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MBF trustees receive clean audit report, allocate grants, accept 17 new accounts

JEFFERSON CITY – Trustees of the Missouri Baptist Foundation met on Friday, December 13th  for their tri-annual meeting.  Business included receiving the audit report, allocation of discretionary grants totaling $140,000, welcoming two new trustees Marita LaChapell and Misty Flaugher, and acceptance of 17 new accounts for the quarter with a sum of $3 million. 

A full scheduled day of meetings started with the Auditors report from CLA of St. Louis, MO. 

Foundation trustees received a favorable report with a clean, unmodified opinion and assets totaling $145.9 million.

Outsourced chief investment officer, Brian Cohen with Commonfund led the trustees and staff through reports on market updates, performance and concluded with a training session on diversified strategies.

A time of recognition was given to out-going trustees, John Wheeler and Joby Steele.  MBF president and treasurer, Dr. Neil Franks honored them both with a gift of appreciation for years of service. Recognition was also given to John Long, MBF Controller, on the occasion of his 10th anniversary.  Diane Reed, Corporate Secretary with 41 years of service to Missouri Baptists through the Foundation, will retire at the end of this month. Dr. Franks offered her words of encouragement and a gift.   

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The Development and Promotion Committee spent most of their time reviewing the ever-growing scholarship program. With more new scholarships being awarded in 2020, the committee is working to improve the process.  MBF will be selecting 16 scholarship recipients in May, totaling more than $32,000.  Application process opens in January and runs through March 15, 2020. For an application visit www.mbfn.org.

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The Endowment Management Committee took action on investment recommendations in line with previously adopted investment policy guidelines.  The committee also discussed various options to preserve capital in times of volatility and reviewed results from stress testing the portfolios for liquidity needs.

The Missouri Baptist Foundation Board will holds its next meeting on May 15th  in Jefferson City at the Missouri Baptist Executive Board Building. 



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