CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the Evangelical Lutheran Church in America (ELCA) has announced new interest rates effective July 1 for its adjustable-rate and fixed-rate unsecured investment obligations.
"The MIF offers investment opportunities through which ELCA members, congregations and ELCA-related institutions earn interest on their financial resources while helping to build the church," said the Rev. Arnold O. Pierson, MIF vice president for marketing.
More than one-third of the ELCA's 10,851 congregations and thousands of individual Lutherans and ELCA-related organizations earn interest on their investments in the MIF. With the funds invested by investors, the MIF makes low-interest loans to ELCA mission congregations for the purchase of land and construction of first church buildings and short-term loans to existing ELCA congregations.
The ELCA Mission Investment Fund has assets of more than $350 million and is the second-largest church-related loan fund in the United States. About 600 loans are currently in effect throughout the United States, Puerto Rico and the U.S. Virgin Islands.
Adjustable-Rate Investments
Interest rates on adjustable-rate investments are determined on Jan. 1 and July 1 each year. The rates for adjustable-rate MIF investments from July 1 through Dec. 31, 2001, are:
MissionPlus: 3.7 percent
This investment is payable on demand and also provides a checkbook which
investors can use to write checks for minimum amounts of $500.
MissionFuture: 5.0 percent
This investment can be purchased by adults for children from birth to
age 16. The investment matures on the young person's 18th birthday.
MissionTerm (unsecured investment obligations issued by the Mission
Investment Fund):
-- 1 year term 4.0 percent
-- 3 year term 4.7 percent
-- 5 year term 5.0 percent
-- 10 year term 5.4 percent
MissionTerm Investments Held for IRA Accounts:
Adjustable-rate investments can be held in Traditional, Education or
Roth Individual Retirement Accounts (IRA) with Fifth Third Bank as
custodian.
-- 3 year term 4.7 percent
-- 5 year term 5.0 percent
-- 10 year term 5.4 percent
Fixed-Rate Investments
Interest rates for the Mission Investment Fund's fixed-rate investments are reviewed each quarter. The rate remains in effect throughout the term of an investment. The interest rates for new investments in effect from July 1 to Sept. 30, 2001, are:
MissionTerm:
-- 2 year term 4.7 percent
-- 4 year term 5.0 percent
-- 6 year term 5.3 percent
MissionTerm Investments Held for IRA Accounts:
Fixed-rate investments can be held in Traditional, Education or Roth
Individual Retirement Accounts (IRA) with Fifth Third Bank as custodian.
-- 2 year term 4.7 percent
-- 4 year term 5.0 percent
-- 6 year term 5.3 percent
As securities issued by a non-profit religious institution, the securities are not insured by FDIC, SIPC or any federal or state regulatory agency. The securities are sold only by means of the Offering Circular which can be obtained from the MIF.
EDITORS: Additional information about the ELCA Mission Investment Fund
can be obtained by calling (800) 638-3522, ext. 2943, by sending e-mail
to mif@elca.org or by accessing http://www.elca.org/ot/mif on the ELCA
Web site.
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
