Brief history
The mission of National Covenant Properties is to be THE loan source for Evangelical Covenant churches.
National Covenant Properties (NCP) was established in 1970 by the Evangelical Covenant Church (ECC) as an Illinois not-for-profit corporation for the purpose of making loans to member churches and other affiliated entitles of the denomination. NCP is registered as a 501(c)(3) organization.
Assets currently exceed $245 million. The principal source of funds to make loans is the sale of debt securities by NCP to members of, contributors to, participants in, and affiliates of the denomination and its member churches. The debt securities offered are Five-Year Fixed Rate Renewable Certificates, Variable Rate Certificates, Individual Retirement Account (IRA) Certificates, and Health Savings Account (HSA) Certificates. Certificates are sold nationwide under guidelines that apply to the various jurisdictions in which they are offered or sold by NCP.
National Covenant Properties operates under the loan and investment policies established by its board of directors. The board consists of not less than eight and not more than 13 directors, of which the president of NCP is an ex officio director, as is the president of the ECC. The board of directors meets every other month and currently approves every loan and line of credit in excess of $50,000 made by NCP. The corporate members of NCP are those persons who currently serve as elected members of the Executive Board of the ECC.
NCP functions in close partnership with the Department of Church Growth and Evangelism. The director of technical services of that department currently serves as the secretary on the National Covenant Properties Board of Directors. Consultations and coordination between the president of NCP and this ministry arm of the denomination are essential to the overall support provided to local churches and regional conferences, particularly for new Covenant churches.
Responsibilities
The president of NCP serves on a full-time basis, overseeing the work of a small staff and bearing overall responsibility for the successful management of this multi-million-dollar corporation. This responsibility includes financial, personnel, and systems management, as well as extensive and effective relationships with borrowers, investors, and board members. The president, a leader within the denomination, is charged with achieving the strategic goals established by the board of directors. The following outlines key aspects of the various functions of the president:
- Loans – The president personally works with leaders in churches, regional conferences and the denomination to offer guidance and to inform churches regarding NCP policies. The president assists borrowers in achieving their objectives while at the same time ensuring the financial integrity and viability of NCP, as well as fulfilling a fiduciary responsibility to investors. The goal is to establish and maintain a high level of “client” satisfaction, with effective communications and practical assistance. The president personally reviews all loan applications and tailors the structure of each loan to the specific circumstances of the individual church, consulting with others throughout the denomination as appropriate. The president recommends the most appropriate alternative among various courses of action open to NCP and offers supporting rationale. Guidance in contract and escrow matters, particularly when churches lack specific expertise, is provided as part of the ministry of NCP. Establishing and maintaining relationships with title companies, banking institutions and legal counsel are part of the daily interactions of the president. Of particular importance is the maintenance of effective working relations between NCP and the Department of Church Growth and Evangelism.
- Investments – In the area of investments and the generation of funds to continue this vital support ministry, the president is responsible for communicating opportunities and reinforcing the message of NCP’s mission with investors through direct mailings, responding to telephone inquires, and making presentations that outline the nature and purpose of NCP at annual meetings or other events. Leading and enhancing a “customer oriented staff” that cordially and professionally interacts with investors is a key responsibility of the president, in addition to providing timely and correct reports, maintaining accurate and accessible records, helping with certificate redemption or renewal, communicating interest rate changes, and assisting holders of IRA and HSA accounts on reporting consequences of various transactions. In addition, the president is responsible for selecting the type of and timing for prudent investment of the assets of NCP, following policy guidelines, so that funds are available to meet loan demand while providing the best available rate of return.
- Planning and Reporting – The president develops the rationale for recommendations for the rates that are set by the board of directors for both loans and certificate offerings, recommends new or revised policies, develops budget recommendations and annual projections, ensures accurate, comprehensive and timely reporting to the board of directors and to the Internal Revenue Service and other entities, and oversees the development and use of supporting systems (such as document storage, retrieval and application systems). Throughout the spectrum of activity, the president recommends, implements and monitors policies and procedures to ensure accuracy, security, and legal/regulatory compliance.
- Supervision – The president is responsible for all aspects of the organization, including the supervision and employment of all other members of the NCP staff. The president achieves goals and objectives by prioritizing and allocating staff resources as needed, and actively developing and counseling staff in their professional and personal career development
- Other Leadership Roles – The president serves as a member of the Council of Administrators of the ECC and as an advisor to the officers and Executive Board of the ECC. As a member of the council and advisor to the executive board, the president regularly participates in matters related to church development and financial management and is available to accept special assignments that occasionally come from the Council of Administrators. The president is also an ex officio director of Covenant Development Corporation, the real estate development arm of the denomination.
Qualifications
The president of NCP is someone who:
- Is a growing Christian-a person who loves God, is committed to following Jesus Christ and is responsive to the Holy Spirit. Anyone interested in this position is considered to be earnestly exploring whether it is God’s call for the next season of his or her life. Each candidate must demonstrate a high degree of personal integrity.
- Has sufficient background with the Evangelical Covenant Church so that he/she can quickly gain the respect and confidence of our churches and our investors. The successful candidate will communicate well and build successful relationships across all levels of the denomination. He/she must be willing to be a member of a local Covenant church.
- Has at least 10 years of increasingly responsible experience in the broad type of work done by NCP, with specialized experience in at least one of the following areas: financial management, accounting, investment, banking or real estate development. The ability to analyze financial reports and reach correct conclusions is a critical skill.
- Has earned a bachelor’s degree from a four-year accredited college or university, ideally in accounting or finance. The ideal candidate will hold a master’s degree in a related field.
- Possesses solid leadership, organizational, and problem-solving skills and demonstrates a desire to be helpful. The ideal candidate will have a minimum of five years of management experience.
- Can successfully pass background checks and security exams required under the various Blue Sky laws of the states, including the Series 63 and Series 2 criteria.
- Is able to travel up to 25 percent of the work time.
Work Environment
The offices of NCP are co-located with the central offices of the Evangelical Covenant Church in Chicago, Illinois. A traditional indoor office environment pertains. This full-time position requires 40-45 hours per week with occasional evening and weekend work. The president is required to represent NCP to its constituents at special events, to attend meetings of the board of directors, and to meet with other groups and officers of the Evangelical Covenant Church as needed. Compensation is negotiable, based on experience, a relocation assistance is provided.
Copyright © 2011 The Evangelical Covenant Church.
