Where is the Market Headed? June 13, 2011
Posted by royceruckman in Investments.add a comment
Where is the market headed?
The stock market ups and downs in 2011 are looking much like 2010 so far. We have had a good up market for most of the year and now have had six consecutive weeks of down market. A similar thing happened last year and 2010 ended on a positive note with the S&P 500 being up over 15%.
If you have followed my earlier articles you know that I do a lot of reading in an attempt to get a feel for the market. I have recently read several articles indicating that 2011 will likely look much like 2010 with a strong beginning, a lull in mid year, and finish the year with positive earnings. In fact, some are even predicting 2011 ending with the S&P 500 being up 10% to 12%. On the other hand, some are seeing weakness in employment and high oil and commodity prices as indicators of a weakening stock market.
My consensus from all my reading is that we are likely to experience a down market early this summer, similar to what happened in 2010. High oil and commodity prices are slowing economic activity thus bringing stock prices down. However, a slowing of economic activity will result in lower oil and commodity prices and that will result in increased economic activity, particularly in the emerging markets. I believe the emerging markets will be the first to show improved activity and profits, followed by developed international markets, and lastly by the US economy. For this reason, I believe it is important to have a reasonable portion of the portfolio allocated to international securities.
On the fixed income side, we also have concerns. The US debt continues to climb and congress seems reluctant to cut spending or raise taxes to stop the debt from continuing to grow. Three credit rating agencies have cautioned that they will be forced to lower their rating of US debt if this is not corrected. Several large investment houses have already made a substantial reduction of US Treasuries in their holdings. Global bonds (except for Europe) seem to be much more stable and able to produce reasonable returns than are US Treasuries at this time. I believe this is the time to hold foreign fixed income securities in place of US government debt.
Need Help?
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy Investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
United Methodist Foundation of Indiana, Inc.
8401 Fishers Center Drive, Fishers, IN 468038
toll free 877-391-8811, cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.UMFIndiana.org
Is Your Plan Working? March 11, 2011
Posted by royceruckman in Investments.add a comment
Do you have an investment plan? If so, is your plan working?
There is an old saying, “if you don’t know where you are going, any road will get you there.” Unfortunately, some churches don’t know where they are going with their investments and they don’t like where they have arrived. Over the years I have consulted with many churches helping them develop a plan for their investments. Some have even developed a written investment plan, others just agreed on how to invest their assets.
In my many years of investment consulting with U.M. churches, I have seen several types of situations that have had very bad results. Some of the more common problem situations are described below:
- Some churches have developed a plan for their investments but did not stick with the plan. They were invested properly for their circumstances but after experiencing a loss year decided to move their assets into low risk investments such as money market funds, CD’s, etc. The result has been that they suffered a loss in the down year(s) but pulled out of the market before experiencing the market recovery years. This is painful. They suffered losses but missed the gains in the recovery years. A rule for investing is to buy low and sell high. The churches just described did the opposite, they bought high and sold low. This is a sure recipe to lose money.
- Some churches have no investment plan. Or rather, their plan is to “not lose money,” of course that is not really a plan. These churches tend to invest their assets in an attempt to avoid any loss of principal and ignore inflation losses and their loss of potential earnings. I have seen churches investing long-term assets such as endowment funds in money markets, savings or CD’s. The committee desires to avoid all market volatility loss but ignores inflation losses and the additional income that could have been earned with a more balanced portfolio. Earnings on short term interest bearing accounts will often not even cover inflation, many are only earning 1% to 2%. In a good balanced style portfolio, designed for moderate or long-term investors, they could be earning 8% to 10% or perhaps even more. For moderate to long-term investors, it is critical to invest for long term performance and be much less concerned with short-term market volatility.
- Some churches change their investments whenever new people come onto the committee. This is a sure road to disaster. If your investments are in a continual state of change because of the views of committee members, you have no plan and are almost guaranteed to lose money.
If you see your church in one of the scenarios described above, you definitely need investment guidance. We can help you develop a plan to maximize your investment returns and minimize your risk of loss.
The goal of investing-
- Is NOT to simply maximize earnings performance, and
- Is NOT to simply avoid loss through market volatility.
- The goal of investing is to maximize performance while managing (or controlling) all forms of risk.
Need Help?
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy Investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
United Methodist Foundation of Indiana, Inc.
