Hawkins reports on Year of Perspective
November 5, 2009
DALLAS — GuideStone Financial Resources President O. S. Hawkins updated trustees on the successes of the first three quarters of 2009 including how the GuideStone staff has demonstrated perspective in the midst of one of the greatest economic crises in our nation’s history. Trustees also received a report of operations from chief operating officer John R. Jones and approved the 2010 budget.
Trustees met in regular session November 2–3.
Each year GuideStone selects a scripture verse and a theme to guide the work of the Dallas-based organization. In 2009, the ministry of GuideStone employees has been guided by the theme, The Year of Perspective. The theme verse is taken from Habakkuk 2:3, which says, “Though the vision tarries, wait for it; it will surely come.”
Hawkins reminded trustees that “In times of uncertainty we can give up, give in or give out. However, through the power of God’s leadership we must reach up seeking His guidance. We must reach in to fine-tune our processes and make the most of the resources that we have. And we must reach out to our participants in helping them to also gain a proper perspective as they navigate these tumultuous times of financial crisis.”
Reporting on operations, Jones summarized the financial status of GuideStone through the first nine months of the year. “From a low point of $6.9 billion in assets in March of this year, our asset base at the end of September was $8.8 billion, an increase of 31%.”
“The substantial increase in the assets reflects the upward movement we have seen in the financial markets and underscores the importance of staying invested in a planned allocation to take advantage of the improved performance in the financial markets.”
The overall performance of the GuideStone Funds was positive for the year both on an absolute basis and a relative basis. Jones reported on the ranking of GuideStone Funds in the latest fi360 report.
“GuideStone Funds was ranked at the 26th percentile among mutual fund families in the most recent Fund Family Fiduciary Rankings prepared by fi360,” Jones said. “That means we ranked higher than 74% of all other mutual fund families ranked by fi360.”
The fi360 report ranks approximately 213 mutual fund families based upon the percentage of their individual funds that pass fi360’s due diligence screens. These screens include the fund's track record, assets, management tenure, style consistency, expense ratio, risk-adjusted performance and performance relative to their peer group, among other criteria.
“Additionally, for the first nine months of this year, nine of 11 GuideStone Select Funds performed better than their respective benchmarks,” Jones told trustees.
Interest in GuideStone’s new Property and Casualty products continues to grow. Jones reported to trustees that GuideStone is now covering churches and ministries in 15 states and is licensed in 38 states with applications for licenses in the remaining states. Churches and ministries seeking more information about coverage offered through GuideStone may log on to the Property and Casualty program website or call 1-877-455-GSPC (1-877-455-4772).
Jones also reviewed the success of GuideStone’s Mission:Dignity program for the first nine months. This program provides particular assistance to retired ministers or their widows who have significant financial needs.
Jones said, “Since the first of this year, 3,833 donors have made gifts to Mission:Dignity and 1,064 donors made their first gift. We are grateful that churches and individuals have continued to support this vital ministry even in the midst of a difficult economic period.”
Individuals and churches are invited to participate in the Mission:Dignity program. For more details on the Mission:Dignity ministry, call toll-free at 1-888-98-GUIDE (1-888-984-8433); visit the Mission:Dignity website or send an e-mail message to MissionDignity@GuideStone.org.
Greg Bibb (Kentucky), chairman of the trustees’ budget subcommittee, reviewed the operating budget proposed for 2010 and it was unanimously adopted by trustees.
“GuideStone’s performance, as it relates to budget issues, was excellent in 2009,” Bibb said. “Management made additional expense reductions well below the approved budget while at the same time continuing initiatives in insurance, financial advice and technology improvements. The proposed budget is 15.5% lower than the originally approved 2009 budget.”
GuideStone receives no Cooperative Program funds for operations from the Southern Baptist Convention, but pays all expenses from an advisory fee on its investment funds offered through GuideStone Funds.
The trustees’ relief committee approved applications adding 35 individuals to the financial assistance roll. Eight individuals were approved for grants.
Other action by the relief committee included approving a $200 Christmas check for each eligible financial assistance recipient on the roll as of November 1, 2009. Funds to provide the special Christmas check are made possible through GuideStone’s endowment program.
In closing remarks, Hawkins reminded trustees of GuideStone’s vision statement which declares, “GuideStone Financial Resources exists to honor the Lord by being a lifelong partner with our participants in enhancing their financial security.”
Hawkins told trustees, “Our vision statement helps us to have the right perspective as we do our work. We reach up as we seek to honor God, we reach in as we strive to be a lifelong partner with our participants and we reach out as we diligently work to enhance the financial security of those we serve.”
| You should carefully consider the investment objectives, risks, charges and expenses of GuideStone Funds before investing. For a copy of the prospectus with this and other information about the funds, please download a prospectus (pdf) or call 1-888-98-GUIDE (1-888-984-8433). You should read the prospectus carefully before investing. |
The Fund Family Fiduciary Rankings™ is a quarterly report on the major fund families. Fi360 leverages the technology used to determine the Fi360 Fiduciary Score™ for mutual funds and exchange-traded funds to establish a ranking for each family. Only shops with five or more funds with at least a three-year track record are considered in the report. Within each fund family, the percentage of funds that have either a “Passed” (Fi360 Fiduciary Score™ 0) or "Appropriate” (Fi360 Fiduciary Score™ 1-25) classification is calculated. This percentage is then used to rank order the families. In the instances where two or more fund families tie (share the same percentage), preference is given to the shop with the greater number of funds offered. All fund share classes are considered in the rankings.
Lipper Rankings are subject to change monthly. Past rankings are no guarantee of future rankings. Investment return and the value of an investor's shares will fluctuate. Shares may be worth more or less than original cost when redeemed.
GuideStone Funds shares are distributed by PFPC Distributors, Inc., a registered broker-dealer and underwriter of the funds, 760 Moore Road, King of Prussia, PA 19406.
Word Version: Hawkins reports on Year of Perspective