SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-KSB

(Mark One)

[ X ] ANNUAL REPORT UNDER SECTION13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December31, 2004

[ ] TRANSITION REPORT PURSUANT TOSECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF1934

Commission file number: 333-4028LA

MINISTRY PARTNERS INVESTMENTCORPORATION

(Name of small business issuer inits charter)

| California
33-0489154      (State or other jurisdiction of incorporation or organization)(I.R.S.      Employer Identification Number)
955 West Imperial Highway, Brea,California, 92822

(Address of principal executiveoffices) (Zip code)

(714) 671-5720

(Issuer's telephone number)

Securities registered under Section12(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 bySection 13 or 15(d) of the Exchange Act during the preceding 12 months (or forsuch 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 ofdelinquent filers in response to Item 405 of Regulation S-B is not contained inthis form, and no disclosure will be contained, to the best of the registrant'sknowledge in definitive proxy or information statements incorporated byreference 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: $2,326,763.

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

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

At December 31, 2004, registrant had issued and outstanding 125,000 shares ofits no par value common stock, all of which were held by Evangelical ChristianCredit Union. No market exists for the Common Stock. Registrant estimates theaggregate market value of such shares to be not greater than $1,250,000.

DOCUMENTS INCORPORATED BY REFERENCE

If the following documents are incorporated by reference, briefly describethem and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.) intowhich the document is incorporated: (1) any annual report to security holders;(2) any proxy or information statement; and (3) any prospectus filed pursuant toRule 424(b) or of the Securities Act of 1933 ("Securities Act"). The listdocuments should be clearly described for identification purposes (e.g., annualreport to security holders for the fiscal year ended December 24, 1990).

Transitional Small BusinessDisclosure Format (check one):

YES [ X ]
NO [ ]
PART I

Item 1. Description of Business

The Company:

The Company, Ministry Partners Investment Corporation, is a Californiacorporation, formed in October 1991. The Company was formed by ECCU, which ownsall of the Company's outstanding common stock. See "BUSINESS OF THE COMPANY -ECCU and Its Relationship to the Company."  The Company is a taxableorganization under both federal and California state law. ECCU is a mutualbenefit corporation and is exempt from both federal and California state incometaxes but is subject to taxes on unrelated business income.

The Company was organized for the purpose of providing funds for realproperty secured loans for the benefit of Evangelical churches and churchorganizations through funding provided to the Company by members of and personsassociated with such churches and organizations. In accordance with its mission,the Company seeks to provide higher than average yields to its investors inrelation to the yields it realizes on its mortgage loan investments and itsoperating, general, and administrative costs. The Company does not seek tomaximize its profits from its lending activities. The Company's primary goalwill be to continue to provide affordable secured loans to Evangelical churchesand church organizations on a cost effective basis both for the Company and suchborrowers.

The Company is one of the few institutions or agencies within the westernUnited States organized to assist local evangelical Christian churchcongregations 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 withEvangelical Christian churches and organizations, the Company has given thesepersons the opportunity to jointly and indirectly provide the organizations withfinancing, something they may not have been able to accomplish individually. Todate, the Company has suffered no defaults under any of its mortgage loans norhas the Company defaulted on or been delinquent in the payment of any interestor principal on the notes it has sold to investors.

The Company's investments are financed by the sale of investor notes andthrough ECCU's investment in the Company's common stock. The Company's mortgageloan investments are facilitated through a warehouse credit line from ECCU inthe amount of $5,000,000. This credit line, which the Company intends tomaintain indefinitely, is subject to ECCU's standard commercial loanrequirements, including blanket liens on the Company's assets. ECCU has agreedto subordinate this loan to the payment of its Class A-1 and Class Alpha Notes.There is no assurance that ECCU will be able to continue to provide this creditline to the Company in the future.

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

Reports:

The Company is not required to and does not deliver annual reports to itssecurity holders.

The Company is required to file such reports with the Securities and ExchangeCommission (the "Commission") as it may be required to file pursuant to theExchange Act by reason of Section 15(d) thereof. The Company is not otherwisesubject to the information requirements of the Securities Exchange Act of 1934,as amended (the "Exchange Act"), and in accordance therewith does not otherwisefile reports, proxy statements and other information with the Commission. Anyreports, proxy statements, and other information filed by the Company inaccordance with the Exchange Act can be inspected and copied at the publicreference maintained by the Commission at Room 1204, Judiciary Plaza, 450 FifthStreet NW, Washington, D.C. 20549 and Suite 1400, 5670 Wilshire Boulevard, 11thFloor, Los Angeles, California, 90036. Copies of such material can be obtainedat prescribed rates from the public reference section of the Commission at 450Fifth Street NW, Washington, D.C. 20549. Copies of such reports, proxystatements and other information concerning the Company may also be obtainedfrom the Commission's website at www.sec.gov.

Item 2. Description of Property

The Company's business offices are located at 955 West Imperial Highway,Brea, California 92821. The Company's telephone number is 800-753-6742.

The Company currently rents its offices (approximately 1,200 square feet)from ECCU on a month-to-month basis for $2,160. ECCU provides the Company withcertain services and the use of certain facilities for which ECCU charges theCompany on a current basis. Presently, the amounts ECCU charges the Company inthis regard are at the market rate for similar services and facilities chargedby unrelated persons.

