Treasurer's Report (2011)

Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT

The Evangelical Covenant Church Paul Carlson Partnership National Covenant Properties Covenant Pension Plan Bethany Benefit Service Covenant Trust Company Evangelical Covenant Church

Covenant World Relief
2005 $1,303,000
2006 $1,315,000
2007 $1,267,000
2008 $1,558,000
2009 $1,016,000
2010 $ 981,000
Total $7,440,000

Paul Carlson Partnership
2005 $ 884,000
2006 $1,253,000
2007 $1,186,000
2008 $ 794,000
2009 $ 630,000
2010 $ 620,000
Total $5,367,000

Base Budget
Covenant World Relief
Paul Carlson Partnership
Project Missionaries
Short-term Missionaries
Friends of World Mission
Kingdom Builders
Sustaining Pastoral Excellence
Covenant Orientation
Mission Projects
PCP CWR PMs STMs KB FOWM CO SPE MPs MISSION & MINISTRY BUDGET

Budget Results
Net +$21,000

Bethany Benefit Service (BBS) Medical Dental (including orthodontia) Life Insurance Long-term Disability Vision Benefit Prescription Drug

Medical Insurance Premium Increase Comparable market premium increases Bethany premium increases Cost $ avings

Recent Developments Bethany Benefit Service
12-month Enrollment Growth of 60 or 5.3%
Current Open Enrollment
June 2011 Premium Waiver, Saving $1 million
Assist Churches in Eligibility for Federal Tax Credit, Saving $500,000

Covenant Pension Plan
Defined Benefit Plan
Can’t Outlive Your Benefits
Pension Board Responsible for Investment Returns
Covers 2,077 Pastors, Missionaries and Surviving Spouses

1996-2008 Pension Benefit Enhancement Total Value $40 Million

Pension Benefits

Key Investment Considerations
Asset allocation and diversification—improve risk/return relationship
2010 1992

Assets of Pension Fund Foothills Midrange Peaks ($ in millions)

Recent Pension Plan Results April 2011
2011 Assets up 7.5%
Plan Performance > Benchmark
Previous 26-month Return: + $76.2 Million
Invested Assets 9.8% Above Previous High
Plan Fully Funded

Funding Comparison Covenant Pension Plan vs. Average Corporate and Public Plan Assets as % of Liabilities 100% 85% 70%

Assets of National Covenant Properties ($ in millions)

The Loan Source for Covenant Churches
Of the churches that have loans, over 85% have loans with NCP
Other NCP

2010 New Church Loans National Covenant Properties In 2010, National Covenant Properties loaned funds on 47 church projects with a total of $37,500,000 in new loans advanced.

Assets Under Management Covenant Trust Company ($ in millions)

2010 Results Covenant Trust Company
New Business $17.8 million
Distributions $ 8.6 million
% New Business to Conferences, Churches, 47.9% and Camps
Assets Under Management $436.5 million

AUDIT REPORT

Covenant Financial Report Card YES NO Unqualified Opinion  Balanced Budget  No Management Comments 

Bethany Benefit Service Report Card Medical Rate Increase < Competition  Significant Enrollment Growth > 5%  June 2011 Premium Waiver (saving churches $1 million)  Special Bethany Open Enrollment (including retirees)  YES NO Federal Tax Credit Assistance (saving churches $500,000) 

Covenant Pension Plan Report Card Pension Plan Full Recovery from Market Decline  Pension Plan Fully Funded  Pension Plan Exceeds Target Benchmarks  YES NO 2/09-4/11 Asset Increase of $76 million 

Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT

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Treasurer's Report (2011)

by Evangelical Covenant Church

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