SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                FORM 10-KSB

     (Mark One)
     [ X ]          ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934

                  For the fiscal year ended December 31, 1999

     [   ]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

                        Commission file number: 333-4028LA

                    MINISTRY PARTNERS INVESTMENT CORPORATION
                 (Name of small business issuer in its charter)

     California                                          33-0489154
(State or other jurisdiction of        (I.R.S. Employer Identification
 incorporation or organization)         Number)
               1150 N. Magnolia Ave., Anaheim, California 92801
              (Address of principal executive offices)(Zip code)

                                (714) 226-3619
                          (Issuer's telephone number)

Securities registered under Section 12(b) of the Exchange Act:
Title of each class:
Name of each exchange on which registered:
Securities registered under Section 12(g) of the Exchange Act:
Title of each class:

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.

                    YES   X                   NO
Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. [x]

Issuer's revenues for its most recent fiscal year: $1,230,262

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was sold, or the average bid and asked price of such common equity, as
of a specified date within the past 60 days:  None.


State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

At December 31, 1999, registrant had issued and outstanding 100,000 shares of
its no par value common stock, all of which were held by Evangelical
Christian Credit Union.  No market exists for the Common Stock.  Registrant
estimates the aggregate market value of such shares to be not greater than
$1,000,000.

DOCUMENTS INCORPORATED BY REFERENCE
If the following documents are incorporated by reference, briefly describe
them and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.)
Into which the document is incorporated: (1) any annual report to security
holders; (2) any proxy or information statement; and (e) any prospectus filed
pursuant to Rule 424(b) or   of the Securities Act of 1933 ("Securities Act").
The list documents should be clearly described for identification purposes
(e.g., annual report to security holders for fiscal year ended December 24,
1990).

    Transitional Small Business Disclosure Format (check one):

              YES                      NO   X

PART I

Item 1.  Description of Business

The Company

   The Company, Ministry Partners Investment Corporation, is a California
 corporation, formed in October, 1991, for the sole purpose of investing in
 or purchasing existing loans to qualified church organizations.  The
 Company was formed by and is currently the wholly-owned subsidiary of ECCU.
 See "BUSINESS OF THE COMPANY - ECCU and Its Relationship to the Company."

 The Company is a taxable organization under both federal and California
 state law.  ECCU is a mutual benefit corporation and is presently exempt
 from federal but not California state income tax.

   The Company was organized for the purpose (mission) of providing funds
 for real property secured loans for the benefit of Evangelical churches and
 church organizations through funding provided by members of and persons
 associated with such churches and organizations.  In accordance with its
 mission, the Company operates with a view towards providing the highest
 practical yields to its investors in relation to the yields it realizes on
 its Mortgage Loan investments and its operating, general and administrative
 costs.  As the Company's sole shareholder, ECCU has not, and does not intend
 in the future to cause the Company to operate with a view towards
 maximizing profit.  The Company's primary goal will be to continue to
 provide funds for secured loans to Evangelical churches and church
 organizations on a cost effective basis both for the Company and such
 borrowers.

  The Company is one of the few institutions or agencies within the
 western United States organized to assist local evangelical Christian
 church congregations and organizations to provide financing for the
 acquisition, development and/or renovation of churches or church-related
 properties.  Historically, through the sale of its debt
 securities to persons affiliated with evangelical Christian churches
 and organizations, the Company has given these persons the opportunity
 to jointly and indirectly provide their organizations with such
 financing, something they may not have been able to accomplish
 individually.  To date, the Company has suffered no defaults under any
 of its mortgage loans nor has the Company defaulted on or been
 delinquent in the payment of any interest or principal on the notes it
 has sold to investors.

   To date, the Company's investments have been financed by ECCU's
 investment in the Company's common stock and through the sale of its
 collateralized and uncollateralized notes.  The Company's Mortgage
 Loan Investments have been facilitated through a warehouse credit line
 from ECCU.  This credit line financing is currently in the amount of
 $2,100,000.  This credit line, which the Company intends to maintain
 indefinitely, is subject to ECCU's standard commercial loan
 requirements, including blanket liens on the Company's assets.  ECCU
 has agreed to subordinate this loan to the payment of its Class A and Class
 A-1 Notes. There is no assurance that ECCU will be able to continue to
 provide this credit line to the Company in the future.

