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In Brief — Dec. 12, 2005 {0412}

In Brief — Dec. 12, 2005 {0412}

e-Review Florida United Methodist News Service

In Brief — Dec. 12, 2005

Dec. 12, 2005  News media contact: Tita Parham*  
800-282-8011   Orlando {0412}

Foundation raises development fund interest rates

An e-Review News Item
By Suzanne McGovern**

LAKELAND — At their quarterly meeting Dec. 3, members of the Florida United Methodist Foundation board of directors raised interest rates on Florida United Methodist Development Fund savings (participation) accounts to 4.25 percent and loan rates to churches to 6.25 percent.  

The new rate is the highest interest rate the foundation has paid since 2002 and reflects recent changes in interest rates set by federal and commercial lending and saving institutions, according to the Rev. Tom Marston, president of the foundation. 

Marston said development fund rates are subject to review by the board on a quarterly basis. "When setting rates we consider such factors as commercial loan rates and prevailing rates for three-month Treasury bills and one-year certificates of deposit," he explained.  "We don't try to compete with the commercial sector, but we do try to offer the best rates we can to our individual investors and churches." 

Money invested in the development fund is used to fund low-interest first mortgage loans to support construction, maintenance and expansion projects at churches and conference agencies. Since Jan. 1, 2005, the board has approved more than $13 million in loan requests. 

To learn about investing in or borrowing from the Florida United Methodist Development Fund, contact the foundation's toll-free number, 866-363-9673.


This article relates to the Florida United Methodist Foundation and Development Fund.

*Parham is managing editor of e-Review Florida United Methodist News Service.
**McGovern is associate vice president of planned giving-communications for the Florida United Methodist Foundation.