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FISCAL YEAR 2010 FINANCIAL REPORT
The
Evangelical Covenant Church
PaulCarlson
Partnership
NationalCovenantProperties
CovenantPension
Plan
BethanyBenefitService
Covenant Trust
Company
EvangelicalCovenantChurch
Covenant World Relief2005 $1,303,000
2006 $1,315,000
2007 $1,267,000
2008 $1,558,000
2009 $1,016,000
2010 $ 981,000
Total $7,440,000
Paul Carlson Partnership2005 $ 884,000
2006 $1,253,000
2007 $1,186,000
2008 $ 794,000
2009 $ 630,000
2010 $ 620,000
Total $5,367,000
BaseBudget
PCP
CWR
PMsSTMs
KBFOWM
CO
SPE
• Covenant World Relief
• Paul Carlson Partnership
• Project Missionaries
• Short-term Missionaries
• Friends of World Mission
• Kingdom Builders
• Sustaining Pastoral Excellence
• Covenant Orientation
• Mission Projects
MPs
MISSION
&
MINISTRY
BUDGET
Budget Results
Net +$21,000
Bethany Benefit Service (BBS)
Medical
Dental (including orthodontia)
Life Insurance
Long-term Disability
Vision Benefit
Prescription Drug
100
120
140
160
180
200
220
240
260
2002 2003 2004 2005 2006 2006 2007 2008 2009 2010
Public
ECC
Comparable market premium
increases
Bethany premium increases
Medical Insurance
Premium Increase
Cost Cost $$avingaving
ss
Recent DevelopmentsBethany Benefit Service
12-month Enrollment Growth of 60 or 5.3%
Current Open Enrollment
June 2011 Premium Waiver, Saving $1 million
Assist Churches in Eligibility for Federal Tax Credit, Saving $500,000
Covenant Pension Plan Defined Benefit Plan
Can’t Outlive Your Benefits
Pension Board Responsible for Investment Returns
Covers 2,077 Pastors, Missionaries and Surviving Spouses
1996-2008
Pension Benefit Enhancement
Total Value$40 Million
0
1000
2000
3000
4000
5000
6000
7000
8000
'88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10
Pension Benefits
Key Investment Considerations Asset allocation and diversification—improve
risk/return relationship
20101992
Assets of Pension Fund
Foothills Midrange Peaks
($ in millions)
Recent Pension Plan ResultsApril 2011
2011 Assets up 7.5%
Plan Performance > Benchmark
Previous 26-month Return: + $76.2 Million
Invested Assets 9.8% Above Previous High
Plan Fully Funded
Funding ComparisonCovenant Pension Plan vs.
Average Corporate and Public Plan
0%
20%
40%
60%
80%
100%
Covenant
Corporate
Public
Assets as % of Liabilities
100% 85% 70%
Assets of National Covenant Properties
($ in millions)
The Loan Sourcefor Covenant Churches Of the churches that have loans,
over 85% have loans with NCP
Other
NCP
2010 New Church Loans
National Covenant Properties
In 2010, National Covenant Properties loaned funds on 47 church projects with a total of $37,500,000 in new loans advanced.
Assets Under Management Covenant Trust Company
($ in millions)
2010 ResultsCovenant Trust Company
New Business $17.8 million
Distributions $ 8.6 million
% New Business to
Conferences, Churches, 47.9%
and Camps
Assets Under Management $436.5 million
AUDIT REPORT
Covenant Financial Report Card
YES NO
Unqualified Opinion
Balanced Budget
No Management Comments
Bethany Benefit Service Report Card
Medical Rate Increase < Competition
Significant Enrollment Growth > 5%
June 2011 Premium Waiver
(saving churches $1 million)
Special Bethany Open Enrollment
(including retirees)
YES NO
Federal Tax Credit Assistance
(saving churches $500,000)
Covenant Pension Plan Report Card
Pension Plan Full Recovery
from Market Decline
Pension Plan Fully Funded
Pension Plan Exceeds Target Benchmarks
YES NO
2/09-4/11 Asset Increase of $76 million
FISCAL YEAR 2010 FINANCIAL REPORT