MB Foundation Reports Positive Outcome to Challenging Year
MB Foundation entered 2020 with anticipation of another year of growth and the celebration of its 30th anniversary of incorporation. Despite the challenges of the year, those two things were realized as were other positive outcomes.
“The phrase ‘confidence in Christ with compassion for others’ became our guide through the pandemic.” said Jon C. Wiebe, President and CEO. “Even in a year of extreme market volatility, widespread economic impact of the pandemic, and the inability of churches to meet in person, we saw continued growth and were able to respond with generosity.”
MB Foundation gave its largest grant amount in a single year, totaling $906,118. More than $340,000 was distributed to every church, organization and home loan borrower benefitting 47 home loan and 68 organization borrowers. Another $375,000 was contributed to the COVID-19 Church Relief Fund, helping MB churches maintain their financial stability. An additional $190,654 was distributed to USMB as MB Foundation’s annual first fruits gift.
Recognition of the 30th anniversary since incorporation was celebrated with the release of Taking Hold of Real Life: The Story of MB Foundation. The book not only recounts the events of the last 30 years, it tells the story of stewardship among the Mennonite Brethren conference going back 140 years. Copies of the book were distributed to clients and partner ministries with additional copies available at www.mbfoundation.com/historybook.
In its 30-year history MB Foundation has seen continual and significant asset growth, from $16.9 million in 1990 to $300 million at the end of 2020. The growth in 2020 reflects a 19% increase from the previous year and is attributed to three main factors; certificates increased by $25 million, donors contributed over $20 million and the standard endowment portfolio had a positive return of 9.2%.
Additional highlights for 2020 included:
- Staff increased by 25%, for a total of 21 employees in two offices.
- Financial Health, a new program, was launched to promote financial awareness and strong stewardship habits for pastors and churches.
- A record number of 11 real estate gifts were received with a total value of $7,957,000, for the benefit of charity.
- The Loan Portfolio increased to $99 million.
- Charitable distributions of $8,894,764 were facilitated to 456 charities, an 88% increase from the previous year. Nearly three quarters of the distributions went to MB churches, educational institutions and other organizations.
“We experienced amazing generosity, continued growth, record numbers of investors, new projects undertaken and much more. We praise God for the positive outcomes to a challenging year,” said Wiebe.
The full 2020 Annual Report is available here.