8401 Fishers Center Drive, Fishers, IN 468038
toll free 877-391-8811, cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
Recent Non-profit Survey March 11, 2011
Posted by royceruckman in Investments.add a comment
A recent survey of non-profit investors reflects some interesting concerns. The biggest investment concern for non-profit financial executive poll participants during the coming year is to make asset allocation changes focused on downside risk protection. Over 80% of poll participants view downside risk protection as a priority for the coming year. Seventy-five percent of that group view this as a “high” or “extremely high” priority.
Forty percent of the poll participants indicated their organization is open to using outside investment service providers in their quest to reduce downside investment risk. More and more charities are looking to outsource many of the responsibilities related to investment management. This helps reduce time commitments and allows for greater focus on return enhancement and risk protection.
Some other key investment priorities mentioned by the survey respondents included:
- Best ways to make asset allocation decisions
- Ways to increase performance and reduce volatility risk by adding asset classes to the portfolio
- Ways to increase donor confidence in the organization’s investment policies
United Methodist churches throughout Indiana have access to a unique resource to assist in all the above mentioned concerns. The United Methodist Foundation of Indiana, Inc. offers a variety of investment resources to all local churches and church related organizations. Some of those resources include the following:
- We consult with churches to identify a proper allocation of assets to different asset types or styles
- We offer a sample investment policy and can help you develop a policy for your circumstances
- We consult with your decision makers on a variety of investment and stewardship related matters
- We offer 11 different investment pools in which IN U.M. church can invest. One of those investment pools was chosen specifically because of its long history of minimizing losses in down markets while producing outstanding long-term returns.
Need Help?
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy Investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
United Methodist Foundation of Indiana, Inc.
8401 Fishers Center Drive, Fishers, IN 468038
toll free 877-391-8811, cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
Where are we in the market cycle? January 20, 2011
Posted by royceruckman in Investments.add a comment
As any student of investments knows, markets move in cycles. The problem is it is very difficult to know how long, or how far, a particular market cycle will run. From the fall of 2007 through early spring of 2009 we experienced a devastating bear market causing many investors to lose nearly half their invested net worth. Since early March 2009 we have experienced excellent returns. Unfortunately, the 2007-2009 bear market resulted in a psychological block for many investors preventing them from enjoying the recent bull market. A broad segment of the public have such a vivid memory of the pain from those losses that they are still reluctant to get back into the market. This is similar to what happened in the 1930′s following the Great Depression. Many were so fearful of stock investments that they completely avoided stocks and missed out on some great returns.
Some are now questioning how long the current bull market will run or how high the market may go before shifting to the next bear market. If only there were some way to predict this with some accuracy. That is not possible because there are so many factors at work which impact the markets.
The year 2010 produced very nice returns. However, it was a rollercoaster year with some very good months and very bad months. About half the 2010 returns occurred in the month of December. Like it or not, market volatility seems to be here to stay. The days of a long steady upward market seems to be the thing of dreams or long ago memories.
It is important for most investors to stay focused on the long term and ignore the short term volatility. Yes that is very hard! It is easy to look at each dip in the market and wonder if that is the start of the next bear market. The big question today is, where are we in the current bull market cycle?
From my reading, there seems to be less diversity of opinion as to where the markets may go in 2011. The industrial economy has gathered some momentum, the emerging markets are surging, companies are flush with cash, and profits look set to rise decently again. Oh yes, you can always read an article predicting run-away inflation, or some other issue that could bring about the next bear market very soon. I suggest you ignore the authors that seem to predict the extremes and follow the thinking of the majority of economists and prognosticators. I sense more consensus that the markets will behave in 2011 similar to the way they did in 2010. That is, we are likely to end the year with the DOW producing 10% or better performance. I think most would agree there will be bumps in the road getting there. A long slow recovery is much better than a quick recovery that may not last. We clearly seem to be in the midst of a very slow, and probably long, economic and market recovery. This slow recovery should be good for investors even though it is not good for those who are unemployed or underemployed.
So, having said all that, where are we in the market. It appears to me we are in the midst of a bull market that will likely continue an upward momentum for the near future, at least through 2011, and probably beyond. If you are sitting on the sidelines in cash waiting for market stability before investing, you may miss out on significant returns. By the time the market looks stable, it will likely be near its peak. Those on the sidelines have already missed a major recovery.
Need Help?
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy Investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
United Methodist Foundation of Indiana, Inc.