Item 3. Legal Preceedings

None

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's common stock is not traded in any public market.

On February 25, 2002, the Company sold 200 shares of its Series A PreferredStock to Telesis Community Credit Union, 9301 Winnetka Avenue, Chatsworth, CA91311, at a cash price of $1,000 per share. On September 30, 2004, the Companysold 50 shares of its Series A Preferred Stock to Wescorp Federal Credit Union,924 Overland Court, San Dimas, CA 91773, at a cash price of $1,000 per share.Additionally, on October 25, 2004, the Company sold 50 shares of its Series APreferred Stock at a cash price of $1,000 per share to an individual investor inBrea, CA. The Company also sold 250 shares of it Series A Preferred Stock to anindividual investor in Vista, CA at a cash price or $1,000 per share. TheCompany relied upon the exemption from Registration under Section 4(2) of theSecurities Act of 1933 in making the sales.

Item 6. Management's Discussion and Analysis of Operations

The financial information included herein should be read in conjunction withthe Financial Statements, including the notes thereto. The Company's plan ofbusiness consists of the offer and sale of debt obligations to investors on acontinuous basis to provide funds for the Company's mortgage loan investments.Management believes that its strategy for maintaining liquidity will enable itto timely service and retire the notes regardless of the maturity mix of thenotes outstanding.

Management intends to continue the Company's current liquidity plan whichrelies primarily on funds from operations, cash reserves and borrowings underthe ECCU Credit Line to pay interest and principal on its debt securities on atimely basis. In addition, the Company has from time to time asked ECCU torepurchase some of the Company's mortgage loan investments in order to provideshort term liquidity, in each case ECCU has agreed to do so. However, ECCU isunder no obligation to continue this practice. Historically, the Company hasexperienced significant rates of reinvestment or renewal by its debt securityinvestors upon maturity of their investments. These sources may not continue toprovide sufficient funds from its ECCU Credit line and/or the sale orhypothecation of its mortgage loan investments, should additional funds benecessary to repay the Company's debt securities as they mature. Managementbases this belief on the size and quality of the Company's mortgage loaninvestments, the availability of purchasers of those assets on a timely basisand a historic price (at or near par) paid for secured loans comparable to theCompany's mortgage loan investments.

Management believes that it can continue to achieve profitable marginsbetween interest revenues and interest expenses irrespective of fluctuatinginterest rates or inflation based on the adjustment of interest rates theCompany pays to its note investors to reflect increases or decreases, in theblended index rate (as defined in the prospectus). In addition, a significantpercentage of the Company's mortgage loan investments have variable interestrates and reflect interest rate fluctuations due to inflation or other factorsover the term of the investment.

Results of Operations

Twelve Months Ended December 31,2004 vs. Twelve Months Ended December 31, 2003

During the twelve months endedDecember 31, 2004, the Company had net income of $58,853 as compared to netincome of $125,189 for the same twelve months ended December 31, 2003, adecrease in net income of $66,336. Interest income, net, for the period, was$785,788, a decrease of 4% from $814,481 for the twelve months ended December31, 2003. The Company's cost of funds (i.e., interest expense) during the perioddecreased $20,517 (or 1%) to $1,540,975 for the twelve-month period endingDecember 31, 2003. The decrease is attributable to a decrease in offering ratesover the same period in 2003. At December 31, 2004, the Company had outstandingdebt securities (notes payable) of $46,161,457, up from $43,016,580 at December31, 2003, an increase of 7%.

The Company's operating expenses for the twelve months ended December 31,2004 increased to $625,636 from $543,812 for the same period ending December 31,2003, an increase of 15%. This is attributable to increases in Marketing andPromotions, and an increase in Ministry Support for the Company over the sameperiod in 2003.

Liquidity and Capital Resources

Twelve Months Ended December 31,2004 vs. Twelve Months Ended December 31, 2003

Net increase in cash during thetwelve months ended December 31, 2004 was $4,727,102, compared to a net increaseof $1,267,974 for the twelve months ended December 31, 2003. This increase of$3,459,128 was due to an increase in net cash provided by investing activities.

Net cash provided by operating activities totaled $84,589 for the twelve monthsended December 31, 2004, an increase of $1,685 from $82,904 provided byoperating activities during the twelve months ended December 31, 2003.

Net cash provided by investing activities totaled $1,157,650 during thetwelve months ended December 31, 2004, compared to $11,777,313 used during thetwelve months ended December 31, 2003, an increase in cash used of $12,934,963.This difference is primarily attributable to a decrease in cash used by netnotes receivable (the difference between the purchase of notes receivable andprincipal payments received on notes receivable) during the twelve months endedDecember 31, 2004 as compared to the same period in 2003.

Net cash provided by financing activities totaled $3,484,863 for thistwelve-month period in 2004, a decrease of $9,477,520 from $12,962,383 providedby financing activities during the twelve months ended December 31, 2003. Thisdifference is primarily attributable to a decrease in cash provided by netborrowings on notes payable (the difference between principal payments made onnotes payable and proceeds from borrowings on notes payable).

At December 31, 2004, the Company's cash, which includes cash reserves andcash available for investment in the mortgage loans, was $6,189,901, up from$1,462,799 at December 31, 2003, an increase of $4,727,102.

Item 7. Financial Statements

The Balance Sheets, Statements of Income,  Stockholders' Equityand  Cash Flows for the twelve months ended December 31, 2004 and2003 of Registrant (the "Company") are included following the Report ofIndependent Registered Public Accounting Firm below.

