By John Hill, Editor,
*Specific details and rates are subject to correction. For more information, contact:
Rev. Don Fader
P.O. Box 1396
Kinston, NC 28530-1396
Email: dfader@smchf.com
Phone: 252-523-5800
On Tuesday, February 11, 2025, board members and representatives convened at La Grange First Free Will Baptist Church for the annual membership meeting. Chairman Mr. Dan Taylor called the meeting to order.
The Reverend Ronnie Hobgood delivered a brief devotion on the "cheerful giver." He emphasized how the CFA empowers individuals to sow seeds of faith in their communities and highlighted the biblical principle that those who sow bountifully will also reap bountifully. He concluded by underscoring how God's love fosters a spirit of generosity.
Mr. Gene Burket, Secretary, read the minutes from the February 13, 2024, meeting, which were approved as presented.
Mr. Taylor provided the financial report, noting that as of the meeting date, CFA's total assets stood at $5,468,807. The organization currently has $1,414,445 in loans receivable and reported total income for the year at $202,442, including $130,026 in investment earnings. After expenses, CFA reported total retained earnings of $91,241.
Historically, CFA has sold memberships for $25 each, with a cap of 200 memberships per entity. Many individuals, congregations, and ministries have purchased memberships to build the fund from which the Association provides loans. As of this meeting, CFA's total membership stands at 4,483, accounting for $3,061,024 of total assets.
The Reverend Don Fader, Executive Director, reported that several entities holding memberships were now defunct and proposed relinquishing those memberships. The Fourth Union of the Central Conference membership was transferred to and absorbed into the Central Conference. The memberships for Roanoke Valley, Beaufort Church, Whiteville Mission, Faith Mission (Leland), Hillsbury Church, Otway, and the Fifth Eastern Union were dissolved. This motion was approved by the voting membership.
During open business, Mr. Charlie Young was elected to the Board of Directors as a Member At-Large, with a term expiring in 2030.
The 2025 Budget was approved, along with a base lending rate of 7.50%. Current interest rates are as follows:
Endowment: 2.75%
Savings Accounts: 1.50%
Regular Accounts:
$50,000-$99,999: 1.00%
$10,000-$49,999: 0.75%
Less than $10,000: 0.35%
Promissory Notes: 2.75%
During the 2024 meeting, CFA noted an abundance of funds available for lending to OFWB churches and ministries but received few loan applications. To strengthen its financial position, CFA invested these funds. However, the organization remains committed to serving its community and explored whether its charter would allow broader opportunities to assist groups outside OFWB that closely align with its doctrine and traditions. This discussion proved valuable when two organizations solicited funds from CFA. While one did not align well with OFWB principles, the other was a Christian school.
Pamlico Christian Academy in Grantsboro, led by OFWB minister The Reverend Earl Sadler, was one such organization. The academy's statement of faith closely aligns with OFWB doctrine. The school is undertaking a $4,000,000 building project to construct new facilities, with plans available at pamlicochristianacademy.org.
Both the membership and Board of Directors expressed strong support for this initiative and discussed how Christian schools, daycares, afterschool programs, and other community services could be established through greater cooperation among OFWB churches. They recognized the vital role such ministries play in communities across the state and encouraged further exploration of these opportunities.
Without any further business, the meeting was adjourned. Lunch was provided by the Association from Murray’s Restaurant in La Grange.
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