with MIF helped put people at ease. MIF is our good and faithful partner, Pastor Bernau says. And if they say yes to our loan application, I m going to trust them. And if they say, no, you need to wait a bit, then we will wait. Whether its next building project happens this coming year or in the near future, this is clearly a time of great hope at Grace. 6
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8 8 5-YEAR SUMMARY
9 YEAR IN REVIEW Together, we grow. The Mission Investment Fund grew in 2011, increasing its total assets to more than $642 million. Even as total assets grew, Mission Investment Fund investment obligations and loans outstanding declined slightly in the uncertain economy. As of December 31, 2011, total investment obligations were $458 million, a slight decrease from the previous year. Loans outstanding declined slightly to $440 million at year-end There were 761 outstanding loans at December 31, 2011, virtually even with the previous year. We distributed $58 million in new loans in 2011, up from $49 million in 2010, and we saw a slight increase in the number of applications for new loans. The total number of investors increased to 14,362, with 10,248 individual investors and 4,114 investor congregations and ELCA-related ministries. Safety and security. To keep the Mission Investment Fund strong and stable, we have built up capital of more than $179 million. This is an increase of more than $7 million over last year, reflecting a net worth of 27.9% of total assets. This amount is many times higher than what is required by regulations and much higher than what most financial institutions maintain. That helps assure our ability to meet our obligations, offer security to our investors and continue our important ministry. In fact, throughout the nearly 100-year history of MIF and its predecessors, MIF has always paid investors their principal and interest in accordance with the term of their investments. We ended the year with our loan delinquency ratio at 2.34%, down from 3.65% in MIF continues to maintain strong underwriting standards while focusing its resources on helping to build the church through the loans, investment opportunities and supporting services it provides. Additionally, the Mission Investment Fund maintains a highly effective cost structure with low operating expenses, while still providing exceptional rates and services to investors and borrowers. It is because of you and your investments that MIF is so strong today. Thank you for using your investments to help share God s love with the world. 9
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11 A TRADITION OF STRENGTH AND STABILITY. To ensure the Mission Investment Fund s continued strength and stability, we have built up capital that represents a net worth of 27.9 percent of total assets. This equity ratio is many times higher than what is required by regulations and much higher than what most financial institutions maintain. 11
12 STATEMENTS OF FINANCIAL POSITION ($ IN THOUSANDS, AS OF DECEMBER 31) CASH AND EQUIVALENTS INVESTMENTS LOANS OUTSTANDING REAL ESTATE OTHER TOTAL ASSETS $30,300 $19,286 $16,642 $148,482 $145,845 $136,944 $439,946 $450,439 $461,003 $20,690 $22,862 $21,735 $2,938 $3,285 $2,977 $642,356 $641,717 $639,301 ACCOUNTS PAYABLE INVESTMENT OBLIGATIONS TOTAL LIABILITIES $4,828 $4,625 $4,243 $458,341 $465,013 $471,983 $463,169 $469,638 $476, UNRESTRICTED PERMANENTLY RESTRICTED TOTAL NET ASSETS TOTAL LIABILITIES AND NET ASSETS $176,336 $169,164 $160,248 $2,851 $2,915 $2,827 $179,187 $172,0791 $163,075 $642,356 $641,717 $639,301
13 STATEMENTS OF INCOME, EXPENSES, AND CHANGES IN NET ASSETS ($ IN THOUSANDS, AS OF DECEMBER 31) INTEREST INCOME INTEREST EXPENSE NET INTEREST INCOME $29,241 $31,860 $31,322 $9,070 $10,755 $14,935 $20,171 $21,105 $16,387 GENERAL OPERATING EXPENSES GRANTS FOR CONGREGATIONAL DEVELOPMENT PROVISIONS FOR LOAN AND REAL ESTATE LOSSES TOTAL $8,544 $8,196 $9,428 $1,824 $2,311 $2,367 $1,539 $1,400 $5,658 $11,907 $11,907 $17,453 OTHER INCOME INCREASE (DECREASE) IN NET ASSETS FROM OPERATING ACTIVITIES $531 $234 $207 $8,795 $9,432 $(859) INVESTMENT GAIN (LOSS) OTHER CHANGE IN UNRESTRICTED NET ASSETS INVESTMENT GAIN (LOSS) OTHER CHANGE IN RESTRICTED NET ASSETS INCREASE IN TOTAL NET ASSETS $(1,514) $(789) $118 $(110) $273 $1,103 $7,171 $8,916 $362 $(189) $200 $436 $125 $(112) $(281) $(64) $88 $155 $7,107 $9,004 $517 13
