Covenant  Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT
The Evangelical Covenant Church Paul Carlson Partnership National Covenant Properties Covenant Pension  Plan Bethany Benef...
Covenant World Relief <ul><li>2005 $1,303,000 </li></ul><ul><li>2006 $1,315,000 </li></ul><ul><li>2007 $1,267,000 </li></u...
Paul Carlson Partnership <ul><li>2005 $  884,000 </li></ul><ul><li>2006 $1,253,000 </li></ul><ul><li>2007 $1,186,000 </li>...
Base Budget <ul><li>Covenant World Relief </li></ul><ul><li>Paul Carlson Partnership </li></ul><ul><li>Project Missionarie...
Budget Results <ul><li>Net  +$21,000 </li></ul>
Bethany Benefit Service (BBS) Medical Dental (including orthodontia) Life Insurance Long-term Disability Vision Benefit Pr...
Medical Insurance Premium Increase Comparable market premium increases Bethany premium increases Cost  $ avings
Recent Developments Bethany Benefit Service <ul><li>12-month Enrollment Growth of 60 or 5.3% </li></ul><ul><li>Current Ope...
Covenant Pension Plan <ul><li>Defined Benefit Plan </li></ul><ul><li>Can’t Outlive Your Benefits </li></ul><ul><li>Pension...
1996-2008 Pension Benefit Enhancement Total Value $40 Million
Pension Benefits
Key Investment Considerations <ul><li>Asset allocation and diversification—improve risk/return relationship </li></ul>2010...
Assets of Pension Fund Foothills Midrange Peaks ($ in millions)
Recent Pension Plan Results April 2011 <ul><li>2011 Assets up 7.5%  </li></ul><ul><li>Plan Performance > Benchmark </li></...
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>Oth...
2010 New Church Loans National Covenant Properties In 2010, National Covenant Properties loaned funds on 47 church project...
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...
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 20...
Covenant Pension Plan  Report Card Pension Plan Full Recovery  from Market Decline     Pension Plan Fully Funded   Pensi...
Covenant  Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT
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Treasurer's Report (2011)

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  • Covenant Pension Plan 2/06/09 Investing White Paper
  • Treasurer's Report (2011)

    1. 1. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT
    2. 2. The Evangelical Covenant Church Paul Carlson Partnership National Covenant Properties Covenant Pension Plan Bethany Benefit Service Covenant Trust Company Evangelical Covenant Church
    3. 3. Covenant World Relief <ul><li>2005 $1,303,000 </li></ul><ul><li>2006 $1,315,000 </li></ul><ul><li>2007 $1,267,000 </li></ul><ul><li>2008 $1,558,000 </li></ul><ul><li>2009 $1,016,000 </li></ul><ul><li>2010 $ 981,000 </li></ul>Total $7,440,000
    4. 4. Paul Carlson Partnership <ul><li>2005 $ 884,000 </li></ul><ul><li>2006 $1,253,000 </li></ul><ul><li>2007 $1,186,000 </li></ul><ul><li>2008 $ 794,000 </li></ul><ul><li>2009 $ 630,000 </li></ul><ul><li>2010 $ 620,000 </li></ul>Total $5,367,000
    5. 5. Base Budget <ul><li>Covenant World Relief </li></ul><ul><li>Paul Carlson Partnership </li></ul><ul><li>Project Missionaries </li></ul><ul><li>Short-term Missionaries </li></ul><ul><li>Friends of World Mission </li></ul><ul><li>Kingdom Builders </li></ul><ul><li>Sustaining Pastoral Excellence </li></ul><ul><li>Covenant Orientation </li></ul><ul><li>Mission Projects </li></ul>PCP CWR PMs STMs KB FOWM CO SPE MPs MISSION & MINISTRY BUDGET
    6. 6. Budget Results <ul><li>Net +$21,000 </li></ul>
    7. 7. Bethany Benefit Service (BBS) Medical Dental (including orthodontia) Life Insurance Long-term Disability Vision Benefit Prescription Drug
    8. 8. Medical Insurance Premium Increase Comparable market premium increases Bethany premium increases Cost $ avings
    9. 9. 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>
    10. 10. 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>
    11. 11. 1996-2008 Pension Benefit Enhancement Total Value $40 Million
    12. 12. Pension Benefits
    13. 13. Key Investment Considerations <ul><li>Asset allocation and diversification—improve risk/return relationship </li></ul>2010 1992
    14. 14. Assets of Pension Fund Foothills Midrange Peaks ($ in millions)
    15. 15. 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: + $76.2 Million </li></ul><ul><li>Invested Assets 9.8% Above Previous High </li></ul><ul><li>Plan Fully Funded </li></ul>
    16. 16. Funding Comparison Covenant Pension Plan vs. Average Corporate and Public Plan Assets as % of Liabilities 100% 85% 70%
    17. 17. Assets of National Covenant Properties ($ in millions)
    18. 18. The Loan Source for Covenant Churches <ul><li>Of the churches that have loans, over 85% have loans with NCP </li></ul>Other NCP
    19. 19. 2010 New Church Loans National Covenant Properties In 2010, National Covenant Properties loaned funds on 47 church projects with a total of $37,500,000 in new loans advanced.
    20. 20. Assets Under Management Covenant Trust Company ($ in millions)
    21. 21. 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>
    22. 22. AUDIT REPORT
    23. 23. Covenant Financial Report Card YES NO Unqualified Opinion  Balanced Budget  No Management Comments 
    24. 24. 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) 
    25. 25. 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 
    26. 26. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT
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