WELS Church Extension Fund assets up 10 percent
Filed Under: BHM, CEF, Finance, Home Missions, Loan, Missions, Offering
Audit results show that WELS Church Extension Fund (CEF) closed the 2006-07 fiscal year with more than $70 million in member investments—up about 10 percent from a year ago. CEF currently has outstanding loans of nearly $115 million.
“Our financials continue to be very strong and we are thankful for the continued support we receive from WELS members and WELS organizations,” says Jim Buelow, president of WELS Church Extension Fund. “Without their trust and investments we would not be able help support mission congregations.”
The Church Extension Fund is a self-supporting, not-for-profit corporate affiliate of WELS. Individuals, congregations, or affiliate organizations may invest with CEF. Those investments allow CEF to provide loans—primarily to mission congregations—so they can purchase land, renovate, or build new worship facilities.
In cooperation with WELS Board for Home Missions, CEF completed 24 construction loans totaling nearly $28 million during the past fiscal year. In addition, a dozen new projects were approved, with loans projected to be more than $11 million.
Individual investors in WELS Church Extension Fund will receive a copy of the annual offering circular within the next two weeks. It contains the audited CEF financial report and current investment applications. In addition, each congregation will be sent three copies of the offering circular to distribute to interested members. For more information, visit www.wels.net/cef.
