Everence President and Chief Executive Officer Ken Hochstetler
Last year, we helped 282 members with financial planning services, including 41 pastors through our Pastoral Financial Wellness Program (funded, in part, with support from the Lilly Endowment Inc.). We know that finance issues look different for everyone, especially during economic uncertainty. That’s why we also offer no-cost budget and debt counseling – a service that, since 2008, has helped Everence members and clients pay off more than $1.8 million in debt. And, our financial consultants are helping people determine the steps needed stay the course and meet their long-term goals.
Since 2016, the Everence Pastoral Financial Wellness Program has helped pastors facing financial stress by providing more than $937,000 in financial assistance grants, $163,000 in financial planning subsidies, and 60 education events with nearly 1,500 participants across the country. And thanks to another generous $1 million grant from the Lilly Endowment, we’ve expanded the program to pastors from our more than 30 affiliated denominations and church networks.
In 2019, we distributed more than $853,000 in Everence Sharing Fund grants, which was matched by another $1.2 million from churches to ease the financial burdens of thousands of families. For 2020, we’re doubling the amount of Sharing Funds available, to help churches assist those facing serious financial needs because of to COVID-19, including pastors losing income due to reduced giving in the midst the pandemic.
In 2019, Everence Foundation disbursed $49 million to more than 3,000 congregations and nonprofit organizations on behalf of donors. This year, Everence has also joined with Mennonite Disaster Service and Mennonite Central Committee U.S. to provide grants to help churches facing financial crisis due to the coronavirus pandemic, through the COVID-19 Congregational Relief Fund. By contributing to this fund – or supporting other charitable causes – individuals, families, organizations and churches are making an impact for generations to come.
Despite the economic turbulence, Everence remains financially stable and sound. Our net operating income for 2019 was just over $1.7 million. Assets under management increased from $3.79 billion to over $4.48 billion as of Dec. 31, 2019. And, the equity of all of our regulated entities exceeds the required minimum levels to provide strength and confidence for future adversity. Of course, 2020 will look entirely different and we are adjusting to new realities by reimagining products and services and seeking opportunities to help more people with their financial stewardship.
In 1945, Everence was founded to provide mutual aid to people with financial needs following the economic difficulties of the 1930s. For 75 years, we have committed our work to the Lord and invested in enduring values – like hope and sharing, love and caring. These same values will help us navigate the days ahead and continue to cultivate and grow the lives we share.
Sincerely,
Kenneth D. Hochstetler
President and Chief Executive Officer
"Commit your work to the Lord, and your plans will be established.” – Proverbs 16:3 (NRSV)