Conversation: Gerry Hindy
Kingdom-motivated financial solutions
Gerry Hindy, chief executive officer of AG Financial
Solutions, recently visited with Hal Donaldson, editor-in-chief of Today's
Pentecostal Evangel. Hindy has served with AGFS since January 2006.
tpe: Why was AGFS created?
HINDY: A vision was born for an organization that would
provide growth and development of investment and lending strategies to assist
Assemblies of God ministers, churches, and others within the Fellowship.
tpe: What is the mission of AGFS?
HINDY: We are driven by deeply rooted biblical values to
provide financial solutions to churches and individuals with the highest levels
of performance and trust to maximize the growth and wealth of the Kingdom.
tpe: What services does AGFS provide congregations and
HINDY: We offer life-stage financial solutions for
individuals and ministries. Life-stage solutions are designed so that no matter
what state of growth a church is in or whatever goals a minister might have, we
can introduce products and services that will assist in meeting those needs.
Our church loan and capital campaign divisions partner with
churches to fund the vision God has given them. We also help individuals make
good stewardship decisions by explaining how their investment will impact the
Kingdom. No matter if they would like to leave a gift to ministry, have need of
investment advice, or ensure their investments are screened for questionable
business lines, we have a solution.
Ministry is at the heart of what we do. Through our planned
giving division, we assist others in directing their resources to various
ministries of their choice. Over the past 10 years, AGFS has assisted
individuals and organizations in directing more than $160 million toward
tpe: With markets shifting, how does the financial picture
look for AGFS?
HINDY: The assets under management at AGFS continue to grow
despite current volatile financial markets. We believe there is a certain
amount of comfort that comes from knowing your resources are invested directly
into God's work, not to mention that in most cases returns are often at a
premium to the market.
Currently we have more than 55,000 customers who have
entrusted us with their assets consisting of retirement accounts, investments
and savings accounts, trusts, estate plans and other types of financial
investments. Approximately 95 percent of these assets have a rate of return on
tpe: How does AGFS help the General Council accomplish its
HINDY: When we were formed in 1998, we were established to
help resource the local church and the national office of the General Council.
A substantial portion of our annual earnings is directed in the form of a
dividend to the General Council which, under the direction of the Executive
Presbytery, allocates it among various ministries and departments. Recently,
the Executive Presbytery adopted a plan committing 10 percent of this dividend
for new church planting. This is something the AGFS team members and leadership
are very excited about and wholeheartedly support.
tpe: Why should AG ministers invest in and request loans
from AGFS rather than other financial institutions?
HINDY: At AGFS, we understand our customers expect the same
high level of performance and service they would receive from other financial
institutions. We also understand the unique circumstances surrounding the needs
of faith-based ministries and clients. Therefore, we proactively offer
solutions that provide premium investment rates and very competitive lending
rates, collectively working together to help grow the Kingdom while giving our
customers peace of mind. Although
the AG affinity relationship we enjoy often gives us an opportunity to propose
services, we often find ourselves competing with local financial institutions
with no assurance we're going to win the business.
tpe: What does AGFS do with the profits on its investments?
Does it reinvest them? Distribute them to stakeholders?
HINDY: As mentioned above, 95 percent of the assets that
AGFS manages have a return on investment expectation, therefore earnings are
used to provide this return to the ministries and laity who have invested with
us, whether it be through their retirement accounts or in the form of loan
certificates. Of course, these resources are the ones used to help our churches
and various ministries.
Also, as previously mentioned, a substantial portion of our
earnings are returned to the General Council in the form of a dividend, which
is then redistributed to ministries and departments in accordance with and
oversight of the Executive Presbytery. The balance of undistributed earnings
are then used to provide our customers and clients with a safe and secure
investment vehicle by maintaining appropriate levels of capital and liquidity,
as determined by those regulatory agencies we are responsible to, and to grow
tpe: Who controls the investment of AGFS funds and
disbursement of profits: the General Council or the AGFS board?
HINDY: AGFS is a separate legal entity governed by a board
of directors approved by the Executive Presbytery. The board is made up of
ministers, business people and members of the Executive Leadership Team of the
General Council. The resources of AGFS are governed by a number of separate
boards whose fiduciary responsibility is to ensure the resources are managed
and distributed in accordance with its founding principles. For example,
Ministers Benefit Association has a separate board whose sole responsibility is
the oversight of the investment activities of MBA. Dr. George Wood, the general
superintendent of the Assemblies of God, chairs this board.
tpe: What are the credentials of the AGFS executive team?
HINDY: Our executive team is made up of individuals who have
been successful in the secular business world but also share a strong
commitment to God and ministry. Members of our executive team have significant
and varied business experience. This experience includes ownership of a
portfolio of businesses in varied industries, management of privately and
publicly held financial institutions, investment advisory services, accounting
services, lending solutions and public company financial management.
For more information on our executive team, please go to
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