Market declines won't affect Adventist Church's investment strategy, leaders say
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But economy could affect tithe |
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Adventist Church associate treasurer Roy Ryan fields questions from leaders at the church's headquarters September 18. [photo: Megan Brauner/ANN]
Seventh-day Adventist Church finance officers say they are not currently considering a change in investment strategy in light of recent economic declines, a move they say is "prudent" considering their long-term focus.
As major U.S. investment banks fold during a global credit crunch resulting largely from a slump in the U.S. housing market, church officials plan to continue a 20- to 30-year outlook for managing the world church's retirement fund investments. The church's ministry and ability to launch new initiatives would be most affected by any decrease in tithes and offerings, said Roy Ryan, associate treasurer and investment manager for the Adventist world church.
"We're monitoring the situation," Ryan said. "While it is fair to say that the budget being prepared for recommendation to Annual Council next month is not aggressive, we do feel that it preserves the ability of the church to move forward with its mission."
He later told some 80 church leaders during a regularly scheduled leadership meeting at the world church's headquarters on September 18 that the economy could be in "uncharted territory." The U.S. government has spent about $600 billion in the last few weeks to prop up financial institutions.
"A widely held view is that the housing market has to stabilize and that just hasn't happened at this point," Ryan told church leaders. Until then, he said the church would continue its current investment strategy.
"We feel the portfolios of the church's investments are prudently invested," Ryan said.
Church Treasurer Robert Lemon told church leaders he thought the market would recover as it has after previous downturns, albeit not as quickly.
"I'm fearful that after this particular drop -- because it has such wide underpinning on housing and the availability of credit -- the market will be slower to come back," Lemon said.
Church President Jan Paulsen encouraged church leaders, saying "None of us is a prophet ... but the Lord said, 'Do not worry about tomorrow.' That to me is a very fundamental statement. It's not light-hearted.
"We'll move forward in obedience to the Lord and do the best we can in mission," Paulsen said.
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ANN World News Bulletin is a review of news and information issued by the Communication department from the Seventh-day Adventist Church World Headquarters and released as part of the service of Adventist News Network. It is made available primarily to religious news editors. Our news includes dispatches from the church's international offices and the world headquarters.
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Rajmund Dabrowski, director; Ansel Oliver, assistant director; Elizabeth Lechleitner, editorial coordinator; Megan Brauner, editorial assistant. Portuguese translation by Azenilto Brito, Spanish translation by Marcos Paseggi, Italian translation by Vincenzo Annunziata and Lina Ferrara and French translations by Stephanie Elofer.
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