ELCA NEWS SERVICE
August 6, 2004
ELCA Mission Investment Fund Reaches $300 Million Mark
04-143-JB
CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the
Evangelical Lutheran Church in America (ELCA) reached a milestone in July
when it surpassed the $300 million mark in fund investments, said the Rev.
Arnold O. Pierson, MIF vice president for church relations and
communication.
The MIF's primary mission is to provide low-interest loans to mission
congregations to purchase land and construct church buildings and to
established ELCA congregations for renovation, expansion and relocation
projects.
Since 1988, when the ELCA and MIF came into existence, investments in
the fund have grown from about $65 million to more than $300 million,
Pierson said. He said the $300 million achievement is a "terrific
affirmation" for those who have invested in the MIF.
"Not only have we increased significantly in investment dollars for
loans to mission congregations," Pierson said. "We've also increased
significantly in funds being available to [existing] congregations." The
MIF has made some $250 million in low-interest loans to established
congregations for use in expanding and upgrading facilities, he said.
One reason for the growth of the MIF is the different types of
investments available. When the fund was formed it offered only term
investments, Pierson said. Among its newer and popular offerings are
savings investments with checkbooks, Individual Retirement Accounts and
special investments for children.
"One of our significant investments in the past two years has been
MissionFuture4KIDZ," Pierson said. "Parents or grandparents can open an
account at the time a child is born and they can add to it until the
child's 18th birthday. They get a good rate of return while teaching
their children that this money is being used in a good stewardship fashion
by helping to provide loans to new churches."
Some congregations open the accounts when a child is baptized and
give the investment to the parents, so they can add to it while the child
is growing up, he said.
In recent years there has been significant growth in the number of
congregations investing in the MIF, Pierson said. About one-third of the
ELCA's 10,721 congregations and nearly all of the church's 65 synods have
invested in the fund. About 6,000 individuals have MIF investments.
"People say they like the purpose of this fund," Pierson said.
"Obviously they appreciate the rate of return they're receiving, but I
think more and more people see that this is an effective use of their
financial resources, and [they see] the good that the fund is doing."
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Information about Mission Investment Fund offerings is available by
calling 1-877-886-3522 or is at http://www.elca.org/mif on the Web.
For information contact:
John Brooks, Director (773) 380-2958 or [log in to unmask]
http://www.elca.org/news
