T H E
FALL 2009
B APTIST
FOUNDA TI ON
OF
OKLA H O M A
VOLUME THREE, ISSUE TWO
GENEROSITY Your Foundation
Fall 2009 | Volume 3, Issue 2
W
hen the Foundation first began this publication two years ago, we were very purposeful in choosing its name, Generosity. We wanted the title to express to our readers what it is that we see from our position: donors who believe in the work of Southern Baptist ministries so much so that they faithfully and generously give their financial resources to these organizations. The declining economy hasn’t made it very easy for organizations who rely on donations. And it certainly hasn’t been easy on individuals who’ve watched life savings dwindle. But this is where we’ve had the privilege of experiencing the tenacity of Oklahoma Baptists. Donations to ministry causes through the Foundation continue. In fact, new gifts and contributions receipted during the month of August alone were approximately $329,580 and year-to-date the Foundation has receipted $14.85 million. The articles we feature this month speak to the diligence of our donors who want to continue to bring the hope of Christ to individuals and ministries with their generous gifts. In this issue, we feature a story of gratitude—for a gift and for the ability to give the gift. Mr. Bob Ringwald and his wife Dr. Leta Ringwald, who out of a love for students, their alma mater, and missions, created a scholarship several years ago that has allowed students to receive an education at Oklahoma Baptist University. Another story is that of the Pregnancy Resource Center of Southwest Oklahoma of Lawton. The Center is an organization that is the recipient of funds through the Dickinson Trust, managed by the Foundation. We will read the testimony of Anecia, a young girl who reached out to the Center during a crucial time in her life and because of the support and guidance she received after learning she was pregnant, chose to keep her twin girls. In addition, we will meet Jeff and Sumer Melton, our Auguie Henry Society member profile. The Meltons completed an estate plan after a wreck served as a wake-up call. They were purposeful in creating a guardianship for their two small daughters and naming two ministries in their will, Oklahoma Baptist Homes for Children and the Hope Pregnancy Center. Also, we are honored to recognize a list of many faithful donors in this issue. In response to the current economy and an effort to be good stewards, we did not host our annual Client Appreciation Dinner but instead planned a 2009 Stay Home Event. The names you read in this publication are those who would have been recognized at the event. Thank you for your continued support of Southern Baptist causes through the Foundation.
Robert Kellogg Foundation President & CEO
A magazine for clients and stakeholders who support The Baptist Foundation of Oklahoma’s mission to promote charitable planned giving and provide financial management for the gifts that strengthen Southern Baptist ministries.
Production
Barros Design Group| Design Layout Bill Pope| Photographer Taprina Milburn| Editor
Send questions/comments to: Editor, Generosity 3800 N. May Avenue Oklahoma City, OK 73112 generosity@bfok.org
Administration
Robert Kellogg| President & CEO Jim Wilsie| Executive Vice President & CFO Janna Charles| Executive Assistant to the President Dan Allen| Senior Vice President, Donor Services Shryln Treadwell| Senior Vice President, Beneficiary Services Jerry Vaughan| Senior Vice President, Foundation Loan Services & Real Estate David Depuy| Vice President, Director of Investments Michael Romero| Vice President and Trust Counsel John Schantz| Vice President, Operations
Area Managers
Curt Gathright| Northwest Area Manager Kathy Lee Hatchett| OKC Metro Area, Estate Stewardship Counselor Paul Kersh| Southwest Area Manager David Polk| Southeast Area Manager Jerry Zumwalt| Northeast Area Manager Generosity is published in the fall and spring by The Baptist Foundation of Oklahoma, Oklahoma City, Oklahoma. Recipients include approximately 10,000 clients, stakeholders, and churches in Oklahoma. To request a copy or to update mailing information, please call 405.949.9500. “…through us your generosity will result in thanksgiving to God.” II Corinthians 9:11
CONTENTS COVER STORY
2
Blessed to Give, Blessed to Receive
Gift Allows Privilege of a Christian Education
FEATURES
4 6 2 8
Life Changes Two-fold
Center Helps Young Mother
AHS Member Profile
Wreck Serves as Wake-Up Call for Young Couple
Client Appreciation
President’s Circle and Legacy Society Member Recognition
ON THE COVER
6
Tanner Clay, sophomore OBU student. Story on Page 2.
