The Strategic Pastoral Excellence Program (SPEP) – Stories of Success

In 2016, MMBB launched the first cohort of our Strategic Pastoral Excellence Program (SPEP) as a grant recipient of Lilly Endowment Inc. for the MMBB Financial Wellness Project for Pastoral Leaders and Their Congregations. The overarching goal of the project aims to significantly improve the financial health of pastoral leaders, their congregations, and ultimately of the broader faith community. The SPEP initiative was designed to increase and enhance individual pastoral financial literacy and organizational management skills, and to encourage and support effective communication among pastoral leaders and the congregations they serve. 

The first SPEP cohort completed the program in 2019 and since then, five cohorts for a total of 63 pastors have finished the three-year program; a sixth concludes the program in September 2022.  We invited and challenged pastors and their church leaders to acquire tools and take the necessary steps to achieve financial wellness for themselves and their churches. Recently, we conducted an end of program survey to gauge the success of SPEP participants. We had a 90% response rate.

The survey results and the progress of the pastors in these five cohorts was truly impressive. We rejoice with them and for them in achieving substantial changes in their financial well-being.  Cumulatively, participants have:

• Paid down their debt by over $1.2M and saved over $1.3M while participating in the program, averaging $21.5K paid down in debt and $24K on average saved per pastoral leader, respectively
• 93% of program participants had established and were following a budget at the end of the program term vs. 40% at its inception.
• When asked if they had an emergency fund, 86% of program participants responded affirmatively vs. 26% at the beginning of the program.
• We surveyed credit score increases because they are among a set of reliable indicators that gauge an individual’s financial health. Overall, the group raised its cumulative credit score by over 2,400 points; on average, this is approximately a 43-point increase per program participant during the three-year period.
• 72% of SPEP participants received a pay increase and 81% implemented a financial stewardship initiative in their church while in the program.

These numbers are impressive and speak to the commitment of the pastoral leaders and the wise guidance received from our program facilitators and financial planning specialists each participant is assigned to work with.  But most of all the numbers represent real lives that have been transformed; real lives experiencing a renewed sense of what is financially possible for them and their families and for their churches and communities.  This is the ripple effect that emanates from the increased financial tools and confidence experienced by pastoral leaders as they share and utilize new learnings.

One participant, Rev. Dr. Christine A. Smith, a SPEP graduate who pastors at Restoration Ministries of Greater Cleveland, Inc. has shared one aspect of how the program has tangibly impacted her life.  Dr. Smith’s credit score increased 150 points over the course of three years.  She credits this improvement with strategies she learned from the financial planning specialist she worked with and acquiring a better understanding of the credit system.  The issue of credit was a sensitive area for her because of a negative experience with creditors who threatened to confiscate her property because of past due payments.  After paying off that debt, Dr. Smith resolved to pay cash for all purchases.  However, she was not aware how that practice would not help to repair her credit score. Through SPEP, she learned the nuances of the credit system and implemented a combination of several practices that included:

• Budgeting
• Paying with credit only what was included in the budget
• Paying all accumulated debt each month to avoid interest charges

Rev. Dr. Christine A. Smith, Senior Pastor, Restoration Ministries of Greater Cleveland, Inc.

“Over the course of three years in MMBB’s SPEP initiative for pastors, I worked closely with their financial planners,” remarks, Dr. Smith.  “With discipline and their wise guidance, I was able to pay down $25,