About BICF > What's New > 2006

What's New for 2006

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IRA and HSA Account holders gain web access January 1, 2007

Beginning January 1, 2007 investors with Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs) will be able to access their accounts on line.  Account history and current balances (holdings) will be available.  Requests for withdrawals will still be received on the Foundation's recorded line.  For account setup and a temporary password please contact Dave Strausser, Trust Officer.  Please click here for contact information or call (717) 796-4788.

Interest rates to increase effective January 1, 2007

Core to the ministry of the Brotherhood Loan Fund are the investors who buy the debt securities offered to fund the loans made to churches, pastors and church organizations.  Seeking to provide a fair rate of return to these investors the Board of Directors at it's November meeting authorized rate increases for an average of approximately three quarters of one percent (.75%).  To support this increase the board also increased the rates applied to the outstanding loans by approximately three quarters of one percent (.75%).  To view the new investment rates, first go to the Loan Fund Investment Options page by clicking here and then select your state of residence.

Print publications planned

Presently efforts are underway to publish quarterly two newsletters to communicate the benefits of investing and sharing resources into Kingdom purposes.  The newsletters should appear near the beginning of the first quarter 2007 and will include stories of individuals and organizations that have benefited.  Invest a single half page will focus on the ministry of the Brotherhood Loan Fund to pastors and congregations while Share with four full pages will focus on examples of generous persons and their families giving resources through advance planning to enable the ministries of the church.  Click here for a preview.

New Controller begins work

James R Reynolds has joined the Foundation team to fill the position of controller.  As controller, Mr. Reynolds will be responsible for accounting functions, offering of debt securities to investors in the loan fund, internal auditing, disaster recovery plans and general office processes including software application support.  Mr. Reynolds brings many skills and extensive experience in accounting, program development and management, having most recently served as Director of Finance with the Pennsylvania School Boards Association Insurance Trust.  We welcome Jim and are delighted that he has chosen to use his skills and energy to what he believes God has called him.  For a more complete description of Jim's experiences please click here.

Recorded Line for Instructions

A voice recorder has been added to our telephone lines. It will record your instructions to us for making withdrawals and ACH transfers. Therefore, written instructions will not be required except in the case where payment is being made to a third party.

Electronic Transfer of Funds

In an effort to make the TAP accounts more convenient, easy access by transfers to and from your primary checking account is being provided. ACH transfers are available to both withdraw funds from your TAP account and to deposit funds into your TAP account. These transfers can be one time transactions or scheduled for weekly, bi-weekly or monthly to work with your cash flow requirements. ACH transfers are effective the next business day and there is no charge to you the investor. There is an enrollment form available here on our website or by mail or fax. For help with the form, call Kim Lehman at 717 796-4788 x 5420.

Health Savings Accounts (HSAs) offered

Individuals attending Brethren in Christ churches or employees of Brethren in Christ churches and organizations can now select the Foundation as custodian for their HSA funds.  While these type accounts are new they benefit individuals who are enrolled in a high deductible health insurance plan (HDHP.)   Funds that accumulate in these accounts can be used to purchase the debt securities offered by the Brotherhood Loan Fund.  This fund is used to make loans that assist congregations and pastors in securing facilities.  For more information please click here.

Messiah College graduate writing to tell the stories of BICF

Hannah Kern, a 2006 Messiah College graduate, is using her bachelor’s degree in English with a writing emphasis to tell the stories of the BIC Foundation. Hannah will be working 30 hours a week throughout the summer. Since graduation and the conclusion of her editorial internship with Central Penn Parent magazine in Harrisburg, Pa., Hannah has moved home to Gettysburg, Pa., for the summer. In addition to her work with the Foundation, she is currently writing concert reviews for Emmaus Ministries located in downtown Gettysburg. Hannah delights in reading, poetry, and creative writing, as well as traveling with loved ones.  If you would like to follow Hannah as she explores what it means to be engaged in ministry as congregations, investors and donors, please click here to read her blog.

Additional member appointed to Investment Advisory Committee

At the directors' meeting held May 5, 2006 the board appointed Timothy W. Engle to serve on the Investment Advisory Committee.  Mr. Engle will join five (5) existing members in providing investment advice and council to the Foundation's CEO and staff in the management of funds held in charitable accounts and funds held for charitable organizations.  The Foundation aggregates these funds for investment into common funds with asset allocations to accommodate appropriately for the various objectives and time lines of the donors and investors.  Investment models are constructed and managed in a value-added process that intends to provide unbiased investment choices that produce risk-adjusted investment returns exceeding benchmark calculations.  To read Mr. Engle's professional credentials and other involvements, please click here.

Thrift Accumulation Plans (TAP) to change July 1, 2006

The interest rate earned on both the regular and special TAP accounts will increase twenty five basis points (.25%) effective July 1, 2006.  Account holders of regular TAP agreements will also receive the higher special TAP rate for the month if the end of month balance is greater than or equal to $2,000.00.  Additionally the rate for the six (6) month Stewardship Investment Certificate (SIC) will be increased to equal the special TAP rate.  To view the new investment rates, first go to the Loan Fund Investment Options page by clicking here and then select your state of residence.

Foundation to fill Controller Position

At the most recent directors meeting, the board authorized management to fill the position left vacant for the last three years.  The vacancy was created when the present CEO was selected and appointed to his current position.  Filling this position will enable management to pursue new initiatives while strengthening the current program.

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Last Modified on July 08, 2008 | Brethren in Christ Foundation, Inc. All rights reserved.