Mississippi Baptist Foundation
Friday, June 05, 2020

Cash Management Services

SHORT-TERM
FUND
   
FDIC MONEY
MARKET FUND
CERTIFICATES
OF DEPOSIT
FUND FACT
SHEET
 
The Mississippi Baptist Foundation offers cash management services to Mississippi Baptist Churches and institutions. To that end, the Foundation offers the options summarized below.
 

MBF Short-Term Fund

Established in the late 1990s, the MBF Short-Term Fund was the first offering by the Mississippi Baptist Foundation to assist churches with their cash management needs. Administered through the Southern Baptist Foundation (SBF) in Nashville, TN, the MBF Short-Term Fund is a pooled/commingled fund, with underlying investments in Certificates of Deposit of U.S. banks (75%), U.S. Treasury securities (12.5%) and high-quality bonds issued by U.S. corporations (12.5%). The interest rate is set monthly and is subject to the fluctuations of short-term interest rates. Interest is posted to each account as of the last business day of the month.
 

MBF FDIC Money Market Fund

The MBF FDIC Money Market fund currently offers up to $10 million in FDIC insurance coverage. This cash sweep option is made possible by a partnership with the accounting system utilized by the Mississippi Baptist Foundation (FIS Charlotte) and Total Bank Solutions (TBS). The investment is made via many FDIC insured banks to maintain the proper level of FDIC insured coverage. Interest is posted to each account on the first business day of the month. The interest rate is set monthly and subject to fluctuations of short-term interest rates.
 

Certificates of Deposit

For Mississippi Baptist churches and institutions that have specific maturity dates for their funds, the MBF can purchase and manage national market Certificates of Deposit (CDs) offered by various U.S. banks. These CDs are purchased through Morgan Stanley. Each CD is covered by FDIC insurance.
National CD rates as of June 1, 2020