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

Treasurer's Report (2011) Presentation Transcript

  • 1. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT
  • 2. The Evangelical Covenant Church Paul Carlson Partnership National Covenant Properties Covenant Pension Plan Bethany Benefit Service Covenant Trust Company Evangelical Covenant Church
  • 3. 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
  • 4. 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
  • 5. 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
  • 6. Budget Results
    • Net +$21,000
  • 7. Bethany Benefit Service (BBS) Medical Dental (including orthodontia) Life Insurance Long-term Disability Vision Benefit Prescription Drug
  • 8. Medical Insurance Premium Increase Comparable market premium increases Bethany premium increases Cost $ avings
  • 9. 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
  • 10. 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
  • 11. 1996-2008 Pension Benefit Enhancement Total Value $40 Million
  • 12. Pension Benefits
  • 13. Key Investment Considerations
    • Asset allocation and diversification—improve risk/return relationship
    2010 1992
  • 14. Assets of Pension Fund Foothills Midrange Peaks ($ in millions)
  • 15. Recent Pension Plan Results April 2011
    • 2011 Assets up 7.5%
    • Plan Performance > Benchmark
    • Previous 26-month Return: + $76.2 Million
    • Invested Assets 9.8% Above Previous High
    • Plan Fully Funded
  • 16. Funding Comparison Covenant Pension Plan vs. Average Corporate and Public Plan Assets as % of Liabilities 100% 85% 70%
  • 17. Assets of National Covenant Properties ($ in millions)
  • 18. The Loan Source for Covenant Churches
    • Of the churches that have loans, over 85% have loans with NCP
    Other NCP
  • 19. 2010 New Church Loans National Covenant Properties In 2010, National Covenant Properties loaned funds on 47 church projects with a total of $37,500,000 in new loans advanced.
  • 20. Assets Under Management Covenant Trust Company ($ in millions)
  • 21. 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
  • 22. AUDIT REPORT
  • 23. Covenant Financial Report Card YES NO Unqualified Opinion  Balanced Budget  No Management Comments 
  • 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. 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. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT