Clergy Development is thrilled to announce that IPHC has been awarded a $1.25 million grant from Lilly Endowment to fund the Pastor Care Initiative. Lilly Endowment made the grant through its National Initiative to Address Economic Challenges Facing Pastoral Leaders.
IPHC’s Pastor Care Initiative is poised to help meet the immediate and future financial needs that many pastors face. Essentially, the Initiative has both a “Now” and “Later” focus.
The “Now” grants will meet any immediate needs that the pastor may have, such as medical bills, student loans, “emergency” type necessities, etc. To take advantage of this opportunity, the pastor will need to:
- Submit a formal request for the financial need to be met.
- Be vetted by the Pastor Care Initiative Team, determining if the need can be met by this program.
- Ensure that the amount will be matched by the local church, local conference, or an outside source.
- The funds will be disbursed by the Pastor Care Initiative.
The pastor is allowed to apply for an amount up to $2,000.
The “Later” grants will help to position the pastor for a healthy financial future, including retirement. For this opportunity, the local church will agree to:
- Attend a basic financial training online
- Deposit $100 per month to the pastor’s retirement account, offered through IPHC’s retirement fund, GuideStone, every month for three years
- Pastor Care Initiative will then match the funds each month
If the pastor and the local church continue to contribute to this plan over the course of the three years, the contribution of $3,600 will be turned into $7,200 by the Pastor Care Initiative. Additionally, if the pastor commits to the program and remains faithful in financial contributions to the retirement account for one year, he or she will be gifted a $500 Certificate of Deposit with the IPHC’s Extension Loan Fund.
The Initiative will be led by Steve Ely, Director of Clergy Development, and the Program Coordinator of the Pastor Care Initiative, who will be named later. They will be assisted by field representatives that will work with the local pastors and churches to share information on this program and how they can become a part of this incredible opportunity.
With support of a Lilly Endowment planning grant in 2023, IPHC learned that pastors are ill-prepared for retirement, should he or she desire to retire. As many as 75 percent of IPHC pastors do not have enough savings for retirement, they do not know what type of retirement plan IPHC already has in place, and additionally, their local church makes no contribution to his or her retirement or even health insurance plans. Pastor Care Initiative is hopeful that this long-term program will be able to change these statistics by educating the pastors and the local churches of the benefits of sound financial planning.
Director of Clergy Development, Steve Ely, shared this about the Pastor Care Initiative: “I know from my own experience as lead pastor that personal financial pressures can be overwhelming at times. I am very excited about this opportunity to relieve some of that pressure for our pastors and prepare them for their future in the later years of pastoral ministry.”
Presiding Bishop A.D. Beacham, Jr. also shares in Ely’s excitement: “The Lord continues to bless the IPHC with grants from Lilly Endowment. I am particularly grateful for this grant as it will help our pastors in the near and long term related to their financial needs and security.”
Clergy Development is launching the Pastor Care Initiative this fall, hoping to emphasize this new opportunity offered through the generous Lilly Endowment grant, just in time for Pastor Appreciation Day in October. What better way to honor our pastors than to sow into their futures with a “Later” grant? Or to seek out an occasion to honor him or her with a “Now” grant?
Stay tuned for more information on this exciting opportunity at iphc.org or phpastor.org
