Recent Developments Bethany Benefit Service <ul><li>12-month Enrollment Growth of 60 or 5.3% </li></ul><ul><li>Current Open Enrollment </li></ul><ul><li>June 2011 Premium Waiver, Saving $1 million </li></ul><ul><li>Assist Churches in Eligibility for Federal Tax Credit, Saving $500,000 </li></ul>
Covenant Pension Plan <ul><li>Defined Benefit Plan </li></ul><ul><li>Can’t Outlive Your Benefits </li></ul><ul><li>Pension Board Responsible for Investment Returns </li></ul><ul><li>Covers 2,077 Pastors, Missionaries and Surviving Spouses </li></ul>
1996-2008 Pension Benefit Enhancement Total Value $40 Million
Assets of Pension Fund Foothills Midrange Peaks ($ in millions)
Recent Pension Plan Results April 2011 <ul><li>2011 Assets up 7.5% </li></ul><ul><li>Plan Performance > Benchmark </li></ul><ul><li>Previous 26-month Return: + $76.2 Million </li></ul><ul><li>Invested Assets 9.8% Above Previous High </li></ul><ul><li>Plan Fully Funded </li></ul>
Funding Comparison Covenant Pension Plan vs. Average Corporate and Public Plan Assets as % of Liabilities 100% 85% 70%
Assets of National Covenant Properties ($ in millions)
The Loan Source for Covenant Churches <ul><li>Of the churches that have loans, over 85% have loans with NCP </li></ul>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 <ul><li>New Business $17.8 million </li></ul><ul><li>Distributions $ 8.6 million </li></ul><ul><li>% New Business to Conferences, Churches, 47.9% and Camps </li></ul><ul><li>Assets Under Management $436.5 million </li></ul>
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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