June 1, 2022
By Jeff Huett
DECATUR, Ga. ─ The CBF Foundation will now waive management fees of 50 basis points (0.50%) for current and future church accounts, Foundation President Shauw Chin Capps and the Foundation Board of Trustees announced today.
The move comes as the CBF Foundation, in partnership with the Cooperative Baptist Fellowship, seeks even greater ways to serve CBF partner congregations, as many churches continue to navigate financial strain.
Funds from individuals and CBF partner organizations will continue to pay management fees, including CBF and CBF Foundation.
The CBF Foundation exists to raise and manage long-term funds for CBF strategic initiatives and CBF partner organizations and churches. A primary focus of the Foundation is to work with churches to help them leverage their own long-term assets to build financial resources for sustainability of ministries and mission. Harnessing the CBF Foundation’s total assets under management, which tops $62 million, provides value for congregations as it unlocks the best fee schedule with the CBF Foundation’s account servicer, HighGround Advisors.
Prior to this move by the Foundation, congregations were responsible for management fees for the services of HighGround Advisors, as well as the CBF Foundation. To make the investment of funds with the CBF Foundation more advantageous for churches, CBF and the Foundation sought and were awarded grant funding from the Eula Mae and John Baugh Foundation.
Capps said the decision to take this new strategic direction is a bold next step in both providing added value to CBF churches and also opportunities for more churches to partner with CBF.
“One consistent thing I’ve heard since taking on the role of president at CBF Foundation from current and past board members, donors, and those who have had a hand in the birth of the Foundation, is the deep desire for the sustainability of the CBF movement,” Capps said. “This includes our partner churches. We are a Foundation today serving the CBF community with assets totaling more than $62 million because of the commitment and leadership of individuals within CBF who understand the importance of having a Foundation arm to support the sustainability of CBF’s mission and ministries for generations to come.
“We take seriously our mission to walk alongside churches to support their mission by providing a way for them to invest in their future,” Capps continued. “This decision can be catalytic in putting more money into the pockets of churches so that they can do more ministries and achieve greater impact for God’s Kingdom. It is also a reflection of a mission-focused organization that I am proud to serve.”
Charles Cantrell, board chair of the Foundation, expressed excitement about eliminating fees for churches.
“This action demonstrates in a tangible way the Foundation’s desire to walk with local congregations and support their ministries,” Cantrell said. “I am also thankful for the creative ways in which the Cooperative Baptist Fellowship and the CBF Foundation are coordinating their efforts to effectively provide efficient and innovative ways to be good stewards of resources while effectively assisting congregations, organizations and individuals in our shared goals.”
CBF Executive Coordinator Paul Baxley said he celebrates the Foundation Board’s visionary and courageous decision to waive their management fees for church accounts.
“This positions the CBF Foundation to serve many more CBF congregations while also participating in the growth of our Fellowship,” Baxley said. “It is a next step in our Fellowship’s response to the significant financial strain being experienced by many of our congregations. I look forward to working with Shauw Chin, other staff of the CBF Foundation and the CBF Development team, and members of the CBF Foundation Board to make sure CBF congregations know the tremendous opportunity this presents.”
Jean Willingham, immediate past chair of the Foundation Board, said that the strength of the Fellowship is in opportunities just like this.
“I’m excited about the opportunity that this provides allowing even our smallest churches to invest using the professional expertise of the Foundation and enabling all churches to invest at a lower fee structure usually only available to large investors,” Willingham said.
Mimi Walker, a Foundation Board member and senior pastor of The Church at Ponce & Highland in Atlanta, expressed appreciation to the Baugh Foundation for its support.
“As a pastor and board member of the CBF Foundation, I am excited about the new strategic vision and plan that will help churches build the financial resources needed to develop and maintain sustainable ministries and mission endeavors,” Walker said. “I am grateful to the Baugh Foundation for providing the initial catalytic grant which will assist churches investing through the CBF Foundation.”
Jorge Zayasbazan, senior pastor of Baptist Temple Church in San Antonio, Texas, and a Foundation Board member, said that “recent events have shown us the need to plan for future disruptions in churches’ income.”
“Good stewardship compels us to use good years to prepare for lean ones,” Zayasbazan said. “This plan will help churches make the best use of God’s provision.”
Foundation Board Vice Chair Parks Avery said the Foundation Board, and especially its investment committee, “are very excited about the opportunity to offer our church families an outstanding value for professional investment management through the CBF Foundation.”
“We are so blessed to receive grant assistance to help offset some of the cost of operations to give our church partners a lower cost structure during these tough economic times for churches. This is an opportunity for some congregations to tap into a first-tier investment management program.”
CBF partner churches interested in further exploring how CBF Foundation can assist them or for a comparison of a church’s current return and fees from another financial institution with that of the Foundation, please contact Shauw Chin Capps at email@example.com.