ALEXANDRIA – The Louisiana Baptist Foundation’s stocks outperformed the S&P 500 in each of the six time periods measured by its Smith Barney consulting group, trustees were told Jan. 26 at their quarterly meeting.
By Karen L. Willoughby
Managing editor
ALEXANDRIA – The Louisiana Baptist Foundation’s
stocks outperformed the S&P 500 in each of the six time periods
measured by its Smith Barney consulting group, trustees were told Jan.
26 at their quarterly meeting.
A careful look at the portfolio, explained in detail
by Lee Morris of Smith Barney, showed LBF stocks have returned 3.25
percent more than the S&P 500 annually for the last three years –
2003, ‘04 and ‘05.
“In late 2001, representatives from several
Louisiana Baptist agencies selected the Smith Barney Consulting Group
to help the LBF hire and monitor equity managers for LBF investments,”
said Wayne Taylor, executive director of the Foundation. “Several other
state Baptist foundations and the International Mission Board use Smith
Barney. A look at the last three-year performance charts proves the
selection was right.”
The assets managed by the LBF have grown by more
than $37 million in the 10 years Taylor has been executive director,
according to the 68-page, year-end report prepared for trustees, who
include two attorneys, two CPAs, a banker/CPA, business owner,
municipal investment manager, retired educator, retired state
agricultural department administrator, and three pastors.
In 1996, the market value of the Foundation’s
stocks, bonds and savings accounts was about $74.7 million. As of
December, it was nearly $112.2 million.
One item of business at the quarterly business
meeting was the reallocation of the Ruth Tait Keener endowment.
When she entrusted her money to the Foundation, she
directed the earnings each year be spread equally among five entities,
Taylor explained: the Baptist Retirement Center, Louisiana Baptist
Children’s Home, Louisiana College, Baptist Message and the Cooperative
Program.
Since the Baptist Retirement Center has closed, as
per her instructions, the trustees needed to determine how to disburse
that 20 percent of the interest. After limited discussion, the trustees
voted to increase by 5 percent each, the allocation given to the
remaining entities.
“She liked those [entities,]” trustee Edwin Dunahoe said. “She’d like it if we did it this way for her.”
That kind of personal attention to what matters is a
hallmark of the way the Foundation fulfills its responsibility, Taylor
said.
“The Foundation serves individuals motivated to be
good stewards of God’s blessings, people who desire to help Louisiana
Baptist ministries through current or long-term gifts,” Taylor said.
“We graciously receive the gifts, responsibly
invest, accurately account and faithfully distribute those gifts
according to the instructions given by the donor.”
In other business, trustees discussed the
possibility of managing a capital campaign ministry, and brokering
church building loans for the North American Mission Board, as ways of
ministering to Louisiana Baptists.
“It’s a wonderful service when you think about it,”
said Howard Cole, chairman of the Foundation’s operating committee, and
pastor of Providence Baptist in Shreveport.
“Interfacing with the churches is critical,” said Terry Booth, pastor of First Baptist Amite.
Trustees voted to proceed to explore the possibility
of partnerships with individuals or groups in helping churches with
their capital campaigns.
The Foundation’s annual report is available upon request.