DEPARTMENTS
10
www.bfok.org
Donor Services
The Future of Estate Tax The Clock is Ticking by Dan Allen, Senior Vice President, Donor Services
Investments
Market Report by David Depuy, Director of Investments
10
The Baptist Foundation of Oklahoma
12
The Little Church that Could
Generosity
11
Church Building Loans & Investment Funds
1
Blessed to Give, Blessed to Receive
Scholarship Allows Privilege of a Christian Education Tanner Clay, a sophomore pre-allied health major and
some of my best friends here. The scholarship is a re-
baseball player for Oklahoma Baptist University, knows
minder that God is providing for me and that I am where
he’s fortunate to have been awarded a scholarship to help
he wants me to be.”
pay for his education. “Without it I would not be able to attend OBU,” the
Generosity
The Baptist Foundation of Oklahoma
19-year-old Texas resident said.
2
Recipients of the scholarship come from a variety of areas of study—nursing, ministry, business, teaching, and music.
The scholarship Clay speaks of was started in 1996 by
“We simply wanted to give back to the Lord with what
Mr. Robert “Bob” Ringwald and his wife Dr. Leta Ring-
He has given us and we hope to see more and more stu-
wald of Oklahoma City and is managed by the Founda-
dents influence the world for the Lord,” Bob said.
tion. The couple wanted to help students from small, rural areas or students going into full-time ministry to have the opportunity to study at a Christian university. “An education at OBU means a great deal to me,” Clay said. “I love the atmosphere and teachers. I have made
The Ringwalds have kept a file of thank you notes from students dating back to the scholarship’s beginnings. “When we get a letter from a student we say, ‘Thank you Lord that we are able to help those who need it.’ It’s always a blessing to read the notes,” Leta said.
The saved notes express the students’ gratitude:
out the United States in an RV. In 1999, they moved back
“The scholarship was answered prayer…”
to Oklahoma, built a house and enjoyed working in the
“…thank you for allowing me to stay in school.”
garden. The couple has four children, one of whom died
“…it’s such a blessing how God provides.”
when she was 17 in a car accident, and three grandchil-
“I not only thank you but my parents thank you.”
dren. The Ringwalds live on the Oklahoma City campus
“This helps me to pursue my dreams.”
of the Baptist Village Community and still travel; how-
“I’m grateful to get to go to a Christian university.”
ever, they now see the world by ship and always consider
The Ringwalds both know the importance of scholar-
their excursions as mission trips.
ships and working their way through college. Leta received
“We have a heart for missions,” Leta said.
a scholarship to attend OBU. She lived off campus while attending and worked for families. In the summers, she worked on her family’s farm. Bob worked his way through OBU also but had to cease his studies temporarily because of lack of money. In fact, he moved to
Their ministry, Bibles around the World, has
Did you know? Since 2004, donors like the Ringwalds have provided approximately $9.3 million in scholarships for OBU students through the Foundation. Because of generous donations, $1.7 million was distributed in the past year to such institutions as Langston University, Oklahoma State University, the University of Oklahoma, the University of Central Oklahoma, as well as OBU. To learn more about establishing an OBU scholarship fund through the Foundation, call 800.949.9988.
California to visit with
allowed them to give away
approximately
4,000 New Testament Bibles on the trips they take. “We’ve enjoyed God’s beautiful world by traveling extensively on a shoestring. So we have and will continue to see a great deal of the world
relatives so that he could find work. Leta graduated from
before we leave it,” Bob said.
