JEFFERSON CITY (MBF) – Missouri Baptist Foundation (MBF) trustees met in Jefferson City, Dec. 13 for its triannual board meeting. The board heard reports from its portfolio manager, one of its investment managers, its auditors, and Missouri Baptist Convention officers.
The board received and approved its end-of-the-fiscal-year audited financial report. The MBF’s auditors, CLA, provided a “clean audit” for the fiscal year that ended Sept. 30, 2024.
MBF assets under management increased $16.5 million over the prior year to $226 million.
Shelly Vaughn, MBF’s Chief Operating Officer, said, “Assets under management increased 7.8% after distributions of $32.3 million to Missouri Baptists and their mission and ministry causes throughout Missouri and around the world. We are grateful for the opportunity to serve Missouri Baptists and acknowledge the Lord’s provision in the ministry of MBF.”
MBF President Dr. Neil Franks said, “While our underspend was slightly less than prior year, the Lord still blessed us financially. This year, the Foundation again finished in the black due to the outstanding efforts of our managers, staff, and board, and we are well-positioned to go into this next year.
Daniel Ward from MBF’s OCIO (Outsourced Chief Investment Officer), Oak City Consulting, brought a report highlighting the stability of fund performance. “This year we did underachieve our market benchmarks; however, over the last three years, the Kingdom Fund returns have been above the benchmarks, with much less volatility. While annual returns are important,” he went on to say. “We believe it is more important our clients have a stable path of growth as our clients count on their annual distribution. If the market is down 15-20%, it can have a real effect on the ministries that are being supported in part by distributions.
“For a Foundation with a requirement to spend annually, volatility matters. I do not want to compare ourselves to the tortoise and the hare, but we are more like a tortoise when it comes to investing. We try to achieve our spending goal of CPI (proxy for inflation) + 4.3% with as little risk as possible; in years like this, the riskier investments outpaced us, but back in 2022, when our benchmark lost 16%, we had a gain.”
He concluded, “While returns are narrowing, we are investing to achieve long-term sustainability to support the many ministries who have put their trust in the Foundation.”
In addition, the board allocated various grants for 2025, updated its corporate resolutions, and welcomed new board member Jordan Worley, a CPA and CFP. MBF officers Jennifer Ross, President, Rob Hawkins, first vice president, and Mike McCoy, second vice president, were all reelected.
MBC Executive Director/Treasure Dr. Wes Fowler and recently elected MBC President Dr. Wesley Vance also attended, sharing greetings and expressing gratitude for the continuing Missouri Baptist partnership. The Missouri Baptist Foundation’s next full board meeting is scheduled for April 25.