1001 N. Western Ave., Suite D, Marion, IN 46952
toll free 866-669-2327, local 765-664-2327,
cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
2011 Investment Outlook January 13, 2011
Posted by royceruckman in Investments.add a comment
As investors look back over the last decade, the first decade of the 21st century, there is not much to feel good about. The Standard & Poor’s 500 stock index (excluding dividends) ended 2010 about 5% below its level 10 years earlier. This is only slightly better than the returns from 1930 through 1939 when the Great Depression devastated the economy. The Dow Jones industrial average was up about 7% for the decade. Hopefully, all that pain is behind us and we can
As we start a new year, many economists, consultants and financial advisors are offering their thoughts on what the new year may bring. As I have been reading many of those articles I see a common thread and decided to share it with our readers.
From my reading, it appears consensus that the worst of the recession is behind us. However, most are expecting a long and slow recovery for the U. S. economy. Talk of a double dip recession has all but disappeared from the discussion and now appears extremely unlikely. Unemployment appears likely to remain near the current 10% level for the near term. In spite of high unemployment, most commentators are generally upbeat about prospects for the economy. Modest growth of corporate sales is anticipated for 2011. Since corporations have become much more lean in order to survive the recent recession, those who survive will do all they can to remain lean, being reluctant to add employees or additional overhead. Thus, as sales increase, profitability will be high because of their low overhead.
As long as the U. S. and global economies continue to grow, corporate profits will likely follow. The Federal Reserve forecasts U. S. growth to be in the 3% to 3.6% range in 2011. Some observers are more cautious, some predicting only 1.5% to 2.5% growth. Regardless, if corporate sales increase, profits will increase and drive the stock market higher. The real question is how fast or high will the market rise.
The Fed’s investing billions in mortgage backed securities and treasury securities will create an “easy money” situation. This could easily help fuel corporate growth and profitability. On the other hand, it could result in increased inflation. Most commentators seem to think inflation is still a minor threat for the time being.
Many advisors are bullish about stocks for 2011, expecting returns equal to or exceeding 2010 performance. Some use a rule of thumb, “overweight stocks in the portfolio when 10-year treasury yields are below 3%.” Of course, that is the situation we are in.
Emerging market stocks are likely to continue to outperform U. S. stocks. The developed international markets are likely to be slow to recover and some (especially Europe)may continue to experience debt crisis. U. S. companies with a global reach are likely to outperform those with only a domestic focus.
Need Help?
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy Investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
United Methodist Foundation of Indiana, Inc.
1001 N. Western Ave., Suite D, Marion, IN 46952
toll free 866-669-2327, local 765-664-2327,
cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
2010 Market Review January 5, 2011
Posted by royceruckman in Investments.add a comment
The stock market finished 2010 with a very strong final month and a strong year. Of course the year was a roller coaster ride with a mix of good and bad months. For most of 2010 the market traded on news and fear of more bad news and ignored market fundamentals. As 2010 neared the end of the year, the market began to give more credibility to strong fundamentals. For much of the year, traders were concerned with the possibility of increased inflation, a possible double-dip recession, and of course, the credit crisis in Europe. Those fears now seem to be much abated.
From its low in March 2009, the S&P 500 is up 86%. The Nasdaq and Russell 200 indexes more than doubled in the same time. The S&P 500 ended the year with its strongest December since 1987. The December rally represented almost half the index’s appreciation for the entire year. The S&P Total Return Index was up 15.06% for 2010, an outstanding year. As they have done after previous recessions, small cap stocks led other domestic equities for most of the year. The Russell 2000 index (small cap’s)almost doubled the gains of the S&P.
With such a strong stock market in 2009 and 2010, we would assume most investors achieved outstanding returns during those two years. Wrong! For most of 2009 and 2010, investors continued to pour money into bond funds in spite of historic low interest rates. Many investors have continued to flee stocks and move money into bonds seeking safety. However, with historic low interest rates, and almost no possibility of rates going lower, those investors have set themselves up for a second round of severe losses. This is typical for individual investors ( and many church committees). They often move into stocks after a prolonged rally, often shortly before a severe downward correction. Those investors will often ride the market down and decide to get out near a market bottom. They then often sit on the sidelines waiting for the market to stabilize before moving back into stocks. It has been proven in many studies that investors would earn far more if they would develop a good market strategy, then stay with it through good markets and bad.
Several studies have shown that the average performance of mutual fund investors is approximately half the performance of the mutual funds they invest in. How can that be you say. It is because typical investors move into mutual funds after much of a rally has occurred and get out after a prolonged market decline. Thus their performance is half what it would have been if they had stayed fully invested throughout the market cycles.
I have also seen studies comparing hypothetical performance if an investor had invested at market peaks versus investing at market bottoms. Of course those who invested near market bottoms did better. However, even those investing at market peaks and remained invested through subsequent up and down markets outperformed typical investors who moved in and out of the market. There is an old saying, “investing success is about time in the market, not about timing the market.”
Need Help?
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
United Methodist Foundation of Indiana, Inc.
1001 N. Western Ave., Suite D, Marion, IN 46952
toll free 866-669-2327, local 765-664-2327,
cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
Time to Review Your Asset Allocation December 16, 2010
Posted by royceruckman in Investments.add a comment
Is the Bond Bubble Finished?
If you have been following my earlier postings, you know that I do a lot of investment reading. I have just finished reading two articles with very timely suggestions. For several months I have been reading that we are nearing a time when interest rates will begin to increase. In earlier articles I have suggested that church investors watch for signs of increasing interest rates as that will be an indicator of likely falling bond prices. Those concerns have intensified in recent weeks. One of the recent articles points out that interest rates have already started to rise and bond prices have started to fall. Five-year U.S. Treasury bond interest has nearly doubled to 1.9%. The rate on 10-year bonds has gone from 2.4% to 3.2%. 30-year bonds are now paying 4.4%, nearly a full percentage point more than just a few months ago.
We have just come through a time of outstanding bond returns. It appears that is about to change. Bond performance going forward is likely to be much lower. In fact, if interest rates rise rapidly, bonds may reflect losses in the future.
What Can We Expect from Stocks?
The second article indicates that in spite of a sluggish economy, stock prices could be up 9% to 13% in the next year. The author notes that the market is looking past the immediate situation and is counting on continued growth. Many economists are expecting corporate earnings to continuing to grow as the economy improves. As earnings grow, even if the price earnings ratio for stocks holds steady, the stock market will produce good returns. Of course, increased corporate earnings often also results in higher price earnings ratio and even higher stock prices.
Increased corporate earnings would be the norm as we begin to come out of difficult times. During extended times of prosperity corporations tend to build employees and overhead. During difficult economic times, companies are saddled with excess employees and overhead. As the difficulties continue, they lay off employees and reduce overhead. The result is, those companies that survive will be very lean and ready to succeed as the economy recovers. In the early stages of a recovery, corporations will be slow to add employees or overhead. As sales increase, companies will be much more profitable because they have reduced staff and overhead.
Many foreign economies are growing much stronger than the US economy. The fastest growing economies are in the “emerging markets” of the world. This would include countries in the Pacific rim, Latin America and India. In order to benefit from anticipated growth overseas, it is important to have a strong international focus in your portfolio. In the past, many consultants recommended 20% of equities be in international securities. Today, many consultants are recommending 30 to 40% of equities be invested internationally.
Need Help?
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
United Methodist Foundation of Indiana, Inc.
1001 N. Western Ave., Suite D, Marion, IN 46952
toll free 866-669-2327, local 765-664-2327,
cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
Different Fund Management Styles October 4, 2010
Posted by royceruckman in Investments.add a comment
Are all investment funds managed in a similar style? Of course not. Does performance vary by management style? It often does.
Selecting an investment fund can be very stressful, there are so many issues to consider. Investors must consider issues such as each prospective fund’s asset mix, asset styles held, management style and other possible differences. Most investors have a good understanding of the performance and risk differences based on a fund’s asset mix. For example, funds holding all stock will likely have higher long term performance but will also likely experience more volatility than a balanced style or fixed income fund. However, comparing prospective fund’s asset style differences is more difficult. For example, you should know how a fund allocates the stock portion of its portfolio to differing styles such as US domestic, developed foreign markets, emerging foreign markets, etc.
An important matter that is often overlooked is a prospective fund’s management style. The majority of fund managers use the “static management style.” These managers allocate a portion of their portfolio to different asset classes (i.e. stocks, bonds and cash) and allocate each of those classes to differing styles (such as US stock, developed foreign markets, emerging foreign markets, US govt. bonds, corporate bonds, etc.). Each of those styles may sub-divided, for example, US stocks could be allocated between large value, large growth, mid value, mid growth, etc. The “static style manager” then periodically rebalances their asset mix and style mix back to their target percentages. Static style managers believe it is not possible to know which asset class or style will do well in the future so they hold a fixed combination of different classes and styles.
The “tactical management style” is the other principle style. Tactical style managers believe it is possible to identify trends or style shifts as they occur. The move assets out of styles that are declining and move assets into styles that are showing improvement. The do not make wholesale moves, they progressively move assets as the styles remain in favor or out of favor. By doing this, a tactical style manager with good methodology will generally capture more of an up market and experience less of a down market.