OBU in 1950, taught school for two years in Oklahoma,
The Ringwalds, whose favorite Scriptures include Isaiah
and then moved to California to attend seminary at Gold-
55:11 and Mark 13:31b, say they have stayed on course in
en Gate after studying one year at Southwestern Seminary
their 55 years of marriage by keeping Jesus Christ in first
in Fort Worth.
place and sticking to a life-long plan of saving and frugal
Leta began teaching school in the Shawnee, Okla., area and Bob finished his teaching degree at OBU in 1957. After he finished, the couple moved back they
had
careers.
–Tanner Clay, OBU sophomore.
In those years, Bob
them out, they said. Their practice of responsible stewardship has helped them set a monetary goal for the scholarship they started. “God has bounti-
taught second grade through adult education and Leta
fully blessed us and we are so grateful to our Lord Jesus
taught kindergarten through junior college. She served
Christ… Lord willing, we will reach that goal and keep
eight years as an elementary school principal.
funding more,” Bob said.
When they retired in 1987, they began traveling throughwww.bfok.org
The Baptist Foundation of Oklahoma
teaching
30-year
“The scholarship is a reminder that God is providing for me and that I am where he wants me to be,”
fully and wearing
Generosity
to California where
spending, which includes with all purchases using them
3
“That day was the toughest day of my life and one I will always remember. We knew that God was at work when we found out that it was twins and we knew what a special gift He was giving us.” –Anecia
Changes are Two-Fold: Center Helps Young Mother Anecia and her daughters, Kamya and Samyan, are pictured here with Christian singer-songwriter Dennis Jernigan. Anecia gave her testimony at Jernigan’s Lawton concert in August.
The Ruth and Paul Dickinson Endowment Trust, managed by the Foundation, distributes funds to the Preg-
Anecia Lassien found the Pregnancy Resource Center
ganization that encourages clients to choose life for their
when she suspected that she might be pregnant. Very
preborn babies.
young and scared about what her future held, she asked a
pregnancy tests, basic ultrasounds, referrals for medical, The Baptist Foundation of Oklahoma
legal, social service and adoption assistance, clothing and
Generosity
covery help, and community education.
nancy Resource Center of Southwest Oklahoma, an or-
Some of the free services offered by the Center include
4
furnishings for baby, abstinence education, abortion re-
hen I walked into the Pregnancy Resource Center,
friend to accompany her for a pregnancy test. In the following paragraphs, Anecia tells the rest of her story in her own words.
W I was afraid that I would see someone I knew and
judge me, but she never did.
that he or she would tell my mom. I walked up to the front
asked me many questions and made me feel okay. She
desk and my hands were shaking. The receptionist asked
handed me the pregnancy test and told me how it worked.
me in a very sweet and loving voice, “What can I do for
I paused before I took it and thought about everything:
you?”
what my parents were going to say, how was this going to
I told her I needed a pregnancy test. I thought she would
I went to a quiet room and talked with a volunteer. She
change my life, what was God going to think?
I took the test, and then visited with the lady and rededicated my life to Jesus. We looked at the pregnancy test and it appeared to be positive. I was shocked, frozen and was speechless. I stared at the test for a minute thinking, “How am I going to face my mother knowing that I am pregnant?”
and I went for the ultrasound and we met the nurses. When they showed me the ultrasound screen, it looked like a little dot. I knew right then I loved that “dot” very much. Anecia gave birth to twin girls in March 2009. The Center walked step-by-step with Anecia through her preg-
The lady gave me some information about babies and
nancy, providing pregnancy preparation and parenting
some of the options I could choose. I walked out of the
classes. She also participates in the Earn While You Learn
room feeling like there was a ton of bricks on my stomach.
program, which allows clients to purchase items for their
I went home and cried my eyes out for about three
baby by working through parenting, marriage, Bible study,
days.
and other classes specifically designed for their needs.
