JEFFERSON CITY (MBF) – The Missouri Baptist Foundation Board of Trustees met, April 28, at the Baptist Building in Jefferson City. Eleven of their twelve Board Members met to hear reports, discuss business, and celebrate a 25th staff member anniversary.
It was the first official meeting for new board members elected at the annual meeting. Upon election in October, they observe the December board meeting before officially beginning their three-year term; after that meeting. Then they receive orientation and training, including attending an event by our Outsourced Chief Investment Officer, Oak City Consulting, at the Billy Graham Training Center at the Cove.
In addition to hearing the latest investment performance numbers for the first quarter, the board also heard from one of our “thematic” investors, who has consistently outperformed the benchmarks. The excellent performance continued in the first quarter in the Kingdom, Harvest, and Storehouse funds. “While 2022 was a challenging year, our Redemptive Investing Strategies paid off,” said MBF President Neil Franks. “Of the 664 endowments across the United States under 1 Billion Dollars, our Kingdom Fund performed in the 98th percentile. Only 2% of those funds outperformed us. All the while ensuring our investments are God-honoring, good for people, and the planet, while screening out negative investments and freedom-destroying countries.”
MBF also celebrated the 25th work anniversary of its Chief Operating Officer, Shelly Vaughn. Mrs. Vaughn began her time at the Foundation in the client trust services area and, over the years, has worked her way up through the organization with her tenacity, commitment to Christ, and passionate service to clients. “Much of the MBF success and its very existence can be attributed to Shelly,” reported Franks. I recently asked one of our financial managers who was his favorite Foundation president, and he quickly quipped, Shelly Vaughn, to which I had to agree. Most importantly, our clients love her and know she will care for them as if she were caring for her own.”
The board also received an update on MBF’s new Cash Fund for Individuals, now available to Missouri Baptists. “We have intentionally launched slowly to ensure we can service our new clients well.” The current MBF Cash Fund for Individuals rate is 4.75% and 5.25% for Institutions.
The board committed that the first 10% of any revenue after expenses will be earmarked annually to support widows and orphans by making an annual distribution to the Missouri Baptist Children’s Home and (Missouri) Baptist Homes and Healthcare Ministries after the close of MBF’s fiscal year. “It is yet another way to cooperate and demonstrate the synergy in the MBC right now while fulfilling Jesus’ mandate,” said Franks
Finally, the board appointed an Article and Bylaw task force in response to a request of the MBC Executive Board and voted on several accounts, scholarship distributions, and other items of business. The next MBF board meeting is scheduled for August 11th, when the budget for FY 2023-2024 will be approved.