2022 Annual Report
The Brethren in Christ Foundation continues to serve the needs of BIC U.S. congregations, pastors and members through our investment options, lending programs and charitable and planned‐giving products. Our goal has been to remain a strong and stable financial option for our borrowers and investors even when markets fluctuate.
The global pandemic continued to impact all aspects of our lives in 2021. We entered the year with the hope of returning to normal. A vaccine was available, new cases were declining and the country was reopening. Congregations began meeting in-person on a more regular basis while continuing to reach more souls through virtual services. 2021 was going to be the year COVID was put in our rearview window. Yet, as you know, while some aspects of life have returned, the new variants and surges of COVID continue to disrupt our daily lives and the life of the church.
Our office reopened in July utilizing a hybrid method of in-person and work-from-home options. We have structured this staffing to ensure the office is staffed 5 days a week. Staff is available to meet our customers in person each day. We plan to continue this into the foreseeable future.
The Foundation’s outstanding loans decreased slightly in 2021. Several churches either paid off their loans early or were blessed to be able to make large additional principal payments. We did fund a few new mortgages during the year. A camp in California was able to realize a long-time dream to purchase a large property. A congregation in south Florida, which has been renting for more than a decade, was able to purchase a new worship space for their growing church. We are excited to walk alongside these ministries as they grow. While we are aware of a small number of new lending opportunities, the volume continues to be much smaller than pre-COVID.
Our securities issued continued to increase during 2021. It is clear our investors appreciate the investment options available to them through the BIC Foundation. This support has enabled us to respond to the needs of our congregations and our borrowers.
The BIC Foundation is proud of our relationship with BIC U.S. and continue to look for ways to strengthen this bond. We are pleased to be able to support the denomination by creating a fund to help support BIC U.S. in their development work.
While 2021 was another year of uncertainty, the BIC Foundation remained very stable. Our Total Assets grew by $2.4 million. We have had another year of steady growth in Excess from Operations. The overall strength of the Foundation remains excellent.
The future needs of our congregations and investors will likely be different than those we have typically seen in the past. The Foundation has begun planning for this future. We are exploring new ways to meet the needs of the BIC U.S. churches as they continue to adapt and evolve.
Your partner in ministry,
Jim Reynolds, Executive Director
Brethren in Christ Foundation