DETROIT, MI (June 23, 2015) – Paul Hawkinson, treasurer and executive director of finance, told delegates to The Evangelical Covenant Church 2017 Annual Meeting that the denomination finished fiscal 2016 with an $11,575 surplus.
In 2016, more than $10.7 million was directed into the denomination’s five mission priorities, Hawkinson said. A 1.4 percent decline in local church giving was partially offset by a 24.2 percent increase in direct donor support.
Mission expenses were held at $852,300 or 5.2 percent under budget, driven principally by lower than targeted church-planting activity. However, that activity is expected to accelerate through the rest of this year and beyond.
Hawkinson said that the Covenant Pension Plan for ministers was strong, with $223 million in assets vs. projected $230 million in actuarial liabilities.
Bethany Benefit Service also remains strong, he said, noting that the 2017 medical rate increase was held to just 3.5 percent in a broader healthcare environment characterized by increases of 10 percent or more.
Hawkinson also reported on several projects launched in 2016.
The Finance Department partnered with Love Mercy Do Justice to launch the Bezalel low-income housing partnership in Dolton, Illinois (launch50.org).
The project was highlighted in the Companion article “Partners in Community: No Place Like Home.”
Also, the Covenant initiated the Covenant Scholars program in partnership with North Park Theological Seminary, which provides a model of financial stewardship for Covenant candidates seeking a residential MDiv degree.
Hawkinson said 120 ministers and 57 laypeople representing 102 Covenant churches have participated in Financial Leadership Initiative programming. The initiative is funded by a $1 million Lilly Endowment grant and seeks to address the financial and economic struggles that can affect pastors’ ability to lead congregations effectively. It is a cooperative venture between ECC Finance, Develop Leaders, National Covenant Properties, Covenant Trust Company, and North Park Theological Seminary.
In 2016, National Covenant Properties reached $400 million in total assets for the first time. Last year investment certificates and accounts grew by $15 million, or 4.6 percent. More than 85 percent of Covenant churches with loans have them through NCP. Of all Covenant churches, 30 percent have loans with NCP.
Assets managed by Covenant Trust Company increased 9.2 percent to $436.5 million. CTC wrote $17.8 million in new agreements, nearly 48 percent of which was written to benefit local Covenant churches, camps, and conferences.
