CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the Evangelical Lutheran Church in America (ELCA) launched a new investment product July 1 that was designed for parents, family members and friends who want to invest funds for a child's future and help to build the future of the Lutheran church. A "MissionFuture" term investment can be purchased by an adult for a child at any time from a child's birth until his or her 16th birthday.
The investment matures on a young adult's 18th birthday, when it is paid in full or may be invested by the 18-year-old in another Mission Investment. A minimum original investment of $50 is required and principal additions of at least $50 can be made at any time.
Funds invested in MissionFuture and other MIF investments by ELCA members, congregations and ELCA-related institutions are used to make low-interest loans to ELCA mission congregations for capital needs, such as purchasing land and constructing church buildings. More than 600 loans are currently in effect with mission congregations throughout the United States, Puerto Rico and the U.S. Virgin Islands.
"Parents, grandparents, aunts, uncles, other family members and friends will find the MissionFuture investment to be a great way to celebrate the significant events in the life of a child," said the Rev. Arnold O. Pierson, MIF vice president for marketing.
Pierson said additions to MissionFuture investments can be made at any time in honor of events such as births, baptisms, confirmations, birthdays, graduations, Easter and Christmas. Interest is added to the principal of MissionFuture investments on a quarterly basis.
The Mission Investment Fund has three other investment offerings. Interest rates on adjustable-rate investments are determined on Jan. 1 and July 1 each year. The rates for MIF investments as of July 1, 2000, are:
MissionPlus 5.1%
(provides a checkbook which investors can use to write checks for a
minimum of $500)
MissionTerm (adjustable rate)
- 1 year term 6.4%
- 3 year term 6.3%
- 5 year term 6.2%
- 10 year term 6.1%
MissionTerm (fixed rate)
- 2 year term 6.4%
- 4 year term 6.3%
- 6 year term 6.2%
MissionIRA (adjustable rate)
- 3 year term 6.3%
- 5 year term 6.2%
- 10 year term 6.1%
MissionIRA (fixed rate)
- 2 year term 6.4%
- 4 year term 6.3%
- 6 year term 6.2%
EDITORS: Information packets can be obtained from the MIF by calling (800)
638-3522, ext. 2943.
For information contact:
John Brooks, Director (773) 380-2958 or NEWS@ELCA.ORG
http://listserv.elca.org/archives/elcanews.html
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About the Evangelical Lutheran Church in America:
The ELCA is one of the largest Christian denominations in the United States, with 2.8 million members in more than 8,500 worshiping communities across the 50 states and in the Caribbean region. Known as the church of "God's work. Our hands.," the ELCA emphasizes the saving grace of God through faith in Jesus Christ, unity among Christians and service in the world. The ELCA's roots are in the writings of the German church reformer Martin Luther.
For information contact:
Candice Hill Buchbinder
Public Relations Manager
Candice.HillBuchbinder@ELCA.org
