"Behold, I am doing a new thing; now it springs forth, do you not perceive it? I will make a way in the wilderness and rivers in the desert."
President's Letter
The world is changing quickly. God is doing a new thing. And there are new opportunities and challenges for the church. This unprecedented time has necessitated new thinking, new approaches and a new focus on providing pragmatic support for our members, ministries and communities. Congregations are reaching out to even more worshippers in a virtual realm—and discovering new ways to invite more community members into their physical spaces. Outdoor ministries are being reinvented for spiritual renewal in a high-tech, plugged-in world. Access to community care services for both seniors and children is being expanded using virtual and hybrid strategies. I applaud the resilience, adaptability and innovation that church leaders have demonstrated. I am observing, with much hopefulness, as our leaders continue to pave the way for the future church.
The Mission Investment Fund, too, is anticipating the future church and strengthening our capacity to serve the church in all its lived expressions. As a financial services ministry of the ELCA, MIF’s approach is forward thinking, outward looking. We engage in our work to set the stage for the best of what is to come—thriving outreach, deepening relationships, engaging faith. We are energized as we accompany congregations and ministries performing this transformational work.
Our 2021 Annual Report showcases congregations that were intentional about listening for God’s new thing, considering their futures and responding in a dynamic way.
Living into its powerful strategic plan, Zion Lutheran Church in Loveland, Colorado, opened to its community as never before. “Our building is a gift from God, and it’s meant to be shared,” the congregation’s pastor says. So an upgraded kitchen became an incubator for healthy cooking, and a new fellowship hall became the rehearsal space for a local youth orchestra.
A generation ago, Lutheran pastors in Sioux Falls, South Dakota, envisioned a mission-start congregation to serve an expanding section of town. They came together as a community of 65 believers, calling themselves Spirit of Joy. Today, that start-up has swelled to 1,000 members—growth spurred by fostering relationships. As the congregation expanded its physical footprint to accommodate the larger membership, they built “for those who are not here yet,” the pastor proclaims.
Mount Olivet Lutheran Church, a vibrant, established congregation in Minneapolis, also felt the call to proclaim the Word of God in a new place. Mount Olivet took the initiative to open a second campus where the population was headed some 20 miles westward. Outreach is vital to the congregation; this new location is outfitted with the next generation in mind, replete with a youth center, classrooms, rehearsal halls.
MIF was honored to assist in these dynamic projects and many others throughout the past year. Our offerings in investment and loan products are robust, and we have great capacity. Our long tradition of strength and stability continues, and it is the hallmark of our commitment to you, our investors and borrowers.
As we develop our strategic plan for the next four years, we are examining how we can best serve and actively accompany the church in the coming years. We understand that your expectations are changing for the Mission Investment Fund; you are looking for us to provide financial service and support that make a difference not only for you and your church, but also for the communities where you live and serve. I believe the future of MIF depends on us successfully delivering on both.
Thank you for choosing the Mission Investment Fund as your financial provider.
Gratefully,
Eva M. Roby
President and CEO
June 2022
In 2021, MIF leveraged the strength of our balance sheet to assure that we, our customers and communities, could continue our ministries for the sake of the church and the world.
Year in Review
Since its formation, the Mission Investment Fund has built a tradition of financial strength and stability. This tradition has enabled resilience for a time such as this, a prolonged period of significant uncertainty in our church and our world. In 2021, MIF leveraged the strength of our balance sheet to assure that we, our customers and communities could continue our ministries for the sake of the church and the world. In addition, we achieved an outstanding capital position, strong levels of liquidity, and maintained our prudent approach to managing risk.
Investment obligations increased to $575.4 million from $543.1 million the prior year as investors continued to view MIF investments as a reliable and secure vehicle in a time of continuing market volatility. Lending activity experienced a slight slowdown as a result of subdued borrowing and higher repayments amidst increasing economic uncertainty. However, we continue to manage a high-quality loan portfolio with a delinquency rate of less than 2 percent. While loans outstanding declined to $575.4 million from $596.4 million the previous year, MIF issued nearly 60 new loans totaling $80 million to congregations and other ministries that are continuing to build their capacity for ministry today and for tomorrow.
We ended 2021 with a capital ratio of 27.5 percent, a strong standing for financial institutions of any size. MIF’s total assets rose to $822.0 million at December 31, 2021, from $773.8 million the previous year. Net assets rose to $226.4 million from $218.2 million.
As always, MIF was honored to work in partnership within the church. We provided significant funding for the church’s leadership and vitality efforts. We continued our annual support of the ELCA New Congregations program, which works to grow the church nationwide, as well as the ELCA Resourceful Servants program, which encourages best practices in financial stewardship for rostered leaders.
MIF devoted strategic efforts in 2021 to examine our capabilities for future success, focusing on people, processes and technologies. We initiated efforts for developing staff and leadership, encouraging collaboration and innovation, and creating an atmosphere to foster high engagement. Reviewing current best practices, we explored modernization alternatives designed to improve our customer experiences and increase operational efficiencies. Our ambition is to build a more modern MIF to sustain growth and continue as a valued and trusted financial services ministry well into the future.