For a while, my boyfriend and I were undecided. He
“That day was the toughest day of my life and one I will
broke the news to his family first. They took it much bet-
always remember. We knew that God was at work when
ter than I expected. I told my mom the following day that
we found out that it was twins and we knew what a spe-
I was pregnant. She was upset, of course. My mom was
cial gift He was giving us,” Anecia said. “I thank God for
not ready for her 14-year-old baby to become a mother.
the Pregnancy Resource Center. I would not have the
She told my dad. My parents came back in and told me
parenting skills I have today without their help. My life
they loved me and things were going to be okay. We cried
has changed dramatically in only a short amount of time,
for a while and talked.
but I have family and friends who help me get through
When my appointment to return to the Pregnancy Resource Center came around, I was still scared. My mom
it every single day. I love my daughters and I would not change my life.” on-one with the many women and families God sends to us.” Today it operates with six employees, including a registered nurse sonographer and two abstinence coordinators, as well as 30 client advocate volunteers. “Many of our clients choose life for their preborn babies based on the information and services received through Pregnancy Resource Center,” Willoughby said. In 2008, the Center had 2,801 client contacts and administered 711 pregnancy tests, 415 of which were posi-
Resource Center, which opened its doors in 1995, said cational tools and basic needs for clients and their babies. Donations, in general, help the organization focus on ministry rather than fundraising. “Each donation touches a client’s life,” Willoughby said. “And donations allow us the freedom to minister onewww.bfok.org
“I knew I believed in life from the moment of conception, but it is an honor to help others see life from God’s perspective and how very precious the preborn are to Him,” she said. For more information about the Center visit, www.prcswok.org.
The Baptist Foundation of Oklahoma
the gift through the Dickinson Trust helps provide edu-
of the clients chose life for their baby.
Generosity
Rita Willoughby, executive director of the Pregnancy
tive. Out of those who had positive pregnancy tests, 409
5
Wreck Serves as
Generosity
The Baptist Foundation of Oklahoma
Wake-up Call for Young Couple
6
Auguie Henry Society members since 2009
S
umer and Jeff Melton were traveling back from
don’t think you have a lot of things that really matter and
a family trip to Branson, MO, last October with
you don’t think about dying young,” Jeff said.
their two young daughters, Taylor, 5, and Aubrey, 3, when their car hit a guardrail on the highway. “If it hadn’t been for the guardrail we would have gone down the hill,” Sumer recalled. “It was a God thing that we hit it, turned a 360, and did not hit anybody and no one hit us. It was a miracle.” The Meltons, both nurses, call that event their “wake-up call.”
But the wreck brought into focus for the Meltons, members of Quail Springs Baptist Church, the reason why a young family needs a will--to designate guardianship for their minor children. “We didn’t care who took our house or our things. Our main concern is our children,” said Sumer, who is expecting their third child in March. The Meltons knew that the Foundation helped families
“Both of us could have died, or one of us could have
and individuals with the expenses of a will or trust if a
died, and the kids could have lived, but where would they
gift was left to a Southern Baptist ministry. They said the
have gone?” Jeff said. “It reminded us that if something
process was easy and they experienced no out-of-pocket
were to happen to us, we didn’t have a plan for our chil-
expenses.
dren.”
The Foundation reimburses a portion of your legal fees
The couple, married for eight years, had talked for years
if you choose to leave a 10 percent charitable gift to min-
about doing an estate plan but put it off for the same rea-
istries at your death, at least half of which must be left to
son many young families delay the step.
a Baptist ministry and may include the Southern Baptist
“We thought because we were young and didn’t have many material things built up that it wasn’t time to have a will. I think many young families think that way. You just
church where you worship. The Meltons have designated Hope Pregnancy Center and Oklahoma Baptist Homes for Children in their will.
Currently, the Auguie Henry Society has 295 members, who as a group since 2006, have gift or designated as future tesmillion for ministry causes.