Item 8. Changes In and Disagreements With Accountants on Accounting andFinancial 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 theDirectors and Executive officers of the Company:
**Name****Age****Position Held:**Mark G. Holbrook55Chairman of the Board, Chief Executive OfficerStephen A. Ballas55PresidentMark A. Johnson47Vice Chairman of the Board, Chief Financial Officer,      Treasurer, DirectorVan C. Elliott*69DirectorArthur G. Black66DirectorScott T. Vandeventer48DirectorShirley Bracken*53DirectorKenneth Von Rohr*68Director* Denotes Independent Director
The following is a summary of thebusiness experience of the officers and directors of the Company during the pastfive years.

MARK G. HOLBROOK has served as our chairman since our inception. Mr. Holbrookalso serves as president and chief executive officer of ECCU. He began hiscareer with ECCU in 1975 and has served as its president since 1984. ECCUcurrently has assets under management of over $1 billion and more than 13,000members in 50 states and 100 foreign countries. Mr. Holbrook has served as BoardChairman of Christian Management Association. He received his Bachelor of Artsdegree from Biola University in 1973 and has completed post-graduate studies inChapman College.

STEPHEN A. BALLAS has served as our president since May 1, 2000. Prior tojoining the Company, Mr. Ballas was employed by and/or served as a consultant tomanufacturing companies, software start-ups, and medical equipment companies.Mr. Ballas was a partner in and President of The Loan Connection and served asexecutive officer of operations of Founders Financial and Vice President ofMeracor Mortgage. Mr. Ballas has extensive experience in real estatedevelopment, mortgage lending and marketing, including service as President of amortgage origination company from 1990 to 1993.

MARK A. JOHNSON has served as chief financial officer, treasure, and adirector since our inception. Mr. Johnson also serves as executive vicepresident of ECCU, a position he has held since June 1993. Prior to joiningECCU, Mr. Johnson served as vice president of a multi-company commercialwarehousing/distribution organization and for six years served as president andchief executive officer of a subsidiary of the company. Prior to that, Mr.Johnson served as vice president/branch manager of a Southern Californiaindependent bank. Mr. Johnson has a Bachelor of Science degree in BusinessAdministration from Biola University.

VAN C. ELLIOTT has served as director since 1994. He has served as directorfor ECCU since 1990. Mr. Elliott served as associate director of theConservative Baptist Association of Southern California from 1980 to 1994 wherehe was responsible for the general administrative oversight of the association'sactivities. Since that time, he has been self-employed as a consultant, and isVice President of Business Services for Dynamic Church Planting International.He received his Bachelor's and Master's degrees in mathematics and speech fromPurdue University and spent seven years in the computer industry. Mr. Elliottholds a Master of Divinity from Denver Seminary and has spent fourteen years inlocal church ministries serving in the areas of Christian education andadministration. He has completed post-graduate instruction at the College forFinancial Planning. Mr. Elliott is a member of the Institute of CertifiedFinancial Planners, Christian Estate Planners of California, ChristianManagement Association, and holds the professional designation of CertifiedFinancial Planner.

ARTHUR G. BLACK has served as director since 1997. Mr. Black is currentlyDirector of Ministry Support for Ambassador Advertising Agency. Prior to joiningthat firm in 1998, he had served as a ministry development officer at ECCU. Mr.Black was previously executive vice president of Truth For Life (1994-1996), anationally-syndicated radio Bible teaching ministry. He held similar positionswith the Biola Hour (1981-1991) and Solid Rock Radio (1991-1993), and he servedas director of U.S. broadcasting for Insight For Living from 1993 to 1994. Mr.Black has been in Christian ministry management since 1974. Prior to that, heheld several corporate sales and marketing management positions and six years asowner/President of two consumer product/service companies. He is a GeneralPartner for Rancho Sierra Acres, Christian Investors, P/L Properties and OceanView Investors. Mr. Black was elected to the Board of Directors to replace theseat previously held by Paul A. Kienel.

SCOTT T. VANDEVENTER has served as a director since 1992. Mr. Vandeventer hasbeen employed by ECCU since 1988 and is currently executive vice president andchief operating officer of ECCU. Prior to that time, Mr. Vandeventer providedconsulting services to ECCU and others through AM Business Communications, Inc.,a marketing communication company he has managed since he founded the company in1980. Mr. Vandeventer is also currently associated with NYE Partners, a businessconsulting firm whose clients may include firms doing business with us and/orECCU. Mr. Vandeventer received his Bachelors Degree from Biola University andhas completed graduate work in finance and marketing at California StateUniversity Fullerton School of Business Administration.

SHIRLEY M. BRACKEN has served as a director since June 2003. Ms. Bracken hasowned and operated Shirley Bracken Consulting Services, a consulting firmproviding services in the areas of communications, funding, development, andmarketing non-profit organizations including schools since 1997. Ms. Brackenalso worked for Carl Karcher Enterprises, Inc. of Anaheim, California which shefirst joined in 1983. At the time she left, Ms. Bracken served as that company'sVice-President, Communications/ Human Resources. Ms. Bracken has more than 15years experience in employee communications, government affairs, mediarelations, crisis management, and community relations. Ms. Bracken holds aBachelors Degree in Sociology from California State University, Fullerton, andhas completed coursework towards an MBA at Claremont Graduate School.

