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A Financial Ministry of the ELCA
 
 
 
 
 
 
 
 
 
 

A Letter from the president

Eva M. Roby

For us all, 2020 was a year unlike any other. Together, our church showed up for members and communities alike in response to the pressing needs of this unprecedented time. More than ever, we were deeply connected. While church doors may have been closed temporarily, congregations and ministries always remained open. This is witness to the power of love and hope that we know through Jesus Christ.

The Mission Investment Fund, as the lending ministry of the ELCA, works daily with congregations and organizations that are steadfast in generous service to their neighbors. Ministries are envisioning new ways of being church—engaging more people in worship, sharing in Christ’s ministry of reconciliation, extending learning and development opportunities to many, and reaching out in love to meet community needs.

The stories we share in this Annual Report highlight the faith that four congregations showed in moving forward during this difficult time—and how they deepened the connections with their members and neighbors.

Read the full letter




 
 
“For surely I know the plans I have for you, says the Lord, plans for your welfare and not for harm, to give you a future with hope.”
— JEREMIAH 29:11

A LETTER FROM THE PRESIDENT

For us all, 2020 was a year unlike any other. Together, our church showed up for members and communities alike in response to the pressing needs of this unprecedented time. More than ever, we were deeply connected. While church doors may have been closed temporarily, congregations and ministries always remained open. This is witness to the power of love and hope that we know through Jesus Christ.

The Mission Investment Fund, as the lending ministry of the ELCA, works daily with congregations and organizations that are steadfast in generous service to their neighbors. Ministries are envisioning new ways of being church—engaging more people in worship, sharing in Christ’s ministry of reconciliation, extending learning and development opportunities to many, and reaching out in love to meet community needs.

The stories we share in this Annual Report highlight the faith that four congregations showed in moving forward during this difficult time—and how they deepened the connections with their members and neighbors.

St. Luke Lutheran Church, a growing congregation in Spokane, Washington, chose to expand its current building in order to stay in the community that God has called them to serve. MIF’s loan approval was granted just prior to the onset of the pandemic. Without hesitation and with grace, St. Luke made the decision to go forward with this project. The sanctuary was dedicated in May 2021, and the larger church is filling a great spiritual need in the Northwest.

Alleluia Lutheran Church in Saint Michael, Minnesota, after having relocated many times, pressed forward with building a permanent church home.  The vibrant congregation of young families yearned for its own space to develop Christ-centered relationships, instill faith in the next generation and share God’s love with neighbors. Now, the congregation has generated a permanent presence for spiritual life and its important food ministry within the community.

Amidst the uncertainty of the pandemic, Abiding Presence Lutheran Church in Burke, Virginia, imagined flexibility in worship and outreach this past year, opening outdoor worship and discovering that they could in fact support the tenfold increase in households coming to their food pantry.

Good Shepherd Lutheran Church in Royal Oak, Michigan, persevered in seeking a Paycheck Protection Program loan to continue operations, respond with virtual worship, and proceed with its much-needed food pantry.

We are inspired by our church and our leaders who continue to unearth the gifts that God has placed in our midst, to recognize the new opportunities that challenges bring.  We are grateful for these congregations and for all of you who sustain one another and this church—and look to the Mission Investment Fund, a strong, stable institution, for your financial needs.

Thank you for the trust you place in the Mission Investment Fund.  Please know that we work hard every day to earn that trust.  May God bless you.


Gratefully,
Eva M. Roby
President and CEO
June 2021

MIF AT WORK

 
 
 
 
FIVE YEAR SUMMARY
TOTAL ASSETS 2016 2017 2018 2019 2020 $775M $750M $725M $700M $675M
2016 2017 2018 2019 2020 $550M $500M $450M $400M $350M
A PICTURE OF STRENGTH AND STABILITY The Mission Investment Fund continues to maintain its demonstrated track record of strength and stability. In 2020, MIF recorded more than $218 million in net assets, resulting in an equity ratio of 28.2%. This solid capital position significantly exceeds regulatory requirements.
 
2016 2017 2018 2019 2020 $220M $210M $200M $190M $180M
2016 2017 2018 2019 2020 80% 75% 70% 65% 60%
STATEMENTS OF FINANCIAL POSITION $ in Thousands as of December 31
 
ASSETS Loans Outstanding Cash Equivalents Investments Less Reserve Real Estate Other Total Assets 2020 2019 2018 $17,987 $158,951 $596,365 ($10,820) $4,571 $6,779 $773,833 $16,003 118,570 $575,123 ($10,064) $6,329 $6,357 $712,318 $705,388 $7,877 $142,317 $556,613 ($10,050) $5,634 $2,997
LIABILITIES Accounts Payable Investment Obligations Total Liabilities 2020 2019 2018 $12,505 $543,112 $555,617 $7,031 $493,359 $500,390 $504,528 $5,463 $499,065
NET ASSETS With Donor Restrictions Without DonorRestrictions Total Net Assets Total Liabilities andNet Assets 2020 2019 2018 $214,302 $218,216 $3,914 $773,833 $208,300 $211,928 $712,318 $705,388 $197,721 $200,860 $3,628 $3,139
$ in Thousands as of December 31 STATEMENTS OF INCOME, EXPENSES AND CHANGES IN NET ASSETS
 