www.bfok.org
The Baptist Foundation of Oklahoma
tamentary gifts more than $28
Generosity
given in the form of a planned
7
President’s Circle
Client
BRONZE
SILVER
Mr. and Mrs. John Bengs, Kingfisher Ms. Nancy Brooks, Lawton Mr. and Mrs. Ray E. Cripps, Ponca City Mr. and Mrs. Tom Evans, Cherokee Mr. and Mrs. Kent Kellogg, Fort Gibson Mr. and Mrs. Ernie Perkins, Oklahoma City Dr. Max Price, Oklahoma City Mr. and Mrs. Dennis R. Tate, Ada Mr. and Mrs. Dan VanZandt, Oklahoma City Ms. Pat Wright, Edmond
Mr. David W. Bardwell, Sr., Edmond Mr. and Mrs. Jack F. Box, Bixby Mr. and Mrs. George A. Cannon, Norman Dr. and Mrs. Randal D. Ice, Edmond Mr. and Mrs. Bobby Jones, Ardmore Mr. Bennett Kerr, Amarillo, Texas Mr. Earl McCroskey, Oklahoma City Mr. Jim Myrick, Stanton, Texas Mr. and Mrs. Lee W. Rice, Oklahoma City
For Annual Gifts of $1,000 to $4,999
For Annual Gifts of $5,000 to $9,999
Legacy Society ARCHITECT
For cumulative gifts of $25,000 to $99,999
Generosity
The Baptist Foundation of Oklahoma
Mr. David Bardwell, Sr., Edmond Mrs. Marilyn A. Bryant, Lindsay Mr. and Mrs. David O. Travis, Wagoner Mr. Paul Woolsey, Edmond
8
Appreciation GOLD
For Annual Gifts equal to or greater than $10,000 Mr. and Mrs. Robert S. Bokies, Durant Mrs. Marilyn A. Bryant, Lindsay Mr. and Mrs. Ansel Cowan, Enid Mr. Richard C. Estes, Bartlesville Mr. and Mrs. Robert Kellogg, Shawnee Mr. and Mrs. Tom Kiser, Drumright Mr. Wallace J. Martens, Turpin Dr. and Mrs. William R. Mitchell, Tecumseh Ms. Emma R. Moore, Vinita
Mr. Charlie L. Phillips, Caney Mrs. Gereatha Rayburn, Durant Mr. Robert F. Ringwald and Dr. Leta O. Ringwald, Oklahoma City Mr. and Mrs. Donald Scott, Wichita, Kansas Mr. and Mrs. David O. Travis, Wagoner Mrs. Laura M. Twellman, Woodward Mr. and Mrs. Gil Wallace, Ardmore Mr. Paul Woolsey, Edmond
BUILDER
PILLAR
Mr. and Mrs. George A. Cannon, Norman Mr. and Mrs. Tom Kiser, Drumright Mr. and Mrs. Donald Scott, Wichita, Kansas
Mrs. Gereatha Rayburn, Durant
For cumulative gifts of $100,000 to $249,999
For cumulative gifts equal to or exceeding $250,000
Legacy Society members have reached cumulative giving levels for the period January 1, 2006 through July 31, 2009.
Generosity
In response to the current economy and an effort to be good stewards, the Foundation did not host its annual Client Appreciation Dinner but instead planned a 2009 Stay Home Event. The names listed on these pages are those who would have been recognized at the event.
www.bfok.org
The Baptist Foundation of Oklahoma
Stay Home Event
9
CHURCH BUILDING LOANS & INVESTMENT FUNDS The Little Church that Could
Ravia Baptist Church raised enough money to buy
adult classrooms.
land on which to build a new church and they had raised
The new building also has a covered drive and will hold
enough money to complete the outside of the building.
twice as many people, giving the church the opportuni-
But the project, which started two years ago, stopped be-
ty to grow as well as tend to very practical matters as a
cause they did not have enough money to finish the inside
church family.
of the building. “We’d prayed and prayed about how to complete the
“We’d like to be able to hold funerals in our own building,” Pastor Hartwell said.
project,” said Pastor Roger Hartwell. “We probably never
He explained that the current church auditorium is too
were going to be able to raise enough money on our own
small for a casket and mourners. Many times the church
to complete the church on our own.”
has had to hold funerals at other venues to accommodate
Pastor Hartwell had heard about the Foundation’s
attendees.
