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.
“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.”
In 2020, the Mission Investment Fund delivered strong financial performance. We saw continued growth in our lending business, with our loan balance at $596.4 million at December 31, 2020, up from $575.1 million the previous year. MIF investment obligations increased to $543.1 million from $493.4 million the prior year as investors increasingly sought out MIF investments as a safe haven during a period of heightened market volatility.
MIF total assets rose to $773.8 million at year-end 2020 from $712.3 million the previous year. Net assets rose to $218.2 million from $211.9 million. MIF’s capital ratio remained strong at 28.20 percent.
We responded to the special needs of this time by offering much-needed financial assistance to congregations and ministries. MIF provided special assistance with 191 loans, offering interest-only payments or deferred payments for a short term. And we engaged with our financial partner, the ELCA Federal Credit Union, to provide 225 loans worth $8.2 million to congregations and ministries under the Paycheck Protection Program (PPP). MIF provided strategic guidance, operational support and funding for this key effort.
Our key partnerships within the church remained strong as we continued to support the churchwide organization, congregations and related ministries.
To gain a deeper understanding of our customers, we completed the second phase of our market research effort, a qualitative component, comprising in-depth interviews with MIF customers and ELCA members. This round of research has given us a close-up look at the financial services needs of our existing customers and other members of the ELCA—an understanding that will allow us to serve you even better with the suite of products and technology tools that you desire.
MIF’s commitment to customers governs all that we do. Our capabilities and capacity are strong. And our position of strength and stability—an ongoing strategic priority—remains steadfast.
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
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