   The Company currently employs three full-time persons.  ECCU provides the
 Company with certain services for which ECCU charges the Company on a current
 basis.

Reports

   The Company has filed with the Commission a Registration Statement on
 Form SB-2 (including all amendments thereto, the "Registration Statement"),
 with respect to its Class A-1 notes.  For further information about the
 Company and its Securities, reference is made to the Registration Statement
 and the exhibits thereto, which may be examined  without charge at the public
 reference facilities maintained by the Commission at Room 1204, Judiciary
 Plaza, 450 Fifth Street NW, Washington, DC 20549, and copies of which may be
 obtained from the Commission upon payment of the prescribed fees.  The
 Registration Statement may also be obtained from the Commission's website
 maintained at http://www.sec.gov.

   Since December 31, 1996 and continuing after the date of this
 report, the Company will be required to file such reports with the
 Securities and Exchange Commission (the "Commission") as it may be required
 to file pursuant to the Exchange Act by reason of Section 15(d) thereof.
 The Company is not otherwise subject to the information requirements of the
 Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
 accordance therewith does not otherwise file reports, proxy statements and
 other information with the Commission.  Any reports, proxy statements and
 other information filed by the Company in accordance with the Exchange
 Act can be inspected and copied at the public reference facilities
 maintained by the Commission at Room 1204, Judiciary Plaza, 450 Fifth
 Street NW, Washington, DC 20549 and Suite 1400, 5670 Wilshire Boulevard,
 11th Floor, Los Angeles, California 90036.  Copies of such material can be
 obtained at prescribed rates from the public reference section of the
 Commission at 450 Fifth Street NW, Washington, DC 20549.  Copies of such
 reports, proxy statements and other information concerning the company may
 also be obtained from the Commission's website at http://www.sec.gov.


Item 2.  Description of Property

   The Company's business offices are located at 1150 N. Magnolia
 Avenue, Anaheim, California 92801.  The Company's telephone number is
 800-753-6742.

   The Company currently rents its offices (approximately 600 square feet)
 from ECCU on a month-to-month basis.  ECCU provides the Company with certain
 services and the use of certain of its facilities for which ECCU charges
 the Company on a current basis.  Presently, the amounts ECCU charges
 the Company in this regard are at the market rate for similar services
 and facilities charged by unrelated persons.


Item 3.  Legal Proceedings

   As of the date of this Report, there is no material litigation, threatened
 or  pending, against the Company. The Company's management is not aware of
 any disagreements, disputes or other matters which may lead to the filing of
 legal proceedings involving the Company.


Item 4.  Submission of Matters to a Vote of Security Holders

   None.

PART II

Item 5.  Market for Common Equity and Related Stockholder Matters

   The Company has 100,000 shares of its common stock outstanding, all of
 which shares are owned by Evangelical Christian Credit Union, 1150 N.
 Magnolia Avenue, Anaheim, California 92801.  These shares are not traded
 publicly.  None of the Company's officers or directors beneficially owns
 any of these shares.  The Company does not have outstanding any options,
 warrants or convertible securities.  No other rights to purchase securities
 of the Company have been issued.

Item 6.  Management's Discussion and Analysis of Operations

  The financial information included herein should be read in conjunction
 with the Financial Statements, including the Notes thereto.

   The Company's plan of business consists of the offer and sale of debt
 obligations to investors on a continuous basis to provide funds for the
 Company's mortgage loan investments.  Management believes that its strategy
 for maintaining liquidity will enable it to timely service and retire the
 Notes regardless of the maturity mix of the Notes outstanding.

