Over the past few weeks, national economies around the world have been staggered by the unprecedented volatility of the financial markets. We have witnessed the government intervention in the banking industry in an attempt to bring stability to the global economy.

All of this is having an impact on the international Church of the Nazarene. Our people, too, are seeking to find some kind of certainty in the midst of this economic crisis.

Many have been deeply affected by these circumstances. As a result, local churches are being called on to assist families who suddenly find themselves without an income — in some cases, without a home. Developing areas of the world are caught in this financial turmoil in painful ways as well.

The Board of General Superintendents is mindfully aware of this volatile situation.

These are distressing realities facing all of us, but of this we are sure: God is still on the throne, Christ is still the head of the Church, and the mission will prayerfully move forward.

Each of the general superintendents is engaged with our leaders around the world, addressing the economic climate changes. The leaders at the Global Ministry Center and regional offices are carefully evaluating the use of the resources entrusted to the church. We are accountable for the gifts of God's people to fund the church's mission.

The Board intends to act in such a way that the denomination remains focused on its mission "to make Christlike disciples in the nations" while caring for the needs of those around us.

The following statement has been issued by the Investment Committee of the General Board of the Church of the Nazarene. The committee members are men and women responsible for the funds invested in behalf of the church and who carefully monitor the proper placement of those funds for the sake of the Church of the Nazarene and her mission:

The Board of General Superintendents and the General Board of the Church of the Nazarene have established an Investment Committee to recommend and implement investment policy. Current members of the Investment Committee are Marilyn McCool, Art Shingler, Charles Davis, Hardy Weathers, Melvin McCullough, Ron Mercer, and J. David McClung. The Investment Committee uses the services of Watson Wyatt Worldwide as investment consultant.

Long before the current crisis, the Investment Committee had policies in place that limit the exposure of the Church of the Nazarene to market fluctuation. Church assets are invested in highly diversified portfolios so that potential loss to the Church of the Nazarene from the failure of any specific business is limited. An asset allocation between equity and fixed income investments is maintained with the objective of retaining and increasing value over the long term. 

Because strategic investment policies are in place, it has not been necessary for the Church of the Nazarene to take any drastic steps to address the current financial crisis. As with any diversified portfolio, the current market value of the Church of the Nazarene investment portfolios has declined with the market; however, the church has maintained enough liquidity that selling highly-devalued assets into a depressed market is not necessary. 

The financial institutions that are working with the Church of the Nazarene are continuing to fulfill their obligations without interruption. Funds deposited with the Church of the Nazarene Foundation are managed by TIAA-CREF. Assets held in the Church of the Nazarene 403(b) plan for participants are managed by Fidelity Investments. Assets of the Church of the Nazarene Pension Plan and the Operating Pool are managed by a variety of firms selected by the Investment Committee. All of these companies are performing in accordance with their management agreements. The Church of the Nazarene is not currently experiencing any restrictions on access to its funds.

The Investment Committee is confident that it is acting prudently on behalf of the Church of the Nazarene. We serve a great God who is able to guide us through these turbulent times. Our prayer is that God will grant wisdom.
 

The Board of General Superintendents is grateful for the wise leadership of General Treasurer Marilyn McCool, General Secretary David Wilson, and the Investment Committee. We join the faithful people of the Church of the Nazarene worldwide in continuing to seek God's wisdom and guidance as we plan for the future of His church and her mission.

We encourage the church to stay focused on Jesus Christ, the hope of the world. "He is before all things, and in Him all things hold together."  (Col. 1:17 NASB)

Jesse C. Middendorf, Chairman
For the Board of General Superintendents