KENNETH VON ROHR has served as director since August, 2004. Mr. Von Rohr hasbeen an independent consultant since 2001, providing consultation services inconstruction management, space planning and facility management. Prior to that,he served as senior director, corporate services for World Vision, Inc. from1973 to 2001. At the time he left World Vision, Inc., he was responsible for theacquisition, construction and maintenance of that organization's U.S. officeproperties. Mr. Von Rohr has served as a director of ECCU since 1984. He servedin the U.S. Navy from 1959 to 1963. He holds a Bachelor of Arts degree from theUniversity of Southern California.

The Company has no class of equity securities registered pursuant to Section12 of the Exchange Act.

Item 10. Executive Compensation

Except for Mr. Ballas, none of the Company's officers or directors currentlyreceives compensation from the Company. Each, however, is entitled to bereimbursed for expenses incurred in performing duties on behalf of the Company.

The following table sets forth certain information regarding compensationpaid by the Company for services rendered to the Company during its fiscal yearended December 31, 2004, its fiscal year ended December 31, 2003 and its fiscalyear ended December 31, 2002 by its Chief Executive Officer, and President. Mr.Ballas was appointed President of the Company by the Board of Directorseffective May 1, 2000. Mr. Ballas replaced interim President and Board MemberVan C. Elliott, who succeeded Mr. Garmo on January 3, 2000.

Except for Mr. Ballas, none of the Company's executive officers (the namedExecutive Officers) had total salary, plus bonus, exceeding $100,000 during thisperiod.

Option/Warrant Grants in Current Fiscal Year:

No options, warrants or other rights to purchase securities of the Companyhave been issued.

Summary Compensation Table

Annual Compensation
Name and Principal PositionYear Ended
Salary(s)
Bonus (2)
Other Annual      Compensation (3)
All Other      Compensation (4)Mark G. Holbrook, 
2004
(1)
-0-
-0-
-0-Chairman, Chief
2003
(1)
-0-
-0-
-0-Executive Officer
2002
(1)
-0-
-0-
-0-Stephen A. Ballas, 
2004
$ 90,204
$ 22,385
$ 10,476
$23,908President
2003
$ 86,320
$ 20,500
$ 4,800
$ 10,035 
2002
$ 86,100
$ 14,300
$ 4,800
$ 8,856
(1) Mr. Holbrook is a full-timeemployee of ECCU. Since December 1, 1994, the commencement date of hiring Mr.Garmo as president of the Company, Mr. Holbrook has expended, on the average,approximately 2% of his time as an officer and director of the Company. TheCompany reimburses ECCU for that portion of Mr. Holbrook's time devoted toservice to the Company as an officer (but not director). Mr. Holbrook currentlydevotes less than 1% of his time serving the Company as an officer.

(2) An aggregate bonus amount of $22,385 was paid to Mr. Ballas for theFiscal year 2004.

(3) Includes an automobile allowance of $10,476 for the Fiscal year 2004,paid by the Company for the benefit of Mr. Ballas.

(4) The Company contributed an aggregate amount of $9,234 for Mr. Ballas'retirement plan, $13,645 for medical benefits and $1,029 for life and disabilityinsurance.

Item 11. Security Ownership of Certain Beneficial Owners and Management

The Company has 125,000 shares of its common stock outstanding, all of whichshares are owned by Evangelical Christian Credit Union, 955 West ImperialHighway, Brea, California 92821. The Company has 550 shares of its preferredstock outstanding which are owned by Telesis Community Credit Union, WescorpFederal Credit Union, and individual investors. None of the Company's officersor directors beneficially owns any of the outstanding shares. The Company doesnot have outstanding options, warrants or convertible securities. There are noother rights to purchase equity securities other than as disclosed.

The Company has not authorized the issuance of any of its securities under anequity compensation plan.

Item 12. Certain Relationships and Related Transactions

As described elsewhere in this Memorandum, ECCU is the Company's soleshareholder. Since our inception, ECCU has provided us with a line of creditwhich, under its March 28, 2004 loan agreement, is currently a $5.0 millionrevolving credit line loan. The terms and conditions of this credit line,including the interest rates charged thereon, are the same as those charged byECCU to its other commercial borrower. Pursuant to the Subordination Agreement,ECCU has agreed to subordinate repayment of its loans to us to certain classesof our debt securities. There is no assurance that in the future ECCU will notmodify, reduce or terminate this credit line.

During the years ended December 31, 2004 and 2003, respectively, we purchasedparticipation loans totaling $16,637,923 and $41,363,266 from ECCU. Werecognized interest income on notes receivable from ECCU of $2,263,405 and$2,355,524 during the years ended December 31, 2004 and 2003, respectively.

The Company pays support charges for management services and rent to ECCU ona month-to-month basis. For the years ended December 31, 2004 and 2003,respectively, charges of $79,586 and $79,380 were paid for these services. Theperiodic changes are based on the fair market value of services provided. TheCompany also reimbursed ECCU $229,151 and $234,888, for the salaries andbenefits of employees we used during the years ended December 31, 2004 and 2003.

