President's Report
The Northwest Baptist Foundation has worked with the same purpose since 1956: “Empowering Northwest Baptists to provide a Christian Legacy.” It is this passion that drives the staff of the Foundation to serve the Northwest Baptist Convention, its churches, associations, and their members.
We are humbled to watch the faithful stewardship and generosity of our fellow Northwest Baptists. 1 Chronicles 29:14 comes to mind:
“But who am I, and who are my people, that we should be able to give as generously as this? Everything comes from you, and we have given you only what comes from your hand.”
We count it a great privilege to assist Christian brothers and sisters to provide for their families and contribute to the Lord’s work, even after they are gone. The following facts and figures represent God’s blessings and people who have proved faithful with the good things that God has given them.
History
The Baptist General Convention of Oregon-Washington (now the Northwest Baptist Convention) authorized the creation of the Northwest Baptist Foundation. On May 4, 1956 final documents were filed with the state of Oregon and the Foundation became a corporation. Since then the Northwest Baptist Foundation has served as the trust agency for the Convention and our churches.
Financial
Despite troubling economic declines in just about every sector across the United States, the financial footing of the Northwest Baptist Foundation remained strong. After experiencing a 1.23 percent decrease from 2007 to 2008, the Foundation finished September 2009 at $40,260,172. This is an increase of about 3.8 percent from 2008 and is the first time in its history the Foundation has reached the $40 million mark.
The auditing firm McDonald Jacobs, PC performed the annual audit of the Foundation’s financial statements for 2008. The Foundation has continued to receive an unqualified opinion, meaning that the auditors believe that the financial statements are presented fairly and in compliance with generally accepted accounting principles.
The total unrestricted net assets of the Foundation were $1,155,145 as of December 31, 2008. This amount represents the Foundation’s reserves, and equals more than one and one half times a single year’s budget expenses. This indicates the strength of the Foundation’s current financial condition.
Operations
The Foundation is incorporated under the laws of the State of Oregon as a nonprofit organization. The Foundation provides scholarships, and interim and long-term financing for church construction, remodeling, and refinancing; serves as trustee for various revocable and irrevocable trusts, charitable trusts and endowments; and assists individuals in their estate and financial planning.
The work of the Foundation has expanded well beyond its Northwest base in recent years. The Foundation currently assists the New Mexico Baptist Foundation and the Southern Baptists of Texas Convention Foundation with their accounting, and discussions are underway to do the same for other western foundations.
Church Legacy
We define Church Legacy Planning as the process of developing and documenting a church’s strategy for protecting and passing on its assets. We want to preserve our Baptist heritage by assisting churches develop strategies to ensure, protect, and enrich their longevity and legacy for future generations.
Since starting the Church Legacy program, the Foundation has been able to assist many churches facing legal jeopardy due to inadequate attention to routine business matters. Over 2.5 million dollars worth of assets have been saved for Northwest Baptist causes in the past three years because of the Foundation’s help.
Church Loans
The Foundation manages the Hyde, Norris, and Moseley Church Loan funds as well as loans for several associations, churches, and individuals. As of September 30, 2009, there are 35 current loans from the Church Loan Fund totaling $9,081,992.
Wills, Trusts, and Personal Care Services
In the past year we have assisted over 120 individuals of our Northwest Baptists in the preparation of wills, trust documents, power of attorneys, or advance directives. We also continue to provide assistance with several individuals and families in need of personal care services. Personal care services can include helping with monthly check writing, acting as power of attorney, or making sure the individual is cared for during their lifetime.
We consider this to be assisting individuals with the transition from here to heaven with dignity. Sometimes this is in concert with family members, other times the Foundation is the only involved entity. The Foundation acts as an extension of the local church when we serve in this capacity.
Trust and Estate Management
Managing trusts and estates continues to be a core service that the Foundation provides to Northwest churches and clients. Over 62% of the $40.0 million in assets managed by the Foundation are in revocable trusts managed on behalf of individuals and churches. And 34% of the total is in Charitable Trusts, Endowments or Memorial Funds which provide income to support Baptist ministries, individuals and other charitable causes. In February of 2009 the 2008 income was distributed to charitable causes, totaling $296,888, as well as $57,629 to fund scholarships for undergraduate and seminary students.
Board of Directors
The Board of Directors is made up of individuals from Northwest Baptist churches across the region. We are blessed to have competent and capable leaders on our Board. Currently, the Board consists of three women and nine men, who have experience in the financial industry, real estate, loan processing, technology, engineering, law, business and the pastorate.
Personnel
We have 4 employees that have 12 plus years of service for the Foundation. This type of stability is a great asset to the Foundation. This allows the Foundation staff to have wonderful relationships with Baptists across our Northwest Convention.
We thank all of the staff for the way in which they minister to our Northwest Baptists:
Tom Hixson, 16 years as the President;
Karla Inman, 13 years as Admin Asst/Office Manager;
Robin Smith, 13 years as Bookkeeper;
Clint Overall, 12 years as Legal Counsel & Estate Planner Officer;
Steve Brock, 6 years as Chief Financial Officer;
Heather Wright, 4 years as Admin Asst/ Public Relations; and
Cris Yaw, 1 1/2 years as Family Financial Planner.
Pat Fuller, Wayne Fuller, and Anita Wilson, 4 years as volunteers
We are proud of the staff that the Lord has assembled here at the Foundation. Every unique talent and ability combines to enable us to work effectively. Each year our staff takes continuing education courses to stay abreast of current changes in tax, finance and law. In December of 2008 Cris Yaw completed her Masters Degree in Family Financial Planning and passed the Certified Financial Planning exam in March of 2009.
Our full-time staff members have the following credentials: MBA, CFP, JD, & CPA (and 6 notary publics!). Having all of these professionals on staff is indeed a tremendous benefit for the Foundation.
We ask that you would join us in praising our GOD who truly owns it all for the success the Foundation has experienced during the past 53 years. Let the Foundation staff help you Leave a Legacy for future generations. We continue to look forward to many more years of experiencing God’s hand in our ministry.