- The GBIF exists solely to lend money to General Baptist churches and related
organizations with these objectives:
- 1. to be true to Christian standards,
- 2. to be prudent in money management,
- 3. to build up the ministry of General Baptists through loans for building
and expanding church facilities.
- Relationship to the
Denomination
- Who Manages and Owns The
Loan Fund?
- Who
Determines Policies For Borrowing and Lending Funds?
- Does GBIF Earn A Profit?
- Security
- How Is Interest Paid?
- Who Has Access To the Money?
- Where Does GBIF Get Money
For Loans?
-
What If Money Is Invested In Term Notes And Interest Rates Go Up Or Down?
The GBIF is an institutional ministry incorporated in the state of Missouri
as a not-for-profit entity under Section 501 (c) (3) of the Internal Revenue
code. The GBIF is a subsidiary of the General Association of the General
Baptists, through its Council of Associations, Inc. However, the GBIF is totally
dependent upon generating its own revenues. No denominational funding has been
applied to this ministry.
The affairs of the GBIF are managed by a Board of Directors and officers duly
elected and/or approved by the delegates to the annual meeting of the General
Association of General Baptists. However, the depositors actually "own" GBIF.
The Board of Directors determine all policies and guidelines for the
corporation. All loan applications are submitted to the board for approval or
rejection. The officers (President and Secretary/Treasurer) are responsible to
see that all legal and board policies are properly executed.
The GBIF is a self-sustaining entity which may, from time to time, show a
gain or loss in assets. However, no individual(s) (i.e. officers, Board of
Directors, etc.) may receive personal gain from this operation, except through
salaries and compensation for services rendered. All salaries and benefits are
approved by the Council of Associations and the General Association.
As a not-for-profit religious organization, the GBIF does not qualify for
insurance such as the Federal Deposit Insurance Corporation (FDIC), etc.
However, it is a board policy that a percentage of all deposits shall be held in
a reserve account. Also, as a measure of security, the board requires a mortgage
or deed of trust on all loans. Furthermore, being a Christian institution
dealing exclusively with churches and Christian people, there is a degree of
security not always prevalent in secular organizations.
Interest may be added to the principal and compounded semiannually, or
interest may be paid monthly, quarterly, or semiannually.
The President and Secretary/Treasurer of the corporation are the only persons
who are authorized to receipt and expend the funds of the GBIF. These persons
are adequately insured through a fidelity bond. There is an annual audit by an
independent certified public accounting firm. A monthly report is submitted to
the Board of Directors and the annual report of the CPA firm is submitted to the
General Association for approval by the voting members of the corporation.
The GBIF offers investment notes at varied rates of interest. Investment
notes are available to any individual who is a member of General Baptist Church,
any General Baptist congregation, or entity which is a member of the General
Association of General Baptists, or any related units or persons who are
ancestors, descendants, or successors in interest to any of the above mentioned.
Investment notes are issued for various terms and at specified rates of
interest. Withdrawal prior to maturity will result in a penalty being assessed
to the holder (owner). Due to the volatility in the economy, the issuer (GBIF)
reserves the right to recall any investment note (or notes) on the anniversary
date of said note(s). In the event of such withdrawal, a written notice of
intent must be given to the note holder, by certified mail, to the address of
record, at least 30 days prior to the recall date.
General Baptist Investment Fund.
Copyright © 2008 [General Baptist Ministries]. All rights reserved.
Revised: 10/29/08.
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