Item 13. Exhibits and Reports on Form 8-K

Exhibits:

27 Financial Data Schedule (included)

Reports on Form 8-K:

None

Item 14. Controls and Procedures

*Evaluation of Disclosure Controls and Procedures*. Based on theirevaluation as of a date within 90 days of the filing date of this Annual reporton Form 10-K, the Principal executive officer and principal financial officer ofthe Company have concluded that the Company's disclosure controls and procedures(as defined in Rules 13a-14(c) and 15(d)-14(c) under the Securities Exchange Actof 1934) are effective to ensure that the information required to be disclosedby the Company in reports that it files or submits under the Securities ExchangeAct of 1934 is recorded, processed, summarized and reported within the timeperiods specified in SEC rules and forms.

*Changes in Internal Controls*. There were no significant changes in theCompany's internal controls or in other factors that could significantly affectthose controls subsequent to the date of their most recent evaluation.

Item 15. (Reserved)

Item 16. Principal Accountant Fees and Services

 

SIGNATURES

In accordance with Section 13 or15(d) of the Exchange Act, the Registrant caused this report to be signed on itsbehalf by the undersigned, thereunto duly authorized.

Dated: March 31, 2005 MINISTRY PARTNERS INVESTMENT CORPORATION

(Registrant)

By: /s/   Stephen A. Ballas

Stephen A. Ballas,

President

 

By: /s/   Gabriel B. Encarnacion

Gabriel B. Encarnacion,

Principal Financial Officer

 

 

 

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**FINANCIAL STATEMENTS**

**DECEMBER 31, 2004 AND 2003**

**TABLE OF CONTENTS**
 
 
**Page**      Report of Independent Registered Public Accounting Firm
1Balance Sheets
2Statements of Income
3Statements of Stockholders' Equity
4Statement of Cash Flows
5Notes to Financial Statements
6
            

**Report of Independent RegisteredPublic Accounting Firm**

Board of Directors

Ministry Partners Investment Corporation

We have audited the accompanying balance sheets of Ministry PartnersInvestment Corporation as of December 31, 2004 and 2003, and the relatedstatements of income, stockholders' equity and cash flows for the years thenended. These financial statements are the responsibility of the company'smanagement. Our responsibility is to express an opinion on these financialstatements based on our audits.

We conducted our audits in accordance with the standards of the PublicCompany Accounting Oversight Board (United States). Those standards require thatwe plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures inthe financial statements. An audit also includes assessing the accountingprinciples used and significant estimates made by management, as well asevaluating the overall financial statement presentation. We believe that ouraudits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, inall material respects, the financial position of Ministry Partners InvestmentCorporation as of December 31, 2004 and 2003, and the results of its operationsand its cash flows for the years then ended in conformity with accountingprinciples generally accepted in the United States of America.

/s/ TURNER, WARREN, HWANG & CONRAD

TURNER, WARREN, HWANG & CONRAD

ACCOUNTANCY CORPORATION

Burbank, California

February 18, 2005

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**BALANCE SHEETS**

**DECEMBER 31, 2004 AND 2003**
  
2004 
2003**ASSETS**    Current      Assets  ** ** 
Cash
$
6,189,901
$
1,462,799
Notes receivable, net of      allowance for losses of $114,000 
1,123,498 
4,497,014
Loans receivable 
991,468 
349,273
Interest receivable 
125,497 
175,972
Prepaid income taxes 
39,861 
-
Prepaid expenses 
27,664 
18,733
Total Current Assets 
8,497,889 
6,503,791Other      Assets    
Notes receivable 
39,844,426 
38,307,455
Loans receivable 
62,191 
63,026
Property and equipment, net of      accumulated depreciation 
13,240 
320
Total Other Assets 
39,919,857 
38,370,801     
**Total Assets**
$
48,417,746
$
44,874,592**LIABILITIES AND STOCKHOLDERS' EQUITY**    Current      Liabilities    
Accounts payable$
57,513
$
45,632
Notes payable - current portion 
36,105,134 
33,063,632
Income taxes payable 
**-** 
12,443
Total Current Liabilities 
36,162,647 
33,121,707      Long-term Liabilities    
Notes payable 
46,161,457 
43,016,580
Less current portion 
(36,105,134) 
(33,063,632)
Total Long-term Liabilities 
10,056,323 
9,952,948           Commitments and contingent liabilities 
- 
-      Stockholders' Equity    
Preferred stock, 5,000 shares      authorized; 550 shares issued and outstanding, no par value (liquidation      preference value of $1,000 per share) 
550,000 
200,000
Common stock, 10,000,000 shares      authorized; 125,000 shares issued and outstanding, no par value 
1,250,000 
1,250,000
Retained earnings 
398,776 
349,937
Total Stockholders' Equity 
2,198,776 
1,799,937     
**Total Liabilities and      Stockholders' Equity**$
48,417,746
$
44,874,592
 

