Foundation distributes $7.4 million in 2010; total assets top $438 million
The Christian Church Foundation distributed nearly $7.2 million to church-related ministries and $.2 million to other charities in 2010.
“These distributions, made on behalf of the legion of saints who have established permanent funds, donor advised funds, life-income and other gifts, are 28 percent more than the Foundation was able to distribute in 2009,” said the Rev. Gary W. Kidwell, Foundation president. “Permanent fund distributions of $4.1 million represented more than half of the total distributions.” Distributions from donor-directed and donor-advised funds were at their highest levels since 2007.
Dollars distributed to Disciples ministries and other charitable causes were:
- $3.0 million to general ministries and other recognized organizations
- $2.1 million to congregations
- $1.0 million to regions
- $0.7 million to Disciples Mission Fund, the church’s general mission funding system
- $0.4 million to higher education institutions affiliated with the Christian Church (Disciples of Christ)
- $0.2 million to other charities.
Spurred by a second straight year of strong financial returns, Kidwell also reports:
- Total assets ended 2010 at $438.6 million -- the most in the Foundation's 50-year history, eclipsing the pre-recession record of $436 million held at the end of 2007.
- Disciples contributed $3 million in new permanent fund gifts.
- Participants in the Foundation's subject-to-withdrawal investment program added $22.6 million to their accounts.
- Disciples contributed $2 million to fund gifts that will provide life-income payments to individuals with a charitable remainder going to ministry.
"This was a good year, not only for the Foundation, but for the many ministries whose endowment benefited from the recovery in the financial markets," Kidwell said. "We celebrate how both current and legacy gifts are making a difference across the life of the church as ministries use thee dollars to enhance our collective witness."
Kidwell said investment performance continues to rebound nicely after the market downturn that bottomed out in March 200. The Joint Invetsment Trust, which provides investment services to Disciples ministries and institutions, offes those ministries the investment performance and economices of scale realized by the Foundation on its own funds. The Trust is not available for individual investors or non-Disciples ministries. The four fund options available through the Trust had the following returns:
- Beasley Growth Fund: 12.94%
- Common Balanced Fund: 13.56%
- Campbell Multi-Strategy Fund: 12.85%
- Brown Income Fund: 12.28%
The Christian Church Foundation is a general ministry of the Christian Church (Disciples of Christ) with the mission of undergirding ministry through permanent funds, planned gifts and prudent investment of funds owned by Disciples ministries. It is a donor-directed Foundation designed to benefit Disciples ministries and institutions.