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 investments.
"ELCA congregations, their members and ELCA-related institutions that invest in the Fund earn interest on their financial resources while they help to build the church," said the Rev. Arnold O. Pierson, MIF vice president for marketing.
With the funds provided by investors, the MIF makes loans to mission congregations for purchases of land and construction of initial church buildings. The MIF also makes loans to established ELCA congregations for the renovation or expansion of existing facilities, relocations and purchases of land. Nearly 500 loans are in effect throughout the United States, Puerto Rico and the U.S. Virgin Islands.
More than one-third of the ELCA's 10,851 congregations, thousands of individual Lutherans and numerous ELCA-related organizations have investments in the ELCA Mission Investment Fund. The fund has total assets of nearly $400 million.
ADJUSTABLE-RATE INVESTMENTS
The interest rates for adjustable-rate Mission Investments from July 1 through Dec. 31, 2002, are:
MissionPlus: 2.0 percent
This investment provides a checkbook which investors can use to write
checks in amounts of $500 or more.
MissionFuture: 4.3 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 2.5 percent
-- 3 year term 3.6 percent
-- 5 year term 4.3 percent
-- 10 year term 5.0 percent
MissionTerm Investments held as Individual Retirement Accounts (IRA) or
Coverdell Education Savings Accounts (CESA): An adjustable-rate
MissionTerm investment can be held as a Traditional or Roth IRA or a
CESA with Fifth Third Bank as custodian:
-- 3 year term 3.6 percent
-- 5 year term 4.3 percent
-- 10 year term 5.0 percent
FIXED-RATE INVESTMENTS
Interest rates for the Mission Investment Fund's fixed-rate investments are reviewed monthly. The interest rate that is in effect at the beginning of a term remains in effect throughout the term of an investment. Interest rates for fixed-rate investments, in effect July 1-31, 2002, are:
MissionTerm:
-- 2 year term 3.6 percent
-- 4 year term 4.3 percent
-- 6 year term 5.0 percent
MissionTerm Investments Held as IRA or CESA Accounts:
-- 2 year term 3.6 percent
-- 4 year term 4.3 percent
-- 6 year term 5.0 percent
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The securities are sold only by means of the Offering Circular, which can be obtained from the Mission Investment Fund. Mission Investments are subject to certain risks. See "Risk Factors" following the introduction in the Offering Circular. As securities issued by a non-profit religious institution, the investments are not insured by FDIC, SIPC or any federal or state regulatory agency.
EDITORS: Additional information about the ELCA Mission Investment Fund
can be obtained by calling (800) 638-3522, ext. 2943, by sending an
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