The accompanying notes are anintegral part of these financial statements

Page 2

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**STATEMENTS OF INCOME**

**FOR THE YEARS END DECEMBER 31,2004 AND 2003**
  
2004 
2003**INTEREST INCOME**    Notes receivable and loans receivable$
2,322,854
$
2,372,887Interest-bearing accounts 
 3,909 
 3,086
Total Interest Income 
2,326,763 
2,375,973     **INTEREST EXPENSE**    Line of credit 
18,169 
6,779Notes payable 
 1,522,806 
1,554,713
Total Interest Expense 
 1,540,975 
1,561,492      **NET INTEREST INCOME** 
 785,788 
814,481     **PROVISION FOR NOTES RECEIVABLE LOSSES** 
24,000 
 30,000     **NET INTEREST INCOME AFTER PROVISION FOR NOTES RECEIVABLE      LOSSES** 
 761,788 
784,481**NON-INTEREST INCOME** 
- 
1,516     **NON-INTEREST EXPENSES**    Salaries and benefits 
263,611 
271,231Marketing and promotion 
110,750 
 73,417Office occupancy 
30,232 
31,285Office operations 
116,614 
 105,732Legal and accounting 
34,429 
50,147Ministry support 
70,000 
12,000
Total Non-Interest Expenses 
625,636 
543,812      **INCOME BEFORE PROVISION FOR      INCOME TAXES** 
136,152 
242,185Provision for income taxes 
77,299 
116,996**NET INCOME** $
 58,853 $
125,189
 

The accompanying notes are anintegral part of these financial statements

Page 3

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**STATEMENTS OF STOCKHOLDERS'EQUITY**

**FOR THE YEARS ENDED DECEMBER 31,2004 AND 2003**
  
Preferred      Stock 
Common Stock 
Retained      Earnings 
TotalBalances, December 31, 2002
$
-
$
1,250,000
$
230,721
$
1,480,721Issuance of preferred stock 
200,000 
- 
- 
200,000Net income 
- 
- 
125,189 
 125,189Dividends 
- 
 - 
(5,973) 
(5,973)Balances, December 31, 2003 
200,000 
1,250,000 
349,937 
 1,799,937Issuance of preferred stock 
350,000 
- 
- 
350,000Net income 
- 
- 
58,853 
58,853Dividends 
- 
- 
(10,014) 
(10,014)Balances, December 31, 2004
$
550,000
$
1,250,000
$
398,776
$
2,198,776
 

The accompanying notes are anintegral part of these financial statements

Page 4

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**STATEMENTS OF CASH FLOWS**

**FOR THE YEARS ENDED DECEMBER 31,2004 AND 2003**
   
2004 
2003**CASH FLOWS FROM OPERATING ACTIVITIES** 
   Net income
$
58,853
$
125,189Adjustments to reconcile net income to net cash provided by      operating activities    
Depreciation 
615 
737
Provision for notes receivable      losses 
24,000 
30,000(Increase) decrease in accrued interest receivable 
50,475 
(27,466)Increase in prepaid income taxes 
(39,861) 
 -(Increase) decrease in prepaid expenses 
(8,931) 
10,477Increase (decrease) in accounts payable 
11,881 
(322)Decrease in income taxes payable 
(12,443) 
(55,711)
Net cash provided by operating      activities 
 84,589 
82,904      **CASH FLOWS FROM INVESTING      ACTIVITIES**    Loans made 
(648,868) 
 (347,884)Principal payments received on loans receivable 
7,508 
-Purchase of notes receivable 
(16,637,923) 
(41,363,266)Proceeds from sales and maturities and principal payments      received on notes receivable 
18,450,468 
29,934,440Purchase of property and equipment 
(13,535) 
 (603)
Net cash provided (used) by      investing activities 
1,157,650 
(11,777,313)     **CASH FLOWS FROM FINANCING ACTIVITIES**    Advances made on line of credit 
5,500,000 
10,519,600Amounts paid on line of credit 
(5,500,000) 
(10,519,600)Principal payments made on notes payable 
(21,706,778) 
(15,531,259)Proceeds from borrowings on notes payable 
24,851,655 
28,299,615Proceeds from sale of preferred stock 
350,000 
200,000Dividends paid on preferred stock 
(10,014) 
(5,973)
Net cash provided by financing      activities 
3,484,863 
12,962,383     Net increase in cash and cash equivalents 
4,727,102 
1,267,974Cash at beginning of year 
1.462,799 
194,825Cash at end of year
$
6,189,901
$
1,462,799**SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION**Interest paid
$
1,540,975
$
1,561,492Income taxes paid 
117,160 
172,707
 

The accompanying notes are anintegral part of these financial statements

Page 5

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**NOTES TO THE FINANCIALSTATEMENTS**

**DECEMBER 31, 2004 AND 2003**

**NOTE 1 - SUMMARY OF SIGNIFICANTACCOUNTING POLICIES**

**Nature of Business:**Ministry Partners Investment Corporation wasincorporated in California in 1991 and is a subsidiary of Evangelical ChristianCredit Union (ECCU). The company provides funds for real property secured loansfor the benefit of Evangelical churches and church organizations through fundingprovided by members of and persons associated with such churches andorganizations. The company's offices, as well as those of its loan originationsource, ECCU, are located in the state of California. Nearly all of the businessand operations of the company currently are conducted in California and itsmortgage loan investments are concentrated in California.

**Use of Estimates:** The preparation of financial statements inconformity with generally accepted accounting principles requires management tomake estimates and assumptions that affect the reported amounts of assets andliabilities and disclosures of contingent assets and liabilities as of the dateof the financial statements and the reported amounts of revenues and expensesduring the reporting period. Actual results could differ from those estimates.

**Notes Receivable:**Interest income on notes receivable is recognizedover the term of the note and is generally computed using the simple interestmethod. The allowance for notes receivable losses is increased by charges toincome and decreased by charge offs (net of recoveries).