We also envision a future with even greater engagement with our ministry partner, the ELCA Federal Credit Union. As the pandemic persisted, we continued providing strategic guidance, operational support, and funding for the Credit Union to provide additional Paycheck Protection Program (PPP) loans. Over the two years of this timely and vital program, together we offered 360 PPP loans worth $13.9 million to cover payroll and operating expenses for participating congregations and ministries. Together, with our combined product and service portfolios, we will be positioned to offer a full suite of financial services—expanded offerings to enhance the financial well-being of individuals, ministries and communities alike.
Finally, we began focused work on MIF’s next Strategic Plan. Future priorities continue to be providing excellent products and service for the church, maintaining strong financial performance, and building partnerships to support the transformative work underway throughout the church and in our communities.
Five-Year Summary
Total Assets
Loans Outstanding
Investment Obligations
A Picture of Strength and Stability
The Mission Investment Fund continues to maintain its demonstrated track record of strength and stability. In 2021, MIF recorded more than $226 million in net assets, resulting in an equity ratio of 27.5%. This solid capital position significantly exceeds regulatory requirements.
Net Assets
Equity Ratio
Loans-to-Total-Assets Ratio
Delinquent Loans to Total Loans
Statements of Financial Position
Statements of Income, Expenses and Changes in Net Assets
MIF Loans for Projects
Forward Thinking, Outward Looking
Mission Investment Fund Products
Investments
MIF investment products offer flexible terms and competitive interest rates. But our investments do more than simply grow your savings; they also help grow our church by providing loans to ELCA congregations and ministries.
Term Investments
FIXED RATE / $1,000 minimum investment. / This account is like a CD, with a competitive, fixed rate of return and terms ranging from 1 to 6 years.
ADJUSTABLE RATE / $1,000 minimum investment. / Competitive rates and terms ranging from 3 to 7 years, with the option to add to principal for longer-term investments.
TERM INVESTMENT GRAND, FIXED RATE / $250,000 minimum investment. / Enjoy a higher rate with a larger investment. / Terms of 1, 2 and 3 years.
Demand Investments
WITH CHECK WRITING / $100 minimum investment. / Invest as little as $100 in this account, which offers unlimited check writing and a higher rate of return. A debit card is available to individuals.
NO CHECK WRITING / $100 minimum investment. / Similar to a savings account in its rate of return, this offers an easy way to build your savings. Add to it at any time.
YOUTH MINISTRY / $100 minimum investment. / An easy way for congregations to save for youth events while earning interest.
Retirement Savings Account
Reap tax savings when you hold a Term Investment or Demand Investment account as a Traditional or Roth IRA.
MIF4KIDZ Investment
ADJUSTABLE RATE / $50 minimum investment. / The ideal special-occasion gift, this investment is specifically designed for children. Adults can purchase the investment before a minor’s 16th birthday. The investments mature at the age of majority of the minor, generally either 18 or 21, as defined by the Uniform Transfer to Minors Act in the state listed as the address of the minor.
Health Savings Account
WITH CHECK WRITING / $100 minimum investment. / Compatible with High-Deductible Health Plans, this investment pays for health care costs with pre-tax dollars and provides debit-card convenience.
Education Account
Hold any Term Investment or Demand Investment No Check Writing account as a Coverdell Education Savings account. Open the account with as little as $100.
Loans
The Mission Investment Fund uses investors’ dollars to finance capital projects for ELCA congregations and ministries, including new buildings, additions, renovations, accessibility projects, “green” initiatives and land purchases, as well as loan refinancing. And MIF is often the only place where mission-start ELCA congregations can obtain the financing they need. We offer competitive rates and terms, and because we are a ministry of the ELCA, we also offer a wealth of expertise in church and ministry financing that other financial institutions simply don’t have.
Loans for Established Congregations
ADJUSTABLE-RATE LOAN (ARM) / For loans of $100,000 or more, with an amortization period of up to 25 years and interest-rate adjustments at 1, 3, 5 or 7 years.
FIXED-RATE LOAN / A fixed rate for loans of $100,000 or more, with up to a 10-year amortization.
LOANS FOR SMALLER PROJECTS / A loan for additions and renovations—smaller-sized projects with loan amounts up to $100,000, with up to a 10-year amortization; fixed and adjustable rates are available.
Loans for New-Start Congregations
Available to ELCA new-start congregations at reduced rates to purchase land or to construct or purchase their first church building, with a 13-year term and 15-year maximum amortization.
Loans for ELCA-Related Ministries
For capital projects for social ministry organizations, outdoor ministries, seminaries, colleges and universities, and other ELCA-related ministries, with a maximum amortization of 25 years.
Mission Investment Fund Officers
EVA M. ROBY
President and Chief Executive Officer
CARMEN M. COBO
Executive Vice President and Chief Operations Officer
LINDA O. NORMAN
Chief Financial Officer and Vice President for Administration
AMELIA DAWKINS
Vice President for Lending
TIFFANY SMITH
Corporate and Compliance Counsel
Mission Investment Fund Board of Trustees
PAUL OPGRANDE
Chair
THE REV. WM CHRIS BOERGER
Vice Chair
KATHRYN E. BAERWALD
ROBERT J. CHILLISON
MICHAEL FALLON
MARK FIEBRINK
NICOLE HUDSON
THE REV. JOHN E. MACK, JR.
HEATHER MILLER
SUSAN TROUTMAN
