The Iowa United Methodist Foundation conducted its annual meeting Monday at the 2018 Annual Conference Session.
Executive Director Rev. Katharine Yarnell detailed how approximately $250,000 in interest payments had been saved in the last year for participants in the HELP (Higher Education Loan Program for pastor’s seminary debt) program.
The next application deadline is September 1, and applications can be found at www.iumf.org.
Building Fund Trust Certificates were showing at:
1 year – 2.17% increase of .77%
3 year – 2.35% increase of .45%
5 year – 2.80% increase of .50%
Foundation members voted 841-19 to approve an update to the Restated Articles of Incorporation, which Yarnell said was necessary because the IAUMF had not received any Apportionment dollars since 2014.
The year 2017 was good for investments, Yarnell said, displaying the following figures:
$43,873,487.91 total assets on Jan 1, 2017
$49,229,331.55 total assets on Dec 31, 2017
$2,846,684.07 in new gifts and deposits
$4,548,332.82 distributed for ministry
She detailed the Foundations latest budget figures as well for members:
2018 Income - $418,500
2018 Expenses - $411,764
2018 Net Operating Income - $6,736
Foundation board members were elected by members in a majority vote:
New board members:
Dan Corrow – Webster City, Asbury
Brenda Stephany – Norwalk
Elected for a second – 4-year term:
Board member terms begin July 1.
Yarnell listed the services offered by Foundation for members, including socially responsible investments; assistance with capital campaigns; encouragement of gifts to local churches and ministries from wills and estates; low-interest loans to churches and agencies; endowment programs; and workshops and seminars in local churches.
Yarnell closed by recognizing Foundation board members and staff, and by offering a thank-you to the churches, Conference boards and committees, other related institutions and agencies and individuals in the Conference.