14 HOPE FOR THE HURTING IN DOWNTOWN SEATTLE. Just nine blocks from Seattle s famous Pike Place Market, Gethsemane Lutheran Church has an extraordinary legacy of serving the homeless and hungry that dates back to the 1950s, when some 600 parishioners regularly packed its pews on Sunday mornings. In the last 25 years, as the downtown neighborhood around the church became more transient, Gethsemane made the deliberate decision to remain downtown, so it could better fulfill its mission of being in Christ, in the city. But staying in the city and running its existing programs was not enough for this urban congregation. Although Gethsemane is a fraction of the size it was 60 years ago, the members have launched a series of even bolder moves in the past decade, starting with the decision to sell a parking lot that the congregation owned next door to its church building, which netted it $8 million. Gethsemane then invested the sales proceeds in the Mission Investment Fund, using the interest from those investments to fund grants to other congregations and projects. For us, it s about more than simply finding a place where our assets are secure, says Gethsemane s pastor, the Rev. Joanne Engquist, about the decision to invest with MIF. We also want to expand our reach. Intending a still greater impact, in 2011 Gethsemane tore down its existing parish hall and is replacing it with a new building. This new space will consist not only of church offices, a chapel and gathering space, but also 50 units of affordable housing and the Hope Center, a new nonsectarian, nonprofit that will house a day shelter for homeless women and children as well as offering counseling services and meal programs for the city s most vulnerable residents. Once again, Gethsemane turned to the Mission Investment Fund for financing, funding part of the building project with an MIF loan. Gethsemane anticipates the new center will have a significant impact on homelessness in the neighborhood. This is a place that s changing lives, Pastor Engquist says. And we are not simply looking to serve others. This project spearheaded a community-based approach to foster change and growth in all of us. 14
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16 INVESTMENTS MIF investment products offer flexible terms and highly competitive interest rates. But our investments do more than simply grow your savings, they also help grow our church by providing loans to ELCA congregations and ministries. Term Investments Fixed Rate, $100 minimum investment Competitive rates, with a low minimum purchase requirement. Adjustable Rate, $100 minimum investment Competitive rates, a low minimum investment, and the option to add to principal for longer-term investments. Term Investment Grand Fixed Rate, $250,000 minimum investment A higher rate for a larger investment. Demand Investments With Check Writing, $100 minimum investment Maximum freedom and flexibility, with a low minimum-balance requirement. Debit-card convenience available for individuals. No Check Writing, $5 minimum investment A simple way to build your savings, with a $5 initial investment and additional deposits of $5 or more at any time. Youth Ministry, $100 minimum investment An easy way for congregations to save for youth events while earning interest. MIF4KIDZ Investment An investment that matures on a youth s 18th birthday the ideal special occasion gift. Retirement Savings Account Pre-tax dollars for retirement savings. All Term Investments and Demand Investment No Check Writing accounts may be held as Traditional or Roth Individual Retirement Accounts (IRAs). Education Account All Term Investments and Demand Investment No Check Writing accounts may be held as Coverdell Education Savings Accounts with a $5 minimum investment with $5 additions to principal at any time. Health Savings Account With Check Writing, $5 minimum investment Compatible with High- Deductible Health Plans, this investment pays for health care costs with pre-tax dollars and offers debit-card convenience. 16
17 LOANS The Mission Investment Fund uses investors dollars to finance capital projects for ELCA congregations and ministries, including new buildings, additions, renovations, accessibility projects, green initiatives, land purchases and loan refinancing. Mission Investment Fund church building consultants are available to consult on all aspects of the building process from evaluating ministry building needs to financing projects to reviewing drawings and construction contracts. Loans for Established Congregations Adjustable-Rate Mortgage (ARM) For loans of $100,000 or more, with an amortization period of up to 25 years and interest rate adjustments at 1, 3, 5 or 7 years. Loans for Second Sites A reduced-rate loan for congregations buying or constructing a building for a satellite congregation, with interest rate adjustments