Secured Investor Certificates

3 Months Ended

Mar. 31, 2020

Notes to Financial Statements

Secured Investor Certificates

5. SECURED INVESTOR CERTIFICATES

Secured investor certificates are collateralized by certain mortgage loans receivable or secured church bonds of approximately the same value as the certificates. The weighted average interest rate on the certificates was 6.29% and 6.33% for the periods ended March 31, 2020 and December 31, 2019, respectively. Holders of the secured investor certificates may renew certificates at the current rates and terms upon maturity at the Company’s discretion. Renewals upon maturity are considered neither proceeds from nor issuance of secured investor certificates. Renewals totaled approximately $262,000 and $793,000 for the periods ended March 31, 2020 and December 31, 2019, respectively. The secured investor certificates have certain financial and non-financial covenants identified in the respective series’ trust indentures.

The estimated maturity schedule for the secured investor certificates at March 31, 2020 is as follows:

April 1, 2020 through December 31, 2020	$  3,016,000
2021	2,168,000
2022	1,042,000
2023	3,383,000
2024	1,335,000
Thereafter	15,161,000
	$26,105,000
Less deferred offering costs	(836,472)
Totals	$25,268,528