NCTC Chair’s Message
April 13, 2018 by Serrita Bell
Each February I look forward to the New Covenant Trust Company’s overlapping meeting with the Presbyterian Foundation and the opportunity to update trustees on trust company activities. In Louisville on Feb. 22 I was delighted to announce new assets gathered of $49 million in 2017, raising the total NCTC assets under management to $230 million. We are both expanding and broadening NCTC’s business scope. New clients include two sister denominations and one of our seminaries. We are not only bringing in new clients, but the relationships are larger and have positive implications for our profitability. We have begun 2018 with a strong growth curve, solid margins on our business lines, generous levels of liquidity, and more than adequate capital.
As a board we continue to devote significant amounts of time and energy to strategic planning. Tactics and metrics are fleshed out by staff, and each meeting includes a review of progress. As we continue to grow, we are paying close attention to staffing needs and infrastructure adjustments to maintain high levels of service and client responsiveness.
Ultimately our mission at the trust company is to support the various ministries of the Presbyterian Church. We do this by annually up-streaming a licensing fee to the Foundation – currently about $225,000 per year. In addition, when NCTC has the capacity, we pay a dividend to the Foundation. I am delighted to announce a dividend of $225,000 paid at the close of our fiscal year March 31. With this payment, NCTC will have paid over $2.5 million in dividends since our inception in 1998.
In closing, I and the NCTC board would like to recognize and thank Donald S. Hunt for his dedication and service. Don is retiring after six years as Vice Chair and head of the Audit Committee. We shall miss his energy, thoughtfulness, and wisdom. Don’s infectious enthusiasm for Chicago baseball had us all rooting for the Cubs during the 2016 World Series.