INTEREST Interest Income Interest Expense Net Interest Income 2020 2019 2018 $27,871 ($9,209) $18,662 $26,959 ($8,844) $18,115 $17,969 $26,110 ($8,141)
OPERATING EXPENSES Ministry Support Provisions for Loan andReal Estate Losses General OperatingExpenses Total 2020 2019 2018 $12,837 $455 $5,393 $18,685 $14,791 ($521) $17,348 $15,632 $12,529 $332 $3,078 $2,771
Other OperatingIncome Increase in Net Assetsfrom Operating Activities OTHER OPERATING INCOME 2020 2019 2018 $316 $293 $278 $566 $1,045 $2,903
NON-OPERATING INCOME (LOSS) Change in Net Assets without Donor Restrictions Change in Net Assetswith Donor Restrictions Investment Return, Net Investment Return, Net Change in Total Net Assets Other Other 2020 2019 2018 $5,693 $271 $6,288 $16 $15 $6,002 $286 $9,187 $490 $11,068 $346 $0 ($5,710) ($405) ($3,083) $123 $6 $10,578 $490 ($2,684) ($399)

Investments^

MIF investment products offer flexible terms and 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 / $1,000 minimum investment. / This account is like a CD, with a competitive, fixed rate of return and terms ranging from 1 to 6 years.

ADJUSTABLE RATE / $1,000 minimum investment. / Competitive rates and terms ranging from 3 to 7 years, with the option to add to principal for longer-term investments.

TERM INVESTMENT GRAND, FIXED RATE / $250,000 minimum investment. / Enjoy a higher rate with a larger investment. / Terms of 1, 2 and 3 years.

DEMAND INVESTMENTS

WITH CHECK WRITING / $100 minimum investment. / Invest as little as $100 in this account, which offers unlimited check writing and a higher rate of return. A debit card is available to individuals.

NO CHECK WRITING / $100 minimum investment. / Similar to a savings account in its rate of return, this offers an easy way to build your savings. Add to it at any time.

YOUTH MINISTRY / $100 minimum investment. / An easy way for congregations to save for youth events while earning interest.

RETIREMENT SAVINGS ACCOUNT

Reap tax savings when you hold a Term Investment or Demand Investment account as a Traditional or Roth IRA.

MIF4KIDS INVESTMENT

ADJUSTABLE RATE / $50 minimum investment. / The ideal special-occasion gift, this investment is specifically designed for children. Adults can purchase the investment before a minor’s 16th birthday. The investments mature at the age of majority of the minor, generally either 18 or 21, as defined by the Uniform Transfer to Minors Act in the state listed as the address of the minor.

HEALTH SAVINGS ACCOUNT

WITH CHECK WRITING / $100 minimum investment. / Compatible with High-Deductible Health Plans, this investment pays for health care costs with pre-tax dollars and provides debit-card convenience.

EDUCATION ACCOUNT

Hold any Term Investment or Demand Investment No Check Writing account as a Coverdell Education Savings account. Open the account with as little as $100.

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 and land purchases, as well as loan refinancing. And MIF is often the only place where mission-start ELCA congregations can obtain the financing they need. We offer competitive rates and terms, and because we are a ministry of the ELCA, we also offer a wealth of expertise in church and ministry financing that other financial institutions simply don’t have.

loans for established congregations

ADJUSTABLE-RATE LOAN (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.

FIXED-RATE LOAN / A fixed rate for loans of $100,000 or more, with up to a 10-year amortization.

LOANS FOR SMALLER PROJECTS / A loan for additions and renovations—smaller-sized projects with loan amounts up to $100,000, with up to a 10-year amortization; fixed and adjustable rates are available.

LOANS 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 13-year term and 15-year maximum amortization.

loans for elca-related ministries

For capital projects for social ministry organizations, outdoor ministries, seminaries, colleges and universities, and other ELCA-related ministries, with a maximum amortization of 25 years.

Mission Investment Fund investments are subject to certain risks. See “Risk Factors” in MIF’s Offering Circular. MIF investments are not bank accounts. As securities issued by a nonprofit institution, the investments are not insured by the FDIC 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 or invitation of an offer to buy the securities described here.

 

MISSION INVESTMENT FUND OFFICERS

EVA M. ROBY President and Chief Executive Officer^

CARMEN M. COBO Executive Vice President and Chief Operations Officer

LINDA O. NORMAN Chief Financial Officer and Vice President for Administration

AMELIA DAWKINS Vice President for Lending

TIFFANY SMITH Corporate and Compliance Counsel

MISSION INVESTMENT FUND board of trustees

HEATHER MILLER Chair

PAUL M. OPGRANDE Vice Chair

KATHRYN BAERWALD

THE REV. WM CHRIS BOERGER

ROBERT CHILLISON

MICHAEL F. FALLON, JR.

MARK E. FIEBRINK

NICOLE HUDSON

THE REV. JOHN E. MACK, JR.

SUSAN TROUTMAN^

 
 

8765 W. HIGGINS ROAD | CHICAGO, IL 60631 | 877.886.3522 | MIF.ELCA.ORG