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Published in the March, 2010 edition of the NW Witness:

Foundation board manages assets, approves loans

VANCOUVER — The Northwest Baptist Foundation held a record $40,562,588 in assets under management at the end of 2009, NWBF president Tom Hixson reported to the board of directors convened for its semiannual meeting Mar. 4-5 at the Northwest Baptist Center in Vancouver, Wash.

That represents a 5.45 percent increase over the 2008 totals.

“Despite troubling economic declines in just about every sector across the United States, the financial footing of the Northwest Baptist Foundation remained strong,” Hixson said.

The unrestricted net assets of the Foundation at the end of the year totaled $1,172,247. That figure represents the Foundation’s reserves and equals more than one and one half times a single year’s budget expenses.

By year’s end, the Foundation distributed almost $500,000 from trusts and estates it manages to various Baptist causes and other beneficiaries. They include: Northwest Baptist Convention, $  39,904; churches, $128,773; associations, $116,874; Southern Baptist educational institutions, $  15,776; Annie Armstrong Easter Offering for North American Missions, $5,630; Lottie Moon Christmas Offering for international missions, $17,795; pastoral assistance, $27,110; housing assistance for missionaries on furlough, $11,700; other charities, $65,719; scholarships, $69,591.

The board’s promotion, development, and education committee awarded $27,757 in scholarships to students attending Golden Gate Baptist Theological Seminary’s Pacific Northwest Campus in Vancouver for the 2010-11 academic year.

Another $19,950 went to students studying at other seminaries or universities.

Upon recommendation of the church loan committee, the board approved a $150,000 loan to Airway Heights (Wash.) Baptist Church for a parking lot paving project. The committee reported its approval in the fall of two other loans: $865,000 to Chestnut Street Baptist Church in Ellensburg, Wash., for a refinanced mortgage and $1,660,913 to First Ukrainian Baptist Church in Federal Way, Wash., for refinancing and purchase of land.

Hixson noted the Foundation held $11.7 million in church loans to Northwest Baptist churches at the end of 2009. In its 54-year history the Foundation has approved over $30,000,000 in church loans.

The committee also revised the loan rate policy to keep the rate the same regardless of the amount of the loan. The March 2010 rate is 7.25 percent for construction loans and 6.5 percent for long-term loans.
The board is studying a proposal from the SBC’s North American Mission Board to participate in church loans across the country as investment vehicles.

Officials noted the Foundation continues to develop what it calls “Church Legacy Planning” to assist NWBC churches with legal and organizational matters. In the past two years the Foundation has helped nearly 20 churches with issues ranging from investments to property title issues to tax exemption status.

“There is still much work to be done to preserve our heritage in the Northwest,” said Hixson.
The next meeting of the board is Aug. 5-6 in Vancouver.


Published in the February, 2010 edition of the NW Witness:
Charitable groups benefit from Northwest trust funds

Published in the August, 2009 edition of the NW Witness:
Foundation adopts budget, helps new work

Published in the May, 2009 edition of the NW Witness:
“Dirty Dozen” addresses critical operational church issues

Published in the March, 2009 edition of the NW Witness:
Foundation strong amid economic trauma

Published in the August, 2008 edition of the NW Witness:
Foundation Board elects new chairman, adopts budget

Published in the June, 2008 edition of the NW Witness:
Ministry families aided by NWBF fund

Published in the June, 2008 edition of the NW Witness:
Northwest Baptist Foundation adds staff

Published in the May, 2008 edition of the NW Witness:
Northwest leader spreads hope in Uganda

Published in the March, 2008 edition of the NW Witness:
Foundation board approves loans, scholarships

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