JEFFERSON CITY (BHHM) – The Missouri Baptist Foundation (MBF) met for its Aug. 16 board meeting at the Baptist Building in Jefferson City.
The 12-member board, elected by the messengers at the MBC annual meeting, approved the 2024-25 budget, appointed a task force to review its policy and procedures manual, and set its annual dividend rate for its long-term funds.
Ross Roggensack, founder and lead institutional advisor for Oak City Consulting, the outsourced chief investment officer for MBF, brought a report on performance, insights into overall market conditions, and an explanation of asset allocation strategy. He said, “Asset allocation is the critical driver of performance. When practiced correctly, asset allocation should produce an investment pool that hits the desired target with the least amount of volatility. The MBF Kingdom Fund shows a total return ahead of the stated benchmark and volatility lower than the benchmark. Currently, we are hitting our objective despite a challenging market.”
Neil Franks, MBF president & CEO, shared an update with the board. “The Foundation expects to finish its fiscal year on Sept. 30 with a positive net revenue,” he said. “We are thankful that the Lord has provided more than we needed this year to serve our mission of developing, managing, and distributing funds to advance the gospel.”
Franks added, “It has been a volatile year, with our returns underperforming many secular investments over that time period. However, we have significantly outperformed them over previous years, including the last three years, with longevity being our primary benchmark.”
Trustees heard reports concerning expanding investment opportunities for individuals through the Cash Reserve Fund, including the impending lowering of the minimum investment requirement to $1,000 from the current $10,000 minimum. “We expect many more Missouri Baptists will be able to benefit from lower minimums,” said COO Shelly Vaughn. “While we expect rates to decrease with future Fed action, historically, we have been able to offer competitive rates.”
The board also heard progress reports on Encounter Cove, which saw more than 6,000 campers this summer, more than double the 1,900 the previous year. Development plans and strategies were discussed to enable churches to create future funds. The final board meeting of the year will take place in early December.