ALEXANDRIA – The Louisiana Baptist Building in Alexandria was the location of the Louisiana Baptist Foundation’s last quarterly Board of Trustees meeting for 2010.
The meeting took place Oct. 26 with the Operating and Investment Committees meeting in the morning and the full board meeting in the afternoon.
The business addressed during the full Board of Trustees session was fairly routine, with the Trustees approving the budget for fiscal year 2011.
The new budget reflects a two percent decrease in projected expenses as compared to 2010.
In other business the Board approved allocating an additional $250,000 to offset any negative financial impact that may still occur from the recent economic crisis. The trustees made this move in an effort to assure the churches and institutions of the security of their funds invested with the LBF.
Trustees also approved a motion from the Investment Committee to establish a master limited partnership (MLP) account that will give the Foundation an alternative investment vehicle to help diversify the total portfolio. The amount invested in the MLP is limited to five percent of the total assets.
The Foundation already uses a preferred stock fund in a similar diversification strategy.
During the morning Investment Committee meeting, representatives of Weaver C. Barksdale & Associates made a presentation.This firm recently was hired to manage a portion of the fixed income assets for the LBF.
The board was given a history of the firm and the overall investment strategies that it employs.
Also during the Investment Committee, Lee Morris of Graystone Consulting updated the Trustees on the portfolio. The investment performance for the third quarter was very good, with equities gaining approximately 13 percent during the last three months.
Morris said he still was cautious in his outlook for the near future. He expects fixed income to hold steady while stocks likely will be stuck in a trading range for the next several years.
The Louisiana Baptist Foundation is tasked with encouraging and managing gifts for Louisiana Baptist churches and entities.
The next scheduled meeting for the Foundation’s Board of Trustees is Jan. 28, 2011.
To learn more about the work and ministry of the Louisiana Baptist Foundation and to see a list of current trustees, go to www.LBFinfo.org.
The Foundation receives 2.9 percent of Cooperative Program dollars from Louisiana Baptist churches retained for in-state missions and ministry needs.