  Management intends to continue the Company's current liquidity plan
 which  relies primarily on funds from operations, cash reserves and
 borrowings under the ECCU Credit Line  to pay interest and principal on its
 debt securities on a timely basis.  Historically, these sources have provided
 sufficient funds for the Company's timely payment of debt security
 obligations and it has not been required or attempted to obtain funds from
 the sale or hypothecation of its Mortgage Loan investments.  Historically,
 the Company has experienced significant rates of reinvestment or renewal by
 its debt security investors upon maturity of their investments.  Thus, these
 sources may not continue to provide sufficient liquidity in the event the
 Company does not experience comparable reinvestment rates on the Notes.  Even
 so, management believes that the Company can realize sufficient funds from
 its ECCU Credit Line and/or the sale or hypothecation of its Mortgage Loan
 investments, should additional funds be necessary to repay the Company's debt
 securities as they mature.  Management bases this belief on the size and
 quality of the Company's Mortgage Loan investments, the availability of
 purchasers of those assets on a timely basis and a historic price (at or near
 par) paid for secured loans comparable to the Company's Mortgage Loan
 investments.

   Management believes that it can continue to achieve profitable
 margins between interest revenues and interest expenses irrespective of
 fluctuating interest rates or inflation based on the adjustment of interest
 rates the Company pays to its Note investors to reflect increases or decreases,
 in the blended index rate (as defined in the prospectus).  In addition, a
 significant percentage of the Company's Mortgage Loan investments have
 variable interest rates and reflect interest rate fluctuations due to inflation
 or other factors over the term of the investment.


                             Results of Operations

Twelve Months Ended December 31, 1999 vs. Twelve Months Ended December 31,
1998

   During the twelve months ended December 31, 1999, the Company incurred a
net gain of $33,320 as compared to a net gain of $30,258 for the same twelve
months ended December 31, 1998, a increase in net income of $3,062. Interest
income, net, for the period, was $407,964, an increase of 20% from $339,485
for the twelve months ended December 31, 1998.  The Company's cost of funds
(i.e., interest expense) during this period increased $157,053 (or 24%)to
$822,298 for the twelve month period ending December 31, 1999 as compared to
$665,246 for the twelve months ended December 31, 1998. This is attributable
to significant growth in the Company's debt securities portfolio.  At December
31, 1999, the company had outstanding debt securities (Notes Payable) of
$15,503,354, up from $12,456,227 at December 31, 1998, an increase of 24%.

   The Company's operating expenses for the twelve months ended December 31,
1999 increased to $333,278 from $275,701 for the same period ending December
31, 1998, an increase of 21%.  This is attributable primarily to increases in
Marketing and promotion, the addition of Ministry support (charitable
Contributions), and increases in Salaries and Benefits due to the addition of an
additional full time staff person in 1999.

   The Company did not experience any material adverse effects on its results
of operation or financial conditions as a result of year 2000 issues.
Remediation costs associated with Year 2000 were minimal for the Company.  It
believes remediation costs will continue to be nominal through completion of
Year 2000.

                       Liquidity and Capital Resources

Twelve Months Ended December 31, 1999 vs. Twelve Months Ended December 31,1998

   Net decrease in cash during the twelve months ended December 31, 1999 was
$(71,880), compared to a net increase of $147,668 for the twelve months ended
December 31, 1998.  This decrease of $(219,548) was due primarily to a decrease
in net cash provided by Notes Payable.  Net cash provided by operating
Activities totaled $46,801 for the twelve months ended December 31, 1999; a
decrease of $1,623 from $48,424 provided by operating activities during the
twelve months ended December 31, 1998.

   Net cash used by investing activities totaled $(3,165,808) during the
twelve months ended December 31, 1999, compared to $(3,573,111) used during
the twelve months ended December 31, 1998, a decrease in cash used of
$407,303. This difference is primarily attributable to a decrease in net cash
used by Notes Receivable during the twelve months ended December 31, 1999 as
compared to the same period in 1998

   Net cash provided by financing activities totaled $3,047,127 for this
twelve-month period in 1999, a decrease of $625,228 from $3,672,355
provided by financing activities during the twelve months ended December 31,
1998.  This difference is primarily attributable a decrease in net cash
provided by borrowings on Notes Payable as compared to the same period in 1998.

