1: What is the purpose of the Pension Boards' Ministers' Financial Vitality Initiative (MVFI), and why should I apply?
MFVI is an intentional investment by the Pension Boards in the financial vitality of authorized ministers in the United Church of Christ. The Pension Boards recognizes that many clergy are pouring themselves into various ministry settings and often do not have the time and energy to invest in their personal financial wellness. This program will help eligible participants develop a holistic approach toward managing finances, including reducing debt. This program is also designed to strengthen financial management literacy skills and give ministers the tools and cash incentives they need to move toward a financially vital future.
MFVI is divided into two distinct programs:
2: What is MFVI's application criteria Program One?
To qualify as an applicant, you must meet the following criteria:
3: What are the components MFVI Program One?
MFVI Program One consists of a required three-year curriculum that will include meetings with a certified financial planner through Ernst & Young Financial Planning Services (EYFPS), and an established lay financial mentor that you identify to keep you accountable throughout the program. As a participant, you will have access to several online resource tools and financial worksheets. We ask for a commitment from participants to utilize their learnings to enhance the stewardship capacity of their various ministry settings. Any authorized UCC minister is eligible to apply. Participants also receive a yearly cash award for the completion of programmatic milestones. Please view the three-year financial wellness curriculum for MFVI Program One.
Please view the three-year financial wellness curriculum for MFVI Program One.
4: As a UCC authorized minister, what outcomes should I expect to come away with after the three years in MFVI Program One?
The goal for MFVI program participants is to strengthen their ability to make confident, well-informed money-related decisions resulting in financial security for both the short- and long- term.
5: What is MFVI Program Two and how does it differ from Program One?
MFVI Program Two is designed to help 100 selected UCC authorized ministers achieve financial vitality through the provision of a one-time grant of up to $1,000 to assist local pastors in paying off educational or other debt, or to help set up an emergency fund or other savings. The one-time grant is only available to applicants whose employing congregations commit to raising a matching amount.
6: What is the application criteria for MFVI Program Two?
7: Is MFVI Program One a prerequisite for MFVI Program Two?
Participants may select either Program One or Program Two, and are ineligible to participate in both programs.
8: What are some of the benefits of participation in MFVI Program One?
MFVI Program One participants will have access to:
9: What are the benefits of applying for MFVI Program Two?
Becoming a recipient of a one-time grant of up to $1,000 is the benefit of MFVI Program Two. If eligible, participants may use their grant funds and those matched by their congregation to alleviate any outstanding personal/educational debt or to set up emergency savings. It is also an opportunity to raise awareness on the importance of financial vitality within your congregation.
10: How often will Ernst & Young financial planners be available? What are the boundaries to using this service? Can I get help with my church's finances?
The Ernst and Young Financial Planner Line® (EYFPL) is an important part of the MFVI Program One. With EYFPL, you have unlimited, toll-free access to financial counseling over the phone. EYFPL financial planners will help answer your financial questions, and educate you on all your money-related needs and goals. There is no limit on the number of calls you can make. The specific purpose of the MFVI Program is to focus on the personal financial vitality of authorized UCC ministers with the hope that these tools can strengthen their leadership around church stewardship. However, EYFPL cannot be used to manage church finances.
The financial planners deliver independent, objective, and confidential financial education and counseling, and can assist with the following personal financial services:
11: What are some of the financial wellness tools offered through MFVI?
As an MFVI Program One participant, you will have access to a dedicated Ernst and Young Financial Planning Center® (EYFPC) website, a comprehensive and financial resource tool that will provide: