CBF Ministerial Excellence Fund

Addressing economic challenges facing pastoral leaders

MINISTERIAL EXCELLENCE INITIATIVE

A Growing Need Of the 642 pastoral leaders surveyed, 4 pressing and prominent needs emerged: debt relief, health benefits, retirement contributions and financial advisement.

44% of participants do not receive medical benefits from their employer

Over 50% of the participants making $70k-90k annually have at least $150k-250k in debt 70k 90k

SALARY

Of this 44%, half have a church operating budget of $101k-500k annually

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150k

DEBT

67% of those surveyed carry a debt that equals up to 2x their salary

Three out of five participants do not feel prepared for retirement

41% of participant debt is student loans

Only one out of four participants has met with a financial advisor

250k

MINISTERIAL EXCELLENCE INITIATIVE

A Plan of Action:

Ministerial Excellence Initiative Addressing long-term economic challenges, the Ministerial Excellence Initiative provides financial support up to $10,000 to the grant recipient and requires activities which will take place over a one-year grant period. These efforts shall work together to relieve financial burdens which impact the effectiveness of pastoral leaders.

CRITERIA FOR REVIEW AND AWARD

CONGREGATIONAL ADVOCATE

Upon completion of the online application, applicant files will be screened according to the following criteria: • Level of active engagement with CBF • Affirmation of all required covenant activities • Completion of initial financial consultation • Financial need related to CBF primary focus areas: debt, health benefits and retirement benefits

The congregational advocate is a trusted individual(s) within the congregation chosen to walk alongside the pastoral leader (grant recipient) as an advocate and supporter. In most cases, an advocate is comprised of one, but no more than three trustworthy individuals. The pastoral leader selects an advocate(s) based on the level of comfort they feel with confiding their personal information. The congregational advocate(s) is put in place at Lilly Endowment, Inc.’s insistence to be the pastoral leaders’ sounding board. There will be opportunities for the congregational advocate to speak on behalf of the pastoral leader as needed. In these instances, it is good for the congregational advocate to have some knowledge of the pastoral leader’s circumstances so they can assist in seeking out others within the church that may be able to provide ideas for assistance or lend advice.

Applications will then be sent to the Grant Committee for action.

COVENANT WITH CBF AND CONGREGATION Grantees will create an individualized covenant among themselves, selected trusted congregational advocate(s) and CBF. Grant recipients will covenant to complete the grant activities.

The trusted congregational advocate(s) will covenant to maintain confidentiality and provide support to the grantee. CBF will covenant confidentiality, support, training and guidance so that each grantee may better serve his/her family and congregation.

The congregation will be asked to provide assistance for an initial financial advisor consultation, four coaching sessions and a travel stipend to the Lake Institute training courses. Compensated time off will be expected. Other assistance may be provided such as matching gifts or other support.

The grant covenant also includes a series of affirmations that will solidify the recipients willingness to participate in required grant activities: • Fill out completely the Financial Information Sheet • Work with a financial advisor, financial coach and trusted congregational advocate(s) • Participate in two Lake Institute training events • Complete a report at the end of first year and one a year later • Provide proof/verification that activities and responsibilities required by the grant are being performed

FINANCIAL ADVISOR Every qualified applicant for the Ministerial Excellence Initiative will receive a consultation from a Certified Financial Advisor.

Grant recipients will receive an additional consultation that will occur at the end of the grant period for a follow-up and new recommendations.

An advisor will help to define goals and identify appropriate financial processes. The objective is to provide a holistic approach to financial education and positive financial choices.

As well as: • Educate—on current status and determine necessary steps • Plan—for retirement, investment, education, estate, insurance • Create—goals based on the plans put in place specific to individual financial situation • Manage—achieve goals through proper management of finances.

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MINISTERIAL EXCELLENCE INITIATIVE

FINANCIAL COACHING

LAKE INSTITUTE EVENTS

Each grant recipient will be connected with a certified coach specializing in financial responsibility. They will meet eight times within one grant period. The financial coach will walk alongside each grantee as they consider the financial planning recommendations and progress through the teaching resources.

Coaching through the Ministerial Excellence Initiative grant will be the best of all that coaching is, including: • Completely confidential • Compassionate • Appreciative • Affirming • Non-judgmental • No advice giving

Pastoral leaders will be invited to attend The Minister: Managing Personal Finances with Integrity and Without Anxiety and congregational leaders and pastoral leaders will benefit from The Congregation: Developing a Culture of Financial Stability and Generosity. This opportunity, open to the entire Fellowship, will teach fiscal expertise and sound strategies to enhance the financial literacy and management skills of pastoral leaders in relation to both personal and congregational needs.

THE BENEFITS OF COACHING Coaching helps to . . .

• Improve professional performance • Enhance the quality of life • Achieve personal goals • Bridge the gap between present realities and future possibilities • Clarify a personal vision of success • Explore new possibilities for responding to challenges • Determine action steps to move forward Coaching is about enhancing the skills, resources and creativity you already have in a safe and challenging environment. It is a personalized approach, tailored to your specific needs and goals.

PEER LEARNING GROUPS With more than 120 Peer Learning Groups providing a safe and effective learning environment, CBF will provide support of $250 for 40 groups each year to sponsor an in-depth study of personal and congregational healthy financial practices. Each Peer Learning Group will be able to select resources or connect with industry experts who can address their collected interests and concerns in a small group setting.

LEADERSHIP INSTITUTE AT GENERAL ASSEMBLY The Leadership Institute, a well-attended pastoral and lay leadership annual gathering, will adopt the focus of addressing economic challenges facing pastoral leaders at the 2017 CBF General Assembly in Atlanta on June 28. A panel of grant recipients will share their stories with the Fellowship.

Additionally, topics will address healthy financial practices, the Ministerial Excellence Initiative and helpful resources.

FINANCIAL LITERACY

CHURCHWORKS

Engaging a holistic approach to financial education, these efforts will consider financial goals as well as one’s calling, family circumstances and future plans. Our priority is to educate the whole of our Fellowship by reaching pastoral leadership, congregations and CBF leadership through Lake Institute training events, Peer Learning Groups, Leadership Institute at General Assembly and ChurchWorks.

At an annual gathering of ministers, lay leaders, church starters, seminary students and CBF leadership, the programming will include presentations of unique financial challenges discovered among CBF clergy. Healthy financial practices, resources and the Ministerial Excellence Fund application process will also be shared.

For questions, please contact: LATOYA CROSS, 770.220.1630, lcross1@cbf.net More information available at: www.cbf.net/mei 4