The document summarizes the 2010 financial reports of several Evangelical Covenant Church organizations. It shows that in 2010, Covenant World Relief distributed $981,000 and the Paul Carlson Partnership distributed $620,000 totaling $5.37 million since 2005. It also provides details on the budgets, funding levels, growth and performance of the Covenant Pension Plan, Bethany Benefit Service, National Covenant Properties, and Covenant Trust Company. An audit report gives positive ratings to the organizations for having balanced budgets, fully funded pension plans, enrollment growth, and exceeding financial benchmarks.

1. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT

2. The Evangelical Covenant Church Paul Carlson Partnership National Covenant Properties Covenant Pension Plan Bethany Benefit Service Covenant Trust Company Evangelical Covenant Church

7. Bethany Benefit Service (BBS) Medical Dental (including orthodontia) Life Insurance Long-term Disability Vision Benefit Prescription Drug

8. Medical Insurance Premium Increase Comparable market premium increases Bethany premium increases Cost $ avings

11. 1996-2008 Pension Benefit Enhancement Total Value $40 Million

12. Pension Benefits

14. Assets of Pension Fund Foothills Midrange Peaks ($ in millions)

16. Funding Comparison Covenant Pension Plan vs. Average Corporate and Public Plan Assets as % of Liabilities 100% 85% 70%

17. Assets of National Covenant Properties ($ in millions)

19. 2010 New Church Loans National Covenant Properties In 2010, National Covenant Properties loaned funds on 47 church projects with a total of $37,500,000 in new loans advanced.

20. Assets Under Management Covenant Trust Company ($ in millions)

22. AUDIT REPORT

23. Covenant Financial Report Card YES NO Unqualified Opinion  Balanced Budget  No Management Comments 

24. Bethany Benefit Service Report Card Medical Rate Increase < Competition  Significant Enrollment Growth > 5%  June 2011 Premium Waiver (saving churches $1 million)  Special Bethany Open Enrollment (including retirees)  YES NO Federal Tax Credit Assistance (saving churches $500,000) 

25. Covenant Pension Plan Report Card Pension Plan Full Recovery from Market Decline  Pension Plan Fully Funded  Pension Plan Exceeds Target Benchmarks  YES NO 2/09-4/11 Asset Increase of $76 million 

26. Covenant Annual Meeting 2011 FISCAL YEAR 2010 FINANCIAL REPORT