**Property and Equipment:** Furniture, fixtures, and equipment are statedat cost, less accumulated depreciation. Depreciation is computed on astraight-line basis over the estimated useful lives of the assets, which rangefrom three to five years.

**Prepaid Offering Expense:** Prepaid public offering is related to apublic offering of unsecured notes. It is being amortized over a two-yearperiod.

**Reclassifications:**Certain account reclassification have been made tothe financial statements of the prior year in order to conform toclassifications used in the current year.

**NOTE 2 - RELATED PARTY TRANSACTIONS**

The company maintains all its funds at ECCU. Total funds held with ECCU atDecember 31, 2004 and 2003 were $6,139,686 and $1,462,799, respectively.Interest earned on these funds for the years ended December 31, 2004 and 2003were $3,794 and $3,086, respectively.

The company, as part of its investment strategy, purchases an interest inparticipation loans offered for sale by ECCU. The company purchasedparticipation loans totaling $16,637,923 and $41,363,266 from ECCU and receivedno fee income from ECCU during the years ended December 31, 2004 and 2003,respectively. The company recognized interest income on notes receivable fromECCU of $2,263,405 and $2,355,524 during the years ended December 31, 2004 and2003, respectively.

The company pays support charges for management services and rent to ECCU ona month-to-month basis. Charges of $79,586 and $79,380 were paid for theseservices for the years ended December 31, 2004 and 2003, respectively. Themethod used to arrive at the periodic charge is based on the fair market valueof services provided. Management believes that such method is reasonable.

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**NOTES TO THE FINANCIALSTATEMENTS**

**DECEMBER 31, 2004 AND 2003**

**NOTE 2 - RELATED PARTY TRANSACTIONS (CONTINUED)**

The company reimburses ECCU for salaries and benefits of employees. Theamounts reimbursed for the years ended December 31, 2004 and 2003 were $229,151and $234,888, respectively.

The company had $44,835 and $34,782 due to ECCU at December 31, 2004 and2003, respectively.

**NOTE 3 - NOTES RECEIVABLE**

The notes receivable are backed by loan participation agreements secured byloans originated by ECCU to various churches and related organizations tofinance facilities. Loan maturities extend through 2008. The notes earn interestat rates between 3.00% and 9.63%, with a weighted average yield of 4.89%.

The company maintains allowance for notes receivable losses of $114,000. Thecompany has no experience of loan loss and, as of December 31, 2004, none of theloans are impaired. Management believes all of the notes are adequately securedand the allowance is adequately maintained.

**NOTE 4 - LINE OF CREDIT**

The company has an unsecured $5,000,000 line of credit with ECCU that expiresMarch 31, 2005. There were no outstanding borrowings as of December 31, 2004 and2003. The interest rate at December 31, 2004 was 4.75%. The interest rate onthis line varies based on changes in an independent index which is the PrimeRate published by The Wall Street Journal. Interest of $18,169 and $6,779 waspaid to ECCU during the years ended December 31, 2004 and 2003, respectively.

**NOTE 5 - COMMITMENTS AND CONTINGENT LIABILITIES**

**Loan Commitments**

The Company entered into a Non-recourse Letter of Credit ParticipationAgreement with ECCU on April 1, 2004. The Company is committed to 30% of a$10,000,000 letter of credit for Colorado Christian University. As of December31, 2004, the Company had an outstanding commitment of $3,000,000.

**NOTE 6 - NOTES PAYABLE**

A summary of unsecured promissory notes payable at December 31 is as follows:
  
2004 
2003 
Interest Rate      at December 31, 2004Public Offering Notes - Class A-1 
1,036,276 
1,244,139 5.53% to 7.50%Public Offering Notes - Alpha Class 
17,606,067 
17,736,292 2.10% to 6.25%Special Offering Notes 
 27,265,109 
23,918,491 2.43% to 7.58%International Notes 
254,005 
117,658 2.17% to 6.69% 
$
46,161,457
$
43,016,580  
 

Page 7

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**NOTES TO THE FINANCIALSTATEMENTS**

**DECEMBER 31, 2004 AND 2003**

**NOTE 6 - NOTES PAYABLE (CONTINUED)**

Notes payable are primarily to members of ECCU.

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

Year Ending      December 31,  
2005
$
36,209,507
2006 
4,744,551
2007 
1,237,270
2008 
2,259,953
2009 
1,710,176 
$
46,161,457
The Class A-1 and Alpha Class Notes contain covenants pertaining tolimitation on restricted payment, maintenance of tangible net worth, limitationof issuance of additional notes and incurrence of indebtedness. Both classesrequire that the company maintain a minimum tangible adjusted net worth, asdefined in the Loan and Standby Trust Agreement, of not less than $2,000,000.The company is not permitted to issue any Class A-1 and Alpha Class Notes if,after giving effect to such issuance, the Class A-1 and Alpha Class Notes thenoutstanding would have an aggregate unpaid balance exceeding $10,000,000 and$20,000,000 respectively. The company's other indebtedness, as defined in theLoan and Standby Agreement, is not to exceed $750,000 outstanding at any timewhile any Class A-1 or Alpha Class Note is outstanding. The company was incompliance with these covenants as of December 31, 2004

**NOTE 7 - PUBLIC OFFERING**

In December 1997, the Company received approval from the SEC to offer$25,000,000 of Class A-1 unsecured promissory notes nationwide. In December1997, the Company registered $15,000,000 of the Class A-1 Notes. By November 29,1999, $12,064,110 of the $15,000,000 had been sold. The Company deregistered theremaining $2,935,890 on November 29, 1999. On November 30, 1999, the Companyregistered another $12,500,000 of the Class A-1 Notes. Class A-1 Notes totaling$1,036,276 and $1,244,139 were outstanding at December 31, 2004 and 2003respectively.