   At December 31, 1999, the Company's cash, which includes cash reserves and
cash available for investment in the Mortgage Loans, was $195,773, down from
$267,653 at December 31, 1998, a decrease of $71,880 (27)%.

Item 7.  Financial Statements

The Balance Sheets, Statement of Operations and Statements of Cash
Flows for the twelve months ended December 31, 1999 and 1998 of Registrant
(the "Company") are included following the Independent Auditor's Report below.

Item 8.  Changes In and disagreements With Accountants on Accounting
                  and Financial Disclosure

                  None

PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
                  Compliance With Section 16(a) of the Exchange Act

Set forth below are the Directors and Executive officers of the Company:

 Name:                   Position Held:
 Mark G. Holbrook             Chairman of the Board, Chief Executive Officer
 John C. Garmo                President
 Mark A. Johnson              Vice Chairman of the Board, Chief Financial
                                Officer, Treasurer, Director
 Van C. Elliott*              Director
 Arthur G. Black*             Director
 Wallace G. Norling*          Director
 Scott T. Vandeventer         Director

   * Denotes Independent Director

The following is a summary of the business experience of the officers and
directors of the Company during the past five years.

  MARK G. HOLBROOK, age 50, has served as chairman of the Company since
its inception.  Mr. Holbrook also serves as president and chief executive
officer of ECCU.  Mr. Holbrook served as Board Chairman of Christian
Management Association until the end of his term in February 99.

  JOHN C. (SKIP) GARMO, age 53, has served as president of the Company since
December, 1994.  As president, Dr. Garmo is responsible for the management of
the Company's day-to-day operations subject to the supervision of the
Company's Board of Directors.  Prior to joining the Company, Dr. Garmo served
as vice president of MAF Foundation, a private foundation specializing in
charitable gift-planning.  He is active in various professional organizations
and serves on several not-for-profit boards.

  MARK A. JOHNSON, age 43, has served as vice chairman, chief financial officer,
treasurer, and a director of the Company since its inception.  Mr. Johnson also
serves as executive vice president of ECCU, a position he has held since June,
1993. Mr. Johnson is also owner of Mailbox Surprises since its inception in
January 1994.

  VAN C. ELLIOTT, age 63, has served as director of the Company since
its inception.  He has served as director for ECCU since 1990.  Mr. Elliott
served as Associate Director of the Conservative Baptist Association of Southern
California from 1980 to 1994.  Since that time, he has been self-employed as a
Consultant. Mr. Elliott is a member of the Christian Estate Planners of
California, Christian Management Association, and is a Certified Financial
Planner.

  ARTHUR G. BLACK, age 62, was elected to the Company's board of directors in
1994.  Mr. Black is currently Director of Ministry Services at Ambassador
Advertising Agency.  He was previously a ministry development officer at ECCU.
Mr. Black was executive vice president of Truth For Life (1994-1996), a
nationally-syndicated radio Bible teaching ministry.  He served as director of
U.S. broadcasting for Insight For Living from 1993 to 1994.  He is a General
Partner for Rancho Sierra Acres, Christian Investors, P/L Properties and Ocean
View Investors.

  WALLACE G. NORLING, age 75, has served as a director of the Company
since its inception.  Dr. Norling serves as Superintendent Emeritus of
the southwest district of the Evangelical Free Church.

  SCOTT T. VANDEVENTER, age 44, has served as a director of the Company
since 1992.  Mr. Vandeventer has been employed by ECCU since 1988 and is
currently executive vice president and chief operating officer of ECCU.
Mr. Vandeventer is also currently associated with NYE Partners, a business
consulting firm whose clients may include firms doing business with the
Company and/or ECCU.

Item 10.  Executive Compensation

  Except for Mr. Garmo, none of the Company's officers or directors currently
receives compensation from the Company.  Each, however, is entitled to be
reimbursed for expenses incurred in performing duties on behalf of the
Company.

  The following table sets forth certain information regarding compensation
paid by the Company for services rendered to the Company during its fiscal
year ended December 31, 1999, its fiscal year ended December 31, 1998 and its
fiscal year ended December 31, 1997 by its Chief Executive Officer and
President.  None of the Company's executive officers (the named Executive
Officers) had a total salary, plus bonus, exceeding $100,000 during this period.

                    Summary Compensation Table

               Annual Compensation    Long-Term Compensation
                                                        Securities
Name and               Fiscal Year               Restricted    Underlying
Principal Position       Ended       Salary(s)(1)Stock Awards     Options
Mark G. Holbrook,       12-31-99        (2)           -0-           -0-
Chairman, Chief         12-31-98        (2)           -0-           -0-
Executive Officer       12-31-97        (2)           -0-           -0-


John C. Garmo,          12-31-99     $73,601          -0-           -0-
President               12-31-98      68,543          -0-           -0-
                        12-31-97      58,664          -0-           -0-


(1)   No bonuses were paid to any executive officers during the periods
      stated.

(2)   Mr. Holbrook is a full-time employee of ECCU.  Since December 1, 1994,
      the commencement date of Mr. Garmo's employment by the Company, Mr.
      Holbrook has expended, on the average, approximately 2% of his time as
      an officer and director of the Company.  The Company reimburses ECCU for
      that portion of Mr. Holbrook's time devoted to service to the Company as
      an officer (but not director).  Mr. Holbrook currently devotes less than
      1% of his time as an officer of the Company.  Option/Warrant Grants in
      Current Fiscal Year.  No options, warrants or other rights to purchase
      securities of the Company have been issued.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

  The Company has 100,000 shares of its common stock outstanding, all of
which shares are owned by Evangelical Christian Credit Union.  These shares
are not traded publicly.  None of the Company's officers or directors
beneficially owns any of these shares.  The Company does not have outstanding
any options, warrants or convertible securities.  No other rights to purchase
securities of the Company have been issued.

Item 12.  Certain Relationships and Related Transactions

     None

Item 13.  Exhibits and Reports on Form 8-K

                             Exhibits:
     27       Financial Data Schedule (included)

                        Reports on Form 8-K:
     None


                             SIGNATURES

   In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

Dated: March 31, 1999  MINISTRY PARTNERS INVESTMENT CORPORATION
                     (Registrant)

                                           By:  /s/ John C. Garmo
                                                John C. Garmo, President

                                           By:  /s/ Brian Scharkey
                                                Brian Scharkey,
                                                Principal Accounting Officer






                                   MINISTRY PARTNERS INVESTMENT
                                           CORPORATION

                                       FINANCIAL STATEMENTS

                                     DECEMBER 31, 1999 AND 1998













                                    TABLE OF CONTENTS


                                                   Page

Independent Auditor's Report                        1

Balance Sheets                                      2

Statements of Income and Retained Earnings          3

Statements of Cash Flows                            4

Notes to Financial Statements                       6










                             INDEPENDENT AUDITOR'S REPORT


Board of Directors
Ministry Partners Investment Corporation


We have audited the accompanying balance sheets of Ministry Partners Investment
Corporation as of December 31, 1999 and 1998, and the related statements of
income and retained earnings and cash flows for the years then ended.  These
financial statements are the responsibility of the Company's  management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ministry Partners Investment
Corporation as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.



/s/ TURNER, WARREN, HWANG & CONRAD
TURNER, WARREN, HWANG & CONRAD
ACCOUNTANCY CORPORATION


February 22, 2000



                        MINISTRY PARTNERS INVESTMENT CORPORATION

                                     BALANCE SHEETS

                                       DECEMBER 31




                                                      1999          1998
ASSETS
Current Assets
  Cash                                         $   195,773   $    267,653
  Notes receivable, net of allowance for losses  2,935,590        344,434
  Loans receivable                                   5,226          3,590
  Interest receivable                               81,989         82,781
  Accounts receivable                                    -          1,155
  Prepaid expenses                                  26,580         24,372
                                                 ---------        -------
    Total Current Assets                         3,245,158        723,985
                                                 ---------        -------
Other Assets
  Notes receivable                              13,325,603     12,751,758
  Loans receivable                                  42,252         58,960
  Property and equipment, net                        6,972          3,987
                                                ----------     ----------
    Total Other Assets                          13,374,827     12,814,705
                                                ----------     ----------
Total Assets                                  $ 16,619,985   $ 13,538,690
                                                ==========     ==========

LIABILITIES AND STOCKHOLDER'S EQUITY
Current Liabilities
  Accounts payable                            $     30,906   $     20,715
  Notes payable - current portion               13,692,987     10,877,010
  Income taxes payable                               7,806         17,149
                                                ----------     ----------
  Total Current Liabilities                     13,731,699     10,914,874
                                                ----------     ----------
Long-term Liabilities
  Notes payable                                 15,503,354     12,456,227
  Less current portion                         (13,692,987)   (10,877,010)
                                                ----------     ----------
    Total Long-term Liabilities                  1,810,367      1,579,217
                                                ----------     ----------
Commitments and contingent liabilities                  -               -
Stockholder's Equity
  Common stock, 10,000,000 shares
   authorized, 100,000 shares issued
   and outstanding, no par value                 1,000,000       1,000,000
  Retained earnings                                 77,919          44,599
                                                 ---------       ---------
   Total Stockholder's Equity                    1,077,919       1,044,599
                                                 ---------       ---------
Total Liabilities and Stockholder's Equity    $ 16,619,985  $   13,538,690
                                                ==========      ==========
The accompanying notes are an integral part of these financial statements.

                                      Page 2




                       MINISTRY PARTNERS INVESTMENT CORPORATION

                      STATEMENTS OF INCOME AND RETAINED EARNINGS

                             FOR THE YEARS END DECEMBER 31

                                                     1999             1998
INTEREST INCOME
Notes receivable and loans receivable         $ 1,192,734       $  986,717
Interest-bearing accounts                          37,528           18,014
                                                ---------        ---------
    Total Interest Income                       1,230,262        1,004,731
                                                =========        =========


INTEREST EXPENSE
Line of credit                                     8,227            21,235
Notes payable                                    814,071           644,011
                                                 -------           -------
    Total Interest Expense                       822,298           665,246
                                                 =======           =======

NET INTEREST INCOME                              407,964           339,485
                                                 -------           -------
PROVISION FOR NOTES RECEIVABLE LOSSES             10,000            10,000
                                                 -------           -------
NET INTEREST INCOME AFTER PROVISION FOR
 NOTE RECEIVABLE LOSSES                          397,964           329,485
                                                 -------           -------
OPERATING EXPENSES
Salaries and benefits                            154,563           126,497
Marketing and promotion                           48,434            36,655
Office occupancy                                  11,337            10,921
Office operations                                 72,175            61,132
Legal and accounting                              36,669            40,496
Ministry support                                  10,100                 -
                                                 -------           -------
     Total Operating Expenses                    333,278           275,701
                                                 -------           -------
INCOME BEFORE PROVISION FOR INCOME TAXES          64,686            53,784

Provision for Income Taxes                        31,366            23,526
                                                 -------           -------
NET INCOME                                        33,320            30,258

RETAINED EARNINGS, BEGINNING                      44,599            14,341
                                                 -------           -------
RETAINED EARNINGS, ENDING                       $ 77,919         $  44,599
                                                 =======           =======

The accompanying notes are an integral part of these financial statements.

                                      Page 3





                          MINISTRY PARTNERS INVESTMENT CORPORATION

                                  STATEMENTS OF CASH FLOWS

                                FOR THE YEARS END DECEMBER 31




                                                         1999         1998
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                         $   33,320   $   30,258
Adjustments to reconcile net income to net cash
  provided by operating activities:
    Depreciation and amortization                       2,894        1,184
    Provision for notes receivable                     10,000       10,000
Decrease (increase) in accrued interest receivable        792      (41,010)
(Increase) decrease in prepaid expense                 (2,208)      27,230
Decrease in accounts receivable                         1,155        2,845
Increase in accounts payable                           10,191        4,462
(Decrease) increase in income taxes payable            (9,343)      13,455
                                                       ------       ------
      Net Cash Provided by Operating Activities        46,801       48,424
                                                       ======       ======
CASH FLOWS FROM INVESTING ACTIVITIES
Principal payments received on loans receivable        15,072       10,477
Purchase of notes receivable                      (11,993,852)  (5,459,964)
Principal payments received on notes receivable     8,818,851    1,881,547
Purchase of property and equipment                     (5,879)      (5,171)
                                                    ---------    ---------
      Net Cash Used by Investing Activities        (3,165,808)  (3,573,111)
                                                    =========    =========

