wfn.org | President And Chief Executive Officer Elected

[PCUSA_NEWS@ecunet.org]

7-Mar-96

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 
Mid-America. 
 
     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. 

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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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