Also, the GBIF board of directors approved a total in excess of $700,000 in goodwill contributions to help a whole variety of Charis Fellowship ministries.
“We are grateful to God for a tremendous year,” said Ken Seyfert, president and CEO of the Foundation. “As interest rates have fallen, we have been able to maintain our rate to investors while keeping loan rates affordable and fair to borrowers. It is always our joy to share GBIF’s earnings to help Fellowship ministries.”
GBIF exists as a “church extension fund” affiliated with the Charis Fellowship of churches as defined by the North American Association of Securities Administrators. The ministry is regulated by the securities laws of the 38 states in which they have investors. The primary purpose of the Foundation is limited in scope by these regulatory authorities: “to enable individuals who support the objectives of the Charis Fellowship to invest funds at a reasonable rate of interest and to provide thereby a source of funding in the form of capital loans for acquiring, developing, and remodeling land and buildings for Charis churches, schools, and other associated organizations.” GBIF is precluded from making loans to individuals and can only loan funds to 501 c3 churches and organizations within the Charis Fellowship.