CASH FLOWS FROM FINANCING ACTIVITIES
Advances made on line of credit                     2,466,000    1,672,384
Amounts paid on line of credit                     (2,466,000)  (2,652,384)
Principal payments made on notes payable           (5,501,174)  (1,735,252)
Proceeds from borrowings on notes payable           8,548,301    6,387,607
                                                    ---------    ---------
      Net Cash Provided by Financing Activities     3,047,127    3,672,355
                                                    =========    =========

Net increase in cash and cash equivalents             (71,880)     147,668

Cash and cash equivalents at beginning of year        267,653      119,985
                                                      -------      -------
Cash and cash equivalents at end of year            $ 195,773    $ 267,653
                                                      =======      =======

The accompanying notes are an integral part of these financial statements.

                                        Page 4




                            MINISTRY PARTNERS INVESTMENT CORPORATION

                              STATEMENTS OF CASH FLOWS (CONTINUED)

                                 FOR THE YEARS END DECEMBER 31



                     SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:



                                            1999              1998
Interest paid                        $   822,298       $   665,246
Income taxes paid                         40,709             6,377





The accompanying notes are an integral part of these financial statements.

                                     Page 5





                          MINISTRY PARTNERS INVESTMENT CORPORATION

                             NOTES TO THE FINANCIAL STATEMENTS

                                DECEMBER 31, 1999 AND 1998



NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business:  Ministry Partners Investment Corporation was incorporated
in California in 1991 and is a wholly-owned subsidiary of Evangelical Christian
Credit Union (ECCU).  The Company provides funds for real property secured loans
for the benefit of Evangelical churches and church organizations through funding
provided by members of and persons associated with such churches and
organizations.  The Company's offices, as well as those of its loan origination
source, ECCU, are located in the state of California and substantially all of
the business and operations of the Company are currently conducted in California
and its mortgage loan investments are concentrated in California.

Use of Estimates:  The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities as of the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period.  Actual results could differ from those estimates.

Notes Receivable:  Interest income on notes receivable is recognized over the
term of the note and is generally computed using the simple interest method.
The allowance for notes receivable losses is increased by charges to income and
decreased by charge offs (net of recoveries).

Property and Equipment:  Furniture, fixtures, and equipment are stated at cost,
Less accumulated depreciation.  Depreciation is computed on a straight-line
basis over the estimated useful lives of the assets, which range from three to
five years.

Prepaid Offering Expense:  Prepaid public offering is related to a public
offering of unsecured notes.  It is being amortized over a three-year period.

Reclassification:  Certain account reclassifications have been made to the
financial statements of the prior year in order to conform to classification
used in the current year.

NOTE 2 -  RELATED PARTY TRANSACTIONS

The Company maintains all its funds at the parent, ECCU.  Total funds held with
ECCU at December 31, 1999 and 1998 were $195,773 and $267,653, respectively.
Interest earned on these funds for the years ended December 31, 1999 and 1998
were $37,528 and $18,014, respectively.

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NOTE 2 -  RELATED PARTY TRANSACTIONS (CONTINUED)

The Company, as part of its investment strategy, purchases an interest in loans
offered for sale by ECCU.  In consideration, ECCU has entered into an agreement
with the Company to share net fee income on loans purchased.  The Company
purchased loans totaling $11,993,852 and $5,459,964 from ECCU and received no
fee income from ECCU during the years ended
December 31, 1999 and 1998, respectively.  The Company recognized interest
income on notes receivable from ECCU of $1,187,596 and $986,717 during the years
ended December 31, 1999 and 1998, respectively.

