Greetings from the President...

I trust this letter finds you well and serving our Lord productively in your corner of His vineyard. We live in uncertain economic times, but many generations of  believers have been called to remain faithful through difficult days. That is exactly what we are striving to do here at the California Baptist Foundation.

As I write this letter to you, we are dealing with dozens of churches that are  struggling financially. Many of their church members are out of work and some have lost their homes, including some pastors. Others have had their incomes
reduced significantly. Churches are experiencing reduced giving which impacts their ability to meet their obligations. This has resulted in church loan and bond defaults, and even some foreclosures on church properties.

We manage two loan funds; the Church Loan Fund (CLF) and the Church Capital Fund (CCF). For the first time in its 15-year history, the CLF missed maturity payments to investors beginning last November. As a result, the trustee of the CLF has taken control of the CLF’s assets for the benefit of the investors. That trustee has asked us to assist them with managing and liquidating the assets of the CLF. While the CCF also missed a payment to investors on July 1 of this year, we remain optimistic that it will overcome its cash flow challenges soon.

Please join me in praying for these churches that are struggling financially, and the investors who are being impacted. And pray for us as well. We are doing all we know to do, and trusting that God will do the rest.

Dr. Philip Kell
President/CEO
California Baptist Foundation