# LCMS Convention Workbook_St. Louis Missouri_2023_S79
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

OFFICER, BOARD, AND COMMISSION REPORTS
ics including working with lay leadership, congregational relations,
serving multipoint parishes, leading church schools, financial leadership, and utilizing digital tools for ministry.
In the past four years, we have completed a religion curriculum
called Enduring Faith® Religion Curriculum for Lutheran school
grades Pre-K through eighth grade.
Our resources for families cover all ages. Our children’s books
include Arch Books Treasury: Life of Jesus. Family resources
include Jesse Tree: Family Activity Kit and Wise Men Seek the
Savior: Family Advent Activity Kit. Resources for youth include
Courage That Defies Death: A Bible Study for Youth and Words of
Strength and Promise: Devotions for Youth.
We also have developed a number of mental health resources
in the past four years, including Equipped: The Armor of God for
Everyday Struggles; Emotions and the Gospel: Created for Connection; and Getting Through Grief and Getting Through Grief for
Youth.
We continue to offer a wide range of materials for worship and
the church’s musicians. In the past four years, we have published
Lutheran Service Book: Companion to the Hymns and Lutheran
Service Book: Companion to the Services, thereby officially marking the completion of the Lutheran Service Book resources that we
promised the Synod in 2004. Based on customer inquiry, we also
published Lutheran Service Book: Large Print Edition. We also
published a new children’s hymnal, One and All Rejoice, for kindergarten through eighth-grade students.
In the fall of 2019, we launched a digital music subscription
service, which now has several thousand instrumental, choral, liturgical, organ, piano, and handbook titles available. With an annual
subscription, musicians have unlimited access to download and
print as many copies as needed for congregations.
At CPH, we thank God for enabling us to strengthen and aid
member congregations in their proclamation of the Gospel of our
Lord Jesus Christ with products that are faithful to the Scriptures
and the Lutheran Confessions. All to the Glory of God.
Jonathan D. Schultz, President and CEO

79

Investments
The laddered fixed income portfolio as of Dec. 31, 2022, totaled
$437.4 million, with an interest yield of 2.11 percent compared to
a yield of 1.70 percent a year ago. The long-term reserve portfolio
(consisting of fixed income, equities, and other noncorrelated investments) totaled $96.1 million.
Net market value losses for the period ending Dec. 31, 2022,
totaled $10.4 million, with laddered fixed income losses of $11.4
million offset by long-term portfolio gains of $1 million. Inclusive
of the investment income as of Dec. 31, 2022, the total return for
the laddered portfolio was 0.39 percent. Within the long-term portfolio, the equity, alternative, and limited liquidity portfolios earned
a total return gain (losses) of 4.37 percent, 3.62 percent, and 0.69
percent, respectively. The total return on the long-term portfolio
was a gain of 3.27 percent.

Loyal investors continued to provide funds to enable LCMS
ministries’ financial resources, which support their efforts to expand God’s kingdom.

LCEF was pleased to share earnings distribution with member
districts and Synod. While there was no distribution in 2020 due to
net losses, LCEF was able to significantly support its impaired borrowers during the pandemic and provide a $1 million grant to support church workers through the Soldiers of the Cross–Amplified
program. In 2021, due to strong net income, LCEF provided the
normal distribution and included an enhanced distribution, which
allowed member districts and Synod to receive a double portion for
specific mission extension work.

R17

Lutheran Church Extension Fund
“We Preach Christ Crucified”
Organization Mission Statement
To support The Lutheran Church–Missouri Synod by ensuring that financial resources and related services are available now and in the future.
Our vision of growing ministry opportunities lives through our
core values: be faithful; pursue excellence and innovation; inspire
belief through partnerships; endure balancing resources and risk;
and learn continually.
Despite the pandemic and economic challenges, Lutheran
Church Extension Fund (LCEF) remains in a strong financial position and has joyfully fulfilled its commitment to provide the financial resources necessary to support the church in her work. Below
is an overview. More details can be found in the Offering Circular
and Ministry and Business Plan, published annually.

Financial Trends
Total assets as of Dec. 31, 2022, amounted to $2.014 billion, a
decrease of $54.5 million from June 30, 2022. The decrease was
due primarily to seasonal withdrawals on institutional StewardAccount products.

LCEF continues its commitment to a strong capital and liquidity position. Liquidity on Dec. 31, 2022, amounted to 31.8 percent
of notes and support dollars payable. Notes and support dollars
totaled $1.765 billion and have decreased $71.4 million since June
30.

2023 Convention Workbook