LCMS Convention Workbook St. Louis, Missouri — 2001, Page 53

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SYNODICAL REPORTS 53

Serving The Entire
Lutheran Church—Missouri Synod

“Telling the Good News about Jesus” has been supported not
only through the significant increase in loans for facilities such as
congregations, preschools, day schools, colleges, universities, Dis-
tricts and Synod, etc., but also by initiatives to increase the out-
reach of the LCMS. Space and place for ministry has significantly
increased through the building program. In the U.S., the ministry
focus has included mission planting and urban and ethnic min-
istries. The establishment of the Art Haake World Ministry Fund
has enabled overseas partner churches to support the evangelical
outreach of the LCMS in foreign lands (described later).

LCEF enhanced its product line to better serve investors who
have a heart for the church and want a portion of their investment
to work for the church. The primary new offering is the Steward
Account™, comparable to a commercial money market account
(described later). It has been well received in a very short period
of time.

A comprehensive loan process review was completed in 1999
resulting in streamlined procedures for all customers. The loan ap-
plication process has been significantly shortened, fees have been
reduced and standardized, and rates are now uniform for all cus-
tomers. Reduced rates are still provided for new mission starts,
urban and ethnic ministry and international ministry loans.

Loans to professional church workers (PCW) have been added
to the loan portfolio (described later) as a result of the recommen-
dation of the Financial Aid Task Force (FATF) and the action of
the 1998 convention. (A separate report has also been provided to
the President of the LCMS regarding LCEF’s actions in support of
that FATF.)

Financial support was provided by LCEF for the pilot project
and subsequent establishment of the Pastoral Leadership Institute,
consistent with the July 1998 LCEF convention report and the con-
cept endorsed by LCMS leadership in February 1998. Lack of RSO
approval by the Board for Higher Education after two years (Janu-
ary 200!) has created a devisive issue for the LCMS and must be
addressed to bring healing and a God-pleasing resolution to fulfill
the need for continuing education expressed by many pastors of the
LCMS.

Major Actions in the Triennium;

A new president, Merle Freitag, was selected and assumed the
duties on August 20, 1998.

New programs have been initiated that will serve the church and
its members in new and different ways. All of the changes are de-
signed to streamline operations, make LCEF more attractive to in-
vestors, and provide better service to the many customers served
by LCEF.

The StewardAccount™ was officially rolled out in April 2000.
It is an easy-access savings account that allows the investor the
same conveniences now available in other investment alternatives.
The StewardAccount™ pays a competitive interest rate based on
the amount on deposit. The account offers check writing, easy elec-
tronic fund transfer alternatives for either deposits or withdrawals.
Included in the product is a check/debit card for retail purchases
and ATM cash withdrawal. A portion of the bank fees on purchases
made with the check card are returned by the bank service provider
to LCEF to apply directly to urban, ethnic, and international min-
istries.

Electronic commerce will become a major service to future
LCEF customers. LCEF will have the basic services for investors
by July 2001 and will grow secure Internet capability for loans, de-
mographics, and capital fundraising services.

LCEF was asked to establish a Professional Church Workers
(PCW) Loan Program by the LCMS in convention in 1998. This
initiative was identified in the President’s Financial Aid Task Force
(FATF) for rostered servants of the church. The loan program in-
cludes both housing and consolidation loans. Both programs were
established in early CY 2000 and are being well received by the
workers who have requested them. Over 100 loans have been made
in seven months (60 housing; 40 consolidation).

In 1999 LCEF announced the establishment of the Art Haake
World Ministry Fund in memory of its former president, Art
Haake. This fund will provide an additional source of dollars for
loans approved by the Mission Board of the LCMS. Overseas loans
approved in the current year by World Missions and completed by
LCEF include these: Concordia International School in Shanghai,
an elementary school in India, the purchase of a building to house
the seminary in South Africa. Loans to two schools in Brazil are in
process at the time of this writing.

LCEF completed the CUS “Help Fund” in 2000 (one year early)
based on the completion of the projects identified. Over $16.4M
worth of projects to accomplish deferred maintenance of CUS fa-
cilities were completed in the nine-year period. Those organiza-
tions that allowed their funds to be loaned at zero percent interest
during the nine-year period received their investments back with
the thanks of LCEF and the appreciation of members of the Con-
cordia University System.

In 1999, LCEF, in partnership with the LCMS Foundation,
Worker Benefits, and the Concordia Mequon Financial Institute,
initiated a project to provide improved personal financial educa-
tion and personal financial counseling (as appropriate) for profes-
sional church workers (PCW).

In 1998, LCEF staff initiated a three-year planning cycle called
the Ministry and Business Plan. The plan is updated each year and
assists LCEF in planning for the capital and facilities needs of the
LCMS ministries.

In December 1999, Capital Funding Services was transferred
from LCMS Foundation to LCEF. This places all related functions
in the planning, development, and building process in LCEF in
order to provide comprehensive support to congregations, schools,
and other customers of LCEF.

Iowa District West joined LCEF in 1998 bringing the total num-
ber of LCEF member Districts to 27. LCEF continues to provide
assistance to other CEF Districts to enhance church extension
throughout the LCMS. Many of the services of LCEF are available
to all of the LCMS regardless of whether the District is a member
(e.g., PCW loans, architectural services, capital fundraising ser-
vices, demographics. etc.).

2001 Convention Workbook