The document summarizes the 2010 financial reports of several Evangelical Covenant Church organizations. It shows that in 2010, Covenant World Relief distributed $981,000 and the Paul Carlson Partnership distributed $620,000 totaling $5.37 million since 2005. It also provides details on the budgets, funding levels, growth and performance of the Covenant Pension Plan, Bethany Benefit Service, National Covenant Properties, and Covenant Trust Company. An audit report gives positive ratings to the organizations for having balanced budgets, fully funded pension plans, enrollment growth, and exceeding financial benchmarks.
1. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT
2. The Evangelical Covenant Church Paul Carlson Partnership National Covenant Properties Covenant Pension Plan Bethany Benefit Service Covenant Trust Company Evangelical Covenant Church
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7. Bethany Benefit Service (BBS) Medical Dental (including orthodontia) Life Insurance Long-term Disability Vision Benefit Prescription Drug
19. 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.
23. Covenant Financial Report Card YES NO Unqualified Opinion Balanced Budget No Management Comments
24. 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)
25. 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
26. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT
Notas do Editor
Covenant Pension Plan 2/06/09 Investing White Paper