Church Building Loan program and that interest paid on
“I think it’s going to be a refreshing addition for our
a loan would go back into ministry. They called to invite a
members and the community,” said Hartwell, who is a
representative to share more information.
bi-vocational pastor. “When we prayed about the loan,
“The following Sunday we had a business meeting and
we asked God to close doors if it wasn’t his will and we
explained everything to the congregation that we had
prayed that if it was his will for us and he opened a door,
learned. We had a 100 percent vote to take out a loan with
we’d walk through it.”
the Foundation to finish out our church. I don’t know that
Pastor Harwell says the congregation plans to walk
I’ve ever seen that before in a church. We had a large turn-
through those new doors of Ravia Baptist Church by
out and everyone was in agreement.”
Thanksgiving.
Pastor Hartwell recalls that the church’s oldest member, a 93-year-old woman affectionately known as “Aunt Bea,” who raised her family in the church, had something to say after that meeting: “You had better hurry so that I can see the church built; I’m running out of time,” Pastor Hartwell recounted fondly. The loan will help the church do just that. Ravia Baptist is a small congregation, approx-
Generosity
The Baptist Foundation of Oklahoma
imately 50 in worship on Sunday. It celebrated
10
its 100th anniversary in 2005. For many years, it has met in two structures: a main building and a second building across the street that serves as the nursery and holds some Sunday school classes. Although the old buildings will still be used for youth gatherings, a fellowship hall, and overflow Sunday school rooms, the new 5,000 square foot building will have a large auditorium, nursery, office, baptistery, and four Sunday school units, some of which will be used for senior
Did you know? Sixty-six percent of the loans in the Foundation’s church building loan portfolio are to churches with Sunday school attendance of 150 or less. In 2008, those churches paid in excess of $1.5 million in interest on their loans, interest dollars that benefited Southern Baptist ministries.
The Future of the Estate Tax: The Clock is Ticking
DONOR SERVICES
By Dan Allen Senior Vice President, Donor Services Deadlines can be pesky things. None of us is immune to the pressure of our deadlines – not even our federal
gress revisits the subject and passes a new law to raise it to a higher level.
legislature. Congress set a deadline for itself regarding the future of the estate tax and the clock is quickly wind-
The Political Grapevine
ing down.
Of course, no one knows what Congress will decide by the end of 2009. But in an environment where deficits
A Brief Layman’s History of the Estate Tax
are increasing, Congress is skeptical about any new leg-
Most of us don’t pay much attention to estate taxes
islative effort that will reduce revenues. According to the
for two good reasons: first, we don’t want to pay it and second, we only owe it if we
Wall Street Journal on August 13th, one initial action may be an effort to pass a one-year
die. An estate can transfer an unlim-
measure to prevent the 2010 repeal of
ited amount of money to a surviving
the estate tax. Commentators on the
spouse without paying any estate tax.
political scenario anticipate that such a
So, most families that have to pay this
measure would seek to extend the 2009
tax experience it when they transfer
schedule through 2011.
their wealth to their children through their estate plans. In 2001, tax laws were changed to protect most American families from
The real pressing deadline for Congress is January 2011 when the estate tax is set to impact estates over $1 million. Look to see legislation introduced
ever having to pay the estate tax on the transfer of wealth
this fall to deal with the one-year extension and the fu-
from one generation to the next. Keep in mind that the
ture of the estate tax. President Obama and Senator Max
tax is based on the entire estate value including life insur-
Baucus have publically supported proposals that would
ance death benefits and retirement account balances. So
lock the level at $3.5 million with a maximum tax rate of
a family that does not consider themselves wealthy based
45 percent. However, with increasing deficits some leg-
on their cash position may have a substantial estate in the
islative observers are wondering if Congress will not opt
event of their deaths.
instead for letting the 2011 level return to $1 million.
