OMAHA, NE (June 29, 2018) – Steve Klimkowski, treasurer and executive director of finance, told delegates to The Evangelical Covenant Church 2019 Annual Meeting that the denomination ended fiscal 2018 with a $12,930 surplus. It is the fifth straight year the ECC has posted a cash balanced budget.
Mission expenses were $443,970 or 2.65 percent overbudget, which was due to an increase in church planting activity within Start and Strengthen Churches. The mission priority was $509,469 over budget. The investment in church planting was entirely funded by a higher draw on “Living Legacy” proceeds.
Klimkowski said there was continued strong enrollment, sound reserves, and good operating results for our Bethany Benefit Service operations. The 2019 rate increase was limited to 3 percent – far lower than any broader national plan trend, and especially impressive for a platinum-rated plan.
The Covenant Pension Plan is well funded at 99% of liabilities, under fair actuarial assumptions, Klimkowski said. The plan has $243 million in assets vs. projected 244.3 million in actuarial liabilities. Director of pensions Paul Hawkinson, who recently stepped down as treasurer and executive director of finance, gave a report on the transition from a defined-benefit to defined-contribution plan.
Covenant Trust Company currently manages $1 billion in investments and holds another $1 billions investments for which it provides accounting and performance reports.