WELS CEF makes $1 million grant to Home Missions
Filed Under: BHM, Budget, Church Extension Fund, Home Missions, WELS CEF
In an effort to help manage the unforeseen financial struggles facing the synod, WELS Church Extension Fund (CEF) has made a special $1 million grant to support the work of the Board for Home Missions. Without this grant, Home Missions may have been forced to recall missionaries and close down missions to the tune of $1 million by the end of June. The grant also frees up an equal amount of dollars to help reduce the $6 million deficit facing the synod's operating budget this fiscal year.
"Because of our strong financial base and past earnings, we are in a position to help Home Missions during this challenging time," says Mr. James Buelow, CEF president. "We always need to keep cash reserves readily available." He adds, "Our reserves come from loan repayment interest, so this grant is made possible in effect by the very congregations who support WELS and who got their start through Home Missions."
"At this time our board felt that Home Missions needed our immediate support," according to Rev. Richard Schleicher, CEF board chairman. "Our sole mission is to support Home Missions and this grant will not deter from those efforts."
WELS President Rev. Mark Schroeder expressed gratitude for this unprecedented grant. "We are all looking for ways to strengthen our financial outlook so we can continue to carry on our mission of spreading the gospel," he says. "This is a wonderful example of different entities within WELS walking together to achieve that eternal goal."
WELS CEF is a self-supporting, not-for-profit corporation that provides loans and grants to mission congregations so they can acquire land, parsonages, and worship facilities. Individual WELS members, WELS congregations, and WELS affiliates support those efforts by investing in WELS CEF certificates. WELS CEF, in turn, provides low-cost financing to mission congregations using money provided by its investors.
For more information, visit the WELS Church Extension Fund Web site: www.welscef.org
