CHICAGO (ELCA) -- The Mission Investment Fund (MIF) of the Evangelical Lutheran Church in America (ELCA) reached a milestone in July when it surpassed the $300 million mark in fund investments, said the Rev. Arnold O. Pierson, MIF vice president for church relations and communication.
The MIF's primary mission is to provide low-interest loans to mission congregations to purchase land and construct church buildings and to established ELCA congregations for renovation, expansion and relocation projects.
Since 1988, when the ELCA and MIF came into existence, investments in the fund have grown from about $65 million to more than $300 million, Pierson said. He said the $300 million achievement is a "terrific affirmation" for those who have invested in the MIF.
"Not only have we increased significantly in investment dollars for loans to mission congregations," Pierson said. "We've also increased significantly in funds being available to [existing] congregations." The MIF has made some $250 million in low-interest loans to established congregations for use in expanding and upgrading facilities, he said.
One reason for the growth of the MIF is the different types of investments available. When the fund was formed it offered only term investments, Pierson said. Among its newer and popular offerings are savings investments with checkbooks, Individual Retirement Accounts and special investments for children.
"One of our significant investments in the past two years has been MissionFuture4KIDZ," Pierson said. "Parents or grandparents can open an account at the time a child is born and they can add to it until the child's 18th birthday. They get a good rate of return while teaching their children that this money is being used in a good stewardship fashion by helping to provide loans to new churches."
Some congregations open the accounts when a child is baptized and give the investment to the parents, so they can add to it while the child is growing up, he said.
In recent years there has been significant growth in the number of congregations investing in the MIF, Pierson said. About one-third of the ELCA's 10,721 congregations and nearly all of the church's 65 synods have invested in the fund. About 6,000 individuals have MIF investments.
"People say they like the purpose of this fund," Pierson said. "Obviously they appreciate the rate of return they're receiving, but I think more and more people see that this is an effective use of their financial resources, and [they see] the good that the fund is doing."
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Information about Mission Investment Fund offerings is available by calling 1-877-886-3522 or is at http://www.elca.org/mif on the Web.
For information contact:
John Brooks, Director (773) 380-2958 or news@elca.org
http://www.elca.org/news
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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
