JEFFERSON CITY – Trustees of the Missouri Baptist Foundation met on Friday, August 9th to dedicate the newly renovated office space, hear reports on investment returns, announce dividend rates for calendar year 2020, bring recognition to outstanding stewards, and participate in an educational session on bequests.
The board of trustees opened its tri-annual meeting with a time of dedication and prayer over the newly renovated MBF offices. The space creates greater efficiencies and under girds the staff commitment to further advance the gospel. “We are thankful to the board and landlord, MBC, for the opportunity to renovate our 20 year-old office area. The new space creates greater efficiencies, allows us to serve the ever-increasing needs of our constituents, and under girds the staff commitment to further advance the Gospel.” says Shelly Vaughn, chief operating officer.
Foundation trustees received a favorable report of investment returns, for the one-year ended June 30, of 6.1% and 5.3% for the Diversified Fund and Balanced Fund respectively. The dividend rate for fiscal year 2020, will remain unchanged for the remainder 2019. Outsourced chief investment officer, Brian Cohen with Commonfund, confirmed the Foundation remains committed to its investment allocation.
A time of recognition was given to out-going board member, John Wheeler of St. Paul, Missouri. MBF president and treasurer, Dr. Neil Franks honored Mr. Wheeler with a gift of appreciation for years of service.
The Development and Promotion Committee spent most of their time reviewing applications for two Bobby Shows Memorial Scholarships and three Fellowship of Christian Stewards honorees. Trustees were encouraged to follow Missouri Baptist Foundation on Facebook for weekly updates on ministry happenings.
After the meeting in Executive Session the Board adopted its fiscal year 2020 budget of $1.3 million. “We are so thankful the Lord provides for our needs. Because of the gifts through the Cooperative Program and favorable market returns, we are actually able to reduce next fiscal year’s operating budget, while expanding our services to our partners.” said Dr. Neil Franks, Missouri Baptist Foundation president and treasurer. “With our goal of Advancing the Gospel, it is our commitment to pass on as many resources as possible to our clients and ministry partners. These are extraordinary days of cooperation and partnership in Missouri Baptist life. Our future together is very bright.”
Other highlights of Foundation business include the many new relationships with churches and associations across the state. One driving factor in these new relationships is that the MBF Cash Fund is now FDIC insured with a competitive current rate of 2.25%.
The Missouri Baptist Foundation Board will holds its next meeting on December 13th in Jefferson City at the Missouri Baptist Executive Board Building.