Before 2001, a family with an estate over $600,000 was The new law put in place a schedule that increased the
The number of families affected by an estate tax that
amount a taxpayer could transfer tax-free at death. This
starts on the first dollar over a $1 million estate would be
schedule moved that amount up incrementally from
much higher than if the level is set at $3.5 million. Many
$600,000 to $3.5 million in 2009. Next year the federal
Oklahoma Baptist families would have to consider estate
estate tax will be repealed. Consequently, if a billionaire
tax planning as they review their personal estate planning
dies next year, and is not survived by a spouse, the federal
documents. To discuss how estate taxes might affect you
treasury stands to lose a considerable amount of revenue.
personally, please contact us at 1.800.949.9988 to sched-
In 2011, the amount will return to $1 million unless Con-
ule as estate plan review.
www.bfok.org
The Baptist Foundation of Oklahoma
Potential Impact Generosity
likely to pay an estate tax on the estate over that amount.
11
INVESTMENTS Market Report
David Depuy Vice President, Director of Investments
What a difference a year makes. It was during the third
from the March 2009 bottom. Even so, the index remains
quarter of 2008 that we first began hearing about and feel-
slightly more than 30 percent below its 2007 record high.
ing the effects of the “credit crisis.” The crisis played a
If you invest a thousand dollars in the stock market and
significant role in the deterioration of the capital markets,
lose 50 percent of your market value in a market crash,
which continued to erode well into the first quarter of
your portfolio will depreciate by $500 to $500. If you have
2009.
Fast forward to the third quarter of 2009 and we
the fortitude to stay invested in the stock market and you
see that virtually all equity and fixed investments experi-
reap a 50 percent increase from a market recovery, the
enced substantial gains. The S&P 500 index grew by 15.6
market value of your portfolio will have grown to $750,
percent during the quarter
9.7%
bringing the index’s yearto-date performance to 19.3
8.0%
percent. However, the same
6.0%
index remains underwater
4.0%
the recent market advances,
for the previous 12 months
2.0%
we still have considerable
(through September 2009) posting a total return of -6.9 percent. Similarly, the Bar-
6.2%
while we are thankful for
0.0%
The Baptist Foundation of Oklahoma Generosity
ground to makeup.
-1.5%
-2.0% -4.0%
hind your original market value. All that to say,
5.4%
The good news is that it AUG. 2008 CPI
AUG. 2009 CPI
clay’s Aggregate Bond Index,
12
still $250 or 25 percent be-
10.0%
AUG. 2008 AUG. 2009 unemployment unemployment
appears that the recession may be over and that we
formerly the Lehmann Brothers Aggregate Bond Index,
are entering into the first stage of an economic recovery.
increased 3.7 percent during the third quarter, 5.7 percent
The bad news is that in September consumer confidence
year-to-date. Contrary to their equity index counterpart,
and consumer spending fell while the unemployment rate
the Barclay’s Index is positive 10.5 percent for the trailing
grew. While the long-term effects of the stimulus pack-
12 months (through September 2009).
age and bailout efforts are debatable, clearly the massive
In September of last year the Foundation’s investment
deficit spending by the government has caused many to
committee adopted a defensive investment strategy for
worry about the possibility of inflation. Federal Reserve
our endowment portfolio, increasing fixed income ex-
Chairman Ben Bernanke recently opined that the cur-
posure and decreasing equity exposure. As a result, we
rent recovery will likely be weak as a result of growing
dampened the impact of the market crash on our client’s
unemployment and limited job growth. Historically, the
endowment portfolios. Recently, we have slowly begun
Federal Reserve has not raised rates during a time of in-
to rebalance our portfolios back to their strategic asset al-
creasing unemployment. Our graph shows that we have
location targets, which we anticipate will be completed by
actually experienced deflation in the past year as the un-
year-end. During the third quarter, the Foundation’s di-
employment rate has increased. That is not to say that
versified portfolio of stocks, bonds, alternative assets and
inflation will not occur in the future, but that in the next
cash grew by 7.8 percent for year-to-date performance of
few months inflation appears to be highly unlikely.
11.1 percent. The S&P 500 index has rallied approximately 60 percent
If you have any questions about Foundation investments, please contact us at 1.800.949.9988.
Non-Profit U.S. Postage
PAID
3800 North May. Ave. Oklahoma City, OK 73112
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