Financial Leadership Ministry Excellence Fund (MEF) Consumer Aid Grant Synopsis Overview The Lilly Endowment has given us a unique opportunity to address economic challenges that face our ministerial community. Although we are unable to address everything, the Financial Leadership team is eager to help. As a result, a grant that targets punitive consumer debt and burdensome student loans (with high interest rates) is being made available through the Ministry Excellence Fund. An award of up to $10,000 is available for approved applicants. An additional amount could be included if it is necessary to address any potential tax implications of a grant. of this part of the Financial Leadership initiative are to improve the financial wellness The goals of credentialed Covenant ministers and their families so that: Financial pressures that inhibit effective leadership are reduced; A significant (and sustained) impact is created in overall financial health; Longevity in pastoral ministry is encouraged through an improved quality of life; Faith and finance become common Christian formation themes; Financial leadership proficiency is expanded benefitting the minister, his/her family, and the congregation; There is an increase in congregational health, vitality, and mission strength through application of Financial Leadership training; Generosity can be modeled through the opportunity to pay forward resources for the next set of pastors who will participate in this program. Please review the grant eligibility requirements at financialleadership.covchurch.org. Consumer Aid Grant Essentials This grant is aid that targets (1) punitive consumer debt; and (2) burdensome ministerial student loans - with the emphasis placed on punitive consumer debt. There are no exceptions to these two targets. Consumer debt with punitive or terms will be considered. Burdensome student loans incurred in the pastor’s entry level ministerial education will be considered for those who have been out of school for at least two years and are considering no additional formal education for the next 18 months. All grantees will be to sign a non-binding pledge agreement to pay forward an amount equal to the original grant over time. Therefore, the major benefits of this grant generally accumulate through the elimination of high interest rate debts and the accompanying payments associated with them resulting in a material improvement of cash flow. Alongside these benefits is the broader participation in the grant interactions for personal/formational development.
Financial Leadership Ministry Excellence Fund (MEF) Consumer Aid Grant Synopsis Overview The Lilly Endowment has given us a unique opportunity to address economic challenges that face our ministerial community. Although we are unable to address everything, the Financial Leadership team is eager to help. As a result, a grant that targets punitive consumer debt and burdensome student loans (with high interest rates) is being made available through the Ministry Excellence Fund. An award of up to $10,000 is available for approved applicants. An additional amount could be included if it is necessary to address any potential tax implications of a grant. The goals of this part of the Financial Leadership initiative are to improve the financial wellness of credentialed Covenant ministers and their families so that: Financial pressures that inhibit effective leadership are reduced; A significant (and sustained) impact is created in overall financial health; Longevity in pastoral ministry is encouraged through an improved quality of life; Faith and finance become common Christian formation themes; Financial leadership proficiency is expanded benefitting the minister, his/her family, and the congregation; There is an increase in congregational health, vitality, and mission strength through application of Financial Leadership training; Generosity can be modeled through the opportunity to pay forward resources for the next set of pastors who will participate in this program. Please review the grant eligibility requirements at financialleadership.covchurch.org. Consumer Aid Grant Essentials This grant is aid that targets (1) punitive consumer debt; and (2) burdensome ministerial student loans - with the emphasis placed on punitive consumer debt. There are no exceptions to these two targets. Consumer debt with punitive or terms will be considered. Burdensome student loans incurred in the pastor’s entry level ministerial education will be considered for those who have been out of school for at least two years and are considering no additional formal education for the next 18 months. All grantees will be to sign a non-binding pledge agreement to pay forward an amount equal to the original grant over time. Therefore, the major benefits of this grant generally accumulate through the elimination of high interest rate debts and the accompanying payments associated with them resulting in a material improvement of cash flow. Alongside these benefits is the broader participation in the grant interactions for personal/formational development.