every 5 years and a 25-year maximum amortization. Long-Term Loan Fixed-Rate Mortgage A fixed rate for loans of $100,000 or more, with a 10-year amortization. Loans for Smaller Projects An unsecured loan for additions and renovations smaller-sized projects with loan amounts up to $100,000, with a 10-year amortization; fixed and adjustable rates are available. Loans and Property Purchases for New-Start Congregations Available to ELCA new-start congregations at reduced rates to purchase land or to construct or purchase their first church building, with a 10-year term and 15-year maximum amortization. Loans for ELCA-Related Ministries For capital projects for seminaries, outdoor ministries, social ministry organizations and colleges and universities, and other ELCArelated ministries, with a maximum amortization of 25 years. Mission Investment Fund investments are subject to certain risks. See Risk Factors in the Mission Investment Fund Offering Circular. MIF investments are not bank accounts. As securities issued by a nonprofit institution, the investments are not insured by the FDIC, SIPC or any other federal or state regulatory agency. The securities are sold only by means of the Offering Circular. This is neither an offer to sell nor a solicitation of an offer to buy the securities. 17
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19 A NEW YORK CONGREGATION FINDS THE HOPE TO REBUILD. Imagine watching as a wrecking crew tears down your beloved church building. That s exactly what the members of St. John s Evangelical Lutheran Church experienced in December After commissioning a safety study on its century-old building in West Seneca, New York, St. John s learned the building s roof-truss system was faulty. The weight of the roof was causing the walls of the sanctuary to bow out, making the building unsafe to worship in. The news shocked the congregation, whose council made the decision to move out of the building immediately. With estimates to fix the structure as high as $2 million, the congregation after careful consideration voted to demolish and rebuild at a much lower cost. It s like the stages of grief, St. John s pastor, the Rev. John Klatt said about the unsafe condition of the old building. You go through a lot of denial at first. But we took what we learned about the building to heart. Even before St. John s made the decision to rebuild, Mission Investment Fund church building consultants were there, helping the congregation analyze the safety study s findings. After the members decided to rebuild, MIF building consultants assisted with the planning process, helping the congregation build consensus around the myriad decisions involved in constructing a new building. The congregation strived to build green as much as possible, again with guidance from MIF, which included installing solar panels to provide low-cost electricity to the entire property. And when the time came to finance the congregation s new mortgage, St. John s selected the Mission Investment Fund as its lender. Borrowing from MIF is a great way for us to be part of the ministry of the larger church, Pastor Klatt says. We got advice we needed from the Mission Investment Fund and this was a way to give back. Earlier this year, St. John s dedicated its new building, which stands on the same ground as the old church. While the rebuilding process was not easy, it helped unite the congregation s some 300 active members around a common goal. Since then, membership has been growing. I think people look at us and think, if they can endure a loss like that and stay together, then that s probably a place I d like to be, Pastor Klatt explains. 19
20 Mission Investment Fund Officers Eva M. Roby, President and CEO John S. Spear, Senior Vice President for Lending Robert Benson, Vice President and Treasurer David T. Dalton, Vice President for Marketing and Customer Service Julie Swanson, Board of Trustees, Chair Daniel M. Bringman, Board of Trustees, Vice Chair Mission Investment Fund Board of Trustees Miji Bell Daniel M. Bringman Kendra D. Brodin Judy L. Conklin Warren W. Hanson Mark S. Helmke The Rev. Lorenz Larry Lutey Harold C. Mueller Roger E. Southward Julie Swanson The Rev. Viviane E. Thomas-Breitfeld Mission Investment Fund 8765 W. Higgins Road Chicago, IL
MISSION INVESTMENT FUND OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA
OFFERING CIRCULAR MISSION INVESTMENT FUND OF THE EVANGELICAL LUTHERAN CHURCH IN AMERICA 8765 West Higgins Road Chicago, Illinois 60631 Tel: 877-886-3522 or 773-380-2913 Email: MIF@ELCA.org Fax: 773-380-2752
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