In July 2001, the company received approval from the SEC to offer $50,000,000of Alpha class unsecured promissory notes nationwide. In July 2001, the companyregistered $25,000,000 of the Alpha Class Notes. Alpha Class Notes totaling$17,606,067 and $17,736,292 were outstanding at December 31, 2004 and 2003,respectively.

Page 8

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**NOTES TO THE FINANCIALSTATEMENTS**

**DECEMBER 31, 2004 AND 2003**

**NOTE 8 - PREFERRED STOCK**

The company has 550 shares of Series A, non-voting, non-transferrablecumulative preferred stock outstanding. The number of shares in the Series APreferred Shares is 5,000. The liquidation preference of the Series A PreferredStock is $1,000 per share. Each share is entitled to receive a quarterly cashdividend equal to a percentage of the liquidation preference which percentageequals the greater of 150 basis points higher than the London Bank Inter-BankOffer Rate (LIBOR) for six months in effect on the last day of the calendarquarter for which the dividend is to be declared or 5% per annum. Under aredemption provision, the company, at its sole election, at any time afterDecember 31, 2006, may redeem any shares of Series A Preferred Stock for cash,in whole or in part, for an amount equal to the liquidation preference of eachshare of Series A Preferred Stock redeemed, plus any accrued and unpaiddividends on such shares, whether or not declared.

**NOTE 9 - INCOME TAXES**

Federal income and state franchise taxes for the years ended December 31,2004 and 2003 are as follows:
  
2004 
2003Federal income taxes
$
54,181
$
85,693State franchise taxes 
23,118 
31,303Tax expense
$
77,299
$
116,996 NOTE 10 - PENSION PLAN
Employees of the company participate in ECCU's defined benefit contributionplan that includes two components: a 401(k) plan and a profit-sharing plan.

**401(k):** Employees are eligible upon hireddate, no minimum service is required and the minimum age is twenty-one. Eachemployee may elect voluntary contributions not to exceed 15% of salary. The planhas a matching program, the percent of which is annually determined by the boardof directors. Contributions for the plan years ended December 31, 2004 and 2003were $8,592 and $7,021, respectively

**Profit-sharing:** The profit-sharing plan isfor all employees who, at the end of the calendar year, are at least twenty-oneyears old, still employed, and have at least 1,000 hours of service during thelatest accrual period. The amount annually contributed on behalf of eachqualified employee is determined by the board of directors, and is calculated asa percentage of the eligible employee's annual earnings. Plan forfeitures areused to reduce the credit union's annual contribution. Contributions for theplan years ended December 31, 2004 and 2003 were $7,510 and $5,837,respectively. 

 

Page 9

 

**MINISTRY PARTNERS INVESTMENTCORPORATION**

**NOTES TO THE FINANCIALSTATEMENTS**

**DECEMBER 31, 2004 AND 2003**

**NOTE 11 - FAIR VALUE OF FINANCIAL INSTRUMENTS**

Statement of Financial Accounting Standards No. 107, *Disclosures aboutFair Value of Financial Instruments*, requires disclosure of fair valueinformation about financial instruments, whether or not recognized in thestatement of financial condition. In cases where quoted market prices are notavailable, fair values are based on estimates using present value or othervaluation techniques. Those techniques are significantly affected by theassumptions used, including the discount rate and estimates of future cashflows. In that regard, the derived fair value estimates cannot be substantiatedby comparison to independent markets and, in many cases, could not be realizedin immediate settlement of the instruments. Statement No. 107 excludes certainfinancial instruments and all non-financial instruments from its disclosurerequirements. Accordingly. The aggregate fair value amounts presented do notrepresent the underlying value of the company.

The following methods and assumptions were used to estimate the fair value ofeach class of financial instruments for which it is practicable to estimate fairvalue.

**Cash and Cash Equivalents:** The carrying amount is a reasonableestimate of fair value.

**Notes and Loans Receivable:** Fair value is estimated by discounting thefuture cash flows using the current average rates at which similar loans wouldbe made to borrowers with similar credit ratings and for the same remainingmaturities.

**Notes Payable:**The fair value of fixed maturity notes is estimated bydiscounting the future cash flows using the rates currently offered for notespayable of similar remaining maturities.

**Off-Balance-Sheet Instruments:** The fair value for the company's loancommitments is the carrying amount.

The estimated fair value of the company's financial instruments at December31, are as follows:
  
2004 
2003  
Carrying      Amount 
Fair Value 
Carrying      Amount 
Fair ValueFinancial assets:        
Cash and cash equivalents
$
6,189,901
$
6,189,901
 $
1,462,799
 $
1,462,799
Notes and loans receivable 
42,021,583 
47,134,000 
43,216,768 
45,040,000Financial liabilities        
Notes payable 
46,161,457 
46,162,000 
43,016,580 
43,328,000Unrecognized financial instruments:        
Commitments to extend credit 
- 
3,000,000 
- 
- |
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