The Company pays support charges for management services and rent to ECCU on a
month-to- month basis.  Charges of $48,600 and $35,575 were made for these
services for the years ended December 31, 1999 and 1998, respectively.  The
method used to arrive at the periodic charge is based on the fair market value
of services provided.  Management believes that such method is reasonable.

The Company reimburses ECCU for salaries and benefits of employees.  The amounts
reimbursed for the years ended December 31, 1999 and 1998 were $154,563 and
$126,497, respectively.  Reimbursements of $29,503 and $18,082 were due to ECCU
at December 31, 1999 and 1998, respectively.

NOTE 3 - NOTES RECEIVABLE

The notes receivable are backed by loan participation agreements secured by
loans originated by ECCU to various churches and related organizations to
finance facilities.  Loan maturities extend through 2005.  The notes earn
interest at rates between 7.25% and 11.00%, with a weighted average yield of
8.24%.

The Company maintains allowance for notes receivable losses of $20,000.
The Company has no experience of loan loss and, as of December 31, 1999, none of
the loans are impaired. Management believes all of the notes are adequately
secured and the allowance is adequately maintained.

NOTE 4 - LINE OF CREDIT

The Company has an unsecured $2,100,000 line of credit with ECCU that expires
March  31, 2000. There were no outstanding borrowings as of December 31, 1999.
Interest at December 31, 1999 was  8.25%, and varies according to ECCU's cost of
funds.  Interest of $8,227 and $21,235 was paid to ECCU during the years ended
December 31, 1999 and 1998, respectively.

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NOTE 5 - NOTES PAYABLE

The Company has unsecured notes payable at December 31, 1999, as follows:


                                             Amount         Interest Rate
Private Placement Notes               $    203,860          7.70% - 8.55%
Public Offering Notes - California         356,940          6.90% - 8.66%
Public Offering Notes - National         7,270,376          4.95% - 7.21%
Special Offering Notes                   7,543,111          4.95% - 6.48%
Offshore Notes                             129,067          5.27% - 5.81%
                                        ----------
                                      $ 15,503,354
                                        ==========

Notes payable are substantially to members of ECCU.

The following are maturities of notes payable for each of the next five years:

     Year Ending
     December 31
        2000        $   13,692,987
        2001               937,701
        2002               393,292
        2003               298,956
        2004               180,418
                        ----------
                   $    15,503,354
                        ==========
NOTE 6 - PUBLIC OFFERING

In August 1994, the Company received approval from the Department of
Corporations of the State of California to offer $6,000,000 in unsecured notes
payable, of which only $3,000,000 may be outstanding at any one time.  Notes
totaling $124,874 and $386,878 were outstanding at December 31, 1999 and 1998,
respectively.  This offering has been discontinued.

The Company filed a registration statement with the U.S. Securities and Exchange
Commission (SEC) and received approval in October 1996 to offer $5,000,000 in
unsecured promissory notes to the public.  Notes totaling $744,828 and
$1,920,261 were outstanding at December 31, 1999 and 1998, respectively.

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NOTE 6 - PUBLIC OFFERING (CONTINUED)

The Company filed a registration statement with the SEC and received approval in
December 1997 to offer $15,000,000 in unsecured promissory notes to the public.
Notes totaling $5,386,462 and $4,077,563 were outstanding as of December 31,
1999 and 1998, respectively.

The Company filed a registration statement with the SEC and received approval in
December 1999 to offer $12,500,000 unsecured notes to the public.  Notes
totaling $1,139,088 were outstanding as of December 31, 1999.

NOTE 7 - INCOME TAXES

Federal income and state franchise taxes for the years ended December 31, 1999
and 1998 are as follows:



                         1999            1998
Federal income taxes $ 20,002        $ 14,537
State franchise taxes  11,364           8,989
                       ------          ------
                     $ 31,366        $ 23,526
                       ======          ======

NOTE 8 - CONCENTRATION OF CREDIT RISK

At December 31, 1999 and 1998, the Company had cash at ECCU which was not
federally insured.  The aggregate uninsured amounts were $82,954 and $123,387,
respectively.

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