Assets of the Virginia Baptist Foundation reached an all-time record high this year, with a total of $78 million reported on Sept. 30.
This total represents the assets under management by the Foundation at the close of the third quarter of the year, said Todd Fuller, the Foundation's vice president and chief financial officer, who announced the record breaker. The mark eclipses the previous record of $77.4 million established at the end of August.
“The mission the Foundation has had since 1923 is to be a blessing to Virginia Baptists,” said Ken McFarlane Smith, chair of the Foundation's board of trustees. “Last year from funds that it manages as well as our own discretionary funds, the Foundation distributed over $3.2 million to Baptist causes. The Lord has increasingly given us the opportunity to serve Virginia Baptists and we are grateful.”
Ronald Hall, president and chief executive officer of the Foundation said, “This milestone is truly remarkable when you consider that the financial markets have been relatively flat or have operated in the red for much of 2005. I am thankful for the opportunity that these dollars will bring to support the continuing good efforts of so many of our ministry partners.”
Special to the Herald