The Foundation has done an extensive search for the best funds for use by our church investors. We offer three funds that hold a mix of stocks and bonds (commonly known as balanced style funds). One of those is funds utilizes static style management and two are tactical style. Let’s compare recent performance.
| 15 Year | Year-to | |||||
| Average | date | |||||
| (12/31/09) | (9/30/10) | |||||
| Static Style Fund- | ||||||
| Multiple Asset Fund | 8.00% | 6.45% | ||||
| Tactical Style Funds- | ||||||
| Managed Mutual Funds | 10.67% | 4.15% | ||||
| World Allocation Fund | 11.30% | 7.22% | ||||
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides these services free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
North Indiana United Methodist Foundation, Inc.
1001 N. Western Ave., Suite D, Marion, IN 46952
toll free 866-669-2327, local 765-664-2327,
cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
What’s Coming in the Next Decade? September 27, 2010
Posted by royceruckman in Investments.add a comment
As you probably know, the S&P 500 index reflected a loss for the 10 years ended December 2009. That creates the question on the minds of many, should we expect more of the same or something very different.
I recently read an article summarizing research on investment history. The purpose of the study was to determine how stocks and bonds performed in the years following a period of significant market losses. The results were quite interesting.
This study looked at every 10-year period in which US stocks (measured by the S&P 500) had negative returns. The study then measured the performance of both stocks and bonds in the 10 years immediately following the decade of loss. The findings were consistent:
- In every decade following a decade in which stocks reflected a 10-year loss, stocks gained significantly. Total performance for stocks (including dividends) for the trailing 10-years averaged 157%. The range was from a low of 98% to a high of 289%.
- Long-term US Treasury bonds and investment-grade corporate bonds also had positive returns in every subsequent 10-year period. However, bond performance was much less than for stocks. US Treasuries gained an average of 37% and corporate bonds gained 32%.
- Stocks outperformed bonds in every subsequent 10-year period.
The 10-year losses we recently experienced are extremely rare. A subsequent decade of negative returns would be without precedent. This study indicates both stocks and bonds are likely to reflect gains in the coming decade, however, stocks are likely to outperform bonds.
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides this service free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
North Indiana United Methodist Foundation, Inc.
1001 N. Western Ave., Suite D, Marion, IN 46952
toll free 866-669-2327, local 765-664-2327,
cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
Market Direction September 20, 2010
Posted by royceruckman in Investments.add a comment
Bond markets are becoming more of a concern for investment professionals. Volatility in the stock market has caused many investors to move assets from stocks to bonds in an attempt to seek more steady returns. The result of this move is bond prices have been bid up to the point bonds are likely overpriced.
Pricing of some segments of the bond market have recently hit the highest levels since 2007. This is nearly double the lows for those segments in the midst of the credit crisis. Interest rates paid by strong corporate borrowers have fallen significantly this year. Even U. S. Treasury bonds are paying the lowest yields in decades.
For the last few months I have been reading more articles expressing concerns with the future of bonds. Many analysts are concerned that bonds are likely overpriced and may decline in the next few months. Several factors could negatively impact bond prices, including:
- The fact that bonds appear to be overpriced would indicate a likely return to more normal pricing.
- Interest rates are quite low, as rates begin to increase, bond prices will fall.
- Many analysts anticipate further growth in stock prices thereby putting downward pressure on bond prices.
The U. S. economy appears to be in the midst of a slow recovery. As more investors develop confidence in the recovery they will begin to move dollars from bonds back into stocks. This will drive the stock market up and the bond market down. As I have pointed out in earlier articles, short term interest rates are near zero. There is little incentive to keep assets in cash or short term investments. However, that may be preferable to moving into bonds at a time they seem to be overpriced. There is too much risk of suffering a loss if bond prices fall.
We are likely moving into a time of opportunity for moving assets from cash or bonds into stocks to take advantage of the anticipated recovery.
If your church would like assistance in developing an investment strategy, reviewing your current investments, or exploring other investment options, we would be happy consult with your decision makers to assist. Our Foundation provides this service free of charge to United Methodist churches throughout Indiana. Just call me or send me an e mail.
Happy investing!
Royce
Royce L. Ruckman, CPA, AEP
Director of Investment Services
North Indiana United Methodist Foundation, Inc.
1001 N. Western Ave., Suite D, Marion, IN 46952
toll free 866-669-2327, local 765-664-2327,
cell 765-661-6804
e mail rruckman@niumf.org
Visit our web site at http://www.niumf.org
