From the Worldwide Faith News archives www.wfn.org
President And Chief Executive Officer Elected
04 May 1996 16:07:47
96096 President And Chief Executive Officer Elected
For PC(USA) Investment And Loan Program
by Julian Shipp
LOUISVILLE, Ky.--The board of directors of the Presbyterian Church (U.S.A.)
Investment and Loan Program, Inc. (PILP) has elected the Rev. Robert D.
Curtis as its president and chief executive officer. Curtis was elected for
a four-year term Feb. 5 at PILP's board meeting.
Since 1990, Curtis has served as chief executive officer of the Church
Development Corporation, a $16 million loan fund that serves the Synod of
Prior to his current assignment, Curtis was a pastor in Lexington,
Neb., and Oklahoma City, Okla. He is a graduate of Princeton Theological
Seminary in Princeton, N.J.
In July, the 207th General Assembly (1995) authorized PILP's creation
to build a $500 million capital loan fund by the year 2000 to expand and
strengthen the church. According to PILP chair Alvin N. Puryear of the
Bronx, N.Y., the corporation will provide below-market-rate loans for
capital needs from funds invested at competitive rates by members and
governing bodies of the church.
The loan fund program was first proposed by the Presbyterian
Foundation and similar programs are already operating in several other
mainline denominations. According to Terry Young, who helped develop the
Foundation's original proposal, the financial principle of the program is
simple: The corporation offers loans at 2-3 percent interest higher than
the interest it pays on the investments. The "spread" then pays the cost of
the program and generates additional mission dollars.
The denomination's current church loan fund is slightly over $100
million, with much of the money restricted for the purpose of church
development and redevelopment. A line of credit of $227,367 from the Church
Loan Fund was extended to the corporation in 1995 and an additional line of
credit of $295,985 for 1996 was approved by the GAC.
Other PILP officers are vice chair Richard Lohrer of Palos Verdes
Estates, Calif.; vice chair Anne Stelle of Chicago; treasurer G.A. "Pat"
Goff of Louisville; and secretary Eric Graninger of Louisville.
For more information contact Presbyterian News Service
Presbyterian Church (U.S.A.), Louisville, KY 40202
phone 502-569-5504 fax 502-569-8073
E-mail PCUSA.NEWS@pcusa.org Web page: http://www.pcusa.org
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