Annual Review
2025 Annual Review
Serving nonprofits and faith communities across the Pacific Northwest with values-aligned financial services.
$119M
Under Management
as of 12/31/25
$30M
Loaned Over 20 Years
$11.6M
Deposited in 2025
$8.8M
Stock Gifts Transferred
since 2014
Services
We’re Here for You
Financial services for faith communities across Alaska, Idaho, Oregon, and Washington.
Financial Management
Our faith guides our decisions and leads us to socially responsible and ethically sound funds that reflect the values of our team and the ministries we work with. In partnership with Wespath, we manage endowments, long-term investments, and reserve funds on behalf of churches, camps, conferences, and agencies.
Loans
We help organizations fulfill their missions by offering low-hassle, below-market-rate term loans for capital improvements, plus bridge loans for special projects like affordable housing. Interest paid on loans goes back into our community, supporting organizations that have invested rainy-day funds with us.
Term loan: WSJ Prime − 0.5% · Bridge loan: WSJ Prime + 1.5%
Endowment Consultation
We share and inspire stories of generosity and are committed to the lasting legacy of our clients and their congregations. We assist with endowment policies, procedures, and promotion.
Stock Gift Program
We accept, liquidate, and pass through gifts of stock on behalf of faith communities, making tax-wise giving accessible for all donors.
Planned Giving Education
We help guide people of faith in preparing a plan to provide for the ministries they love. We teach workshops, create materials, and work one-on-one with major donors upon request.
Investment Performance
Portfolio Returns
Net-of-fee annualized returns. Past performance is not indicative of future results.
Diversified Portfolios
39% of assets under management at close of 2025
| Portfolio | 1-Year Return | 3-Year | 5-Year | 10-Year |
|---|---|---|---|---|
11.73% | 11.29% | 4.58% | 7.01% | |
14.20% | 12.21% | 4.98% | 7.66% | |
16.01% | 14.69% | 6.43% | 9.33% |
Flagship portfolios avoid investments in alcohol, tobacco, pornography, gambling, weapons, and private prisons. Use active engagement, proxy voting, and shareholder resolutions. Invest in affordable housing, low-carbon energy, and firms owned by women and minorities.
Fossil Free Portfolios
48% of assets under management at close of 2025
| Portfolio | 1-Year Return | 3-Year | 5-Year |
|---|---|---|---|
14.50% | 12.97% | 5.75% | |
16.61% | 15.38% | 7.57% | |
17.31% | 16.18% | 8.18% |
Constructed in 2017, these portfolios share ethical screens with diversified options and additionally exclude Palestinian conflict companies and fossil fuel reserve companies. Combination of active and passive management.
Stable Value Portfolio

3.45%
2023
4.29%
2024
4.08%
2025
Provides high liquidity and minimal market fluctuation for rainy-day funds. Consists of short to intermediate-term laddered CDs, government notes, and secured loans to churches and agencies. Foundation staff have managed these funds for 30 years.

Financials
Consolidated Statements of Financial Position

Audited 2024 financials are available upon request. Audited 2025 financials will be available after publication in mid-2026.
ESG Report
Environmental, Social & Governance
Highlights from our commitment to responsible stewardship.
Women on Staff
Women on Board
Clergy on Board
Lay Staff
Environment: Supporting the Low-Carbon Transition
- $198K in parsonage electrification rebate funding to 10 congregations
- $151K in loan funding approved for solar projects
Social
- 5 staff members — 80% women, 100% lay
- Staff wellness and stress data collected, showing upward trend after team expansion
- $14.4K in mini-grants to 5 congregations
- Racial equity training for board and staff
- Intercultural Development Inventory (IDI) training coming in 2026
Governance
- 16 board members — 50% women, 37.5% clergy, four states represented
- 7 standing committees: Executive, Loan, Investment, Nominations, Bylaws/Policy, Grants/Scholarships, Board Development
- Full annual audits and reports to the Office of the Insurance Commissioner
From the Executive Director
A Letter from Julia Frisbie
When I look back on 2025, my overwhelming feeling is gratitude for the people I get to work with every day.
In 2025, we welcomed two new staff to our team: Ashi Guiles of Portland, Oregon as a full-time Financial Advisor; and Chivi Crookes of Sitka, Alaska as a part-time Executive Assistant and Board Administrator. They've each made huge positive impacts already, and I'm looking forward to fruitful collaboration in years to come. Heidi, our Chief Financial Officer, stuck the landing on another perfect audit, and continued to delight us all with her llamas. Sara's role as Operations Manager has expanded to include some communication and data security responsibilities. (But don't worry, you can still reach her on the phone. We know she's the one you really want to talk to!)
On the Board side, Dr. LaVerne Lewis served as an extraordinary Board President for two years. She facilitated our transition from a Sitting Board to an Active Board by creating and empowering committees; led the charge on updating the majority of our policies to align with current best practices; guided us through politically sensitive situations like church disaffiliations and divestment pressure; and set a high bar for Board conduct and engagement. As if all that weren't enough, she mentored me into my new role.
At the close of 2025, LaVerne passed the Board President baton to attorney Em Rigler of Portland, Oregon. Em is equal parts brilliant and curious, and she brings policy and legal expertise to the role. I could not be more excited about her leadership. LaVerne remains on the Board as our Past President, now mentoring Em.
Also at the close of 2025, Rev. Lynn Rabenstein passed the Board Treasurer baton to Barbara Dadd Shaffer. I count both of these extraordinary women among my role models. Lynn helped us rebrand, divest from fossil fuels, revise key policies, and improve our nominations process as chair of our Nominations Committee. As soon as she announced her intention to step back from the Board, we nominated her for Emeritus status, which she richly deserves, and we're grateful that she remains on our Nominations Committee in this capacity. Our incoming Treasurer, Barbara, chairs our Investment Committee and has been involved in every major initiative of the Foundation since I first joined the team in 2018. It's hard to imagine anyone more qualified for the role.
In 2025, longtime Board member Nik Halladay transitioned to Emeritus status after an astonishing 36 continuous years of board service, during which he spent two years as Treasurer, sixteen years as Vice President, and five years as President. WOW! Nik still participates in our Loan Committee in his emeritus role, and we are so grateful for him!
Throughout 2025 we welcomed my predecessor Tom Wilson back to our board meetings, this time as an Emeritus member of the Board. Tom is enjoying life as a full-time grandpa, and our staff still visits with him and his wife Denise whenever we gather in Cashmere. We love having him back on the Loan Committee, and we give thanks for his painstaking handwritten notes every time we crack open a file folder!
The Board made one other addition to its Emeritus membership in 2025 with the posthumous nomination of Darrell Lowe. Darrell served on the Board for a remarkable 26 years. His tenure with us included 12 years as Board President, during which time the Oregon-Idaho foundation and Pacific Northwest foundation merged to become the organization we are today. Our calculations suggest that he either moved or seconded the corporate resolution almost a hundred times. We love him and miss him.
In short, the Foundation is in good hands, and we stand on the shoulders of giants.

Julia Frisbie
Executive Director
Our Team
2025 Staff
5 members at close of 2025.

Julia Frisbie
Executive Director

Heidi Smith
Chief Financial Officer

Sara Culp
Operations Manager

Ashi Guiles
Financial Advisor

Chivi Capezio Crookes
Executive Assistant & Board Administrator
Leadership
Board of Directors
2025 Officers
2026 Officers (Elected)

Em Rigler, Esq.
President

Rev. Joe Kim
Vice President

Cynthia MacLeod
Secretary

Barbara Dadd Shaffer
Treasurer
Board Members

Gaye Pierson

Mike Hartwig

Dr. LaVerne Lewis
Past President

Rev. Chuck Hindman

Rev. John Watts

Robert W. Ives, Esq.

Pastor Buddy Gharring

Rev. Kelly Tazuko Marciales

Sara Goetze

Rev. Shane Moore

Tyler Watson
Ex Officio
Board Emeritus
Nik Halladay
36 years of service
Tom Wilson
Rev. Lynn Rabenstein
Chris Bafus
Rev. Ron Myers
Darrell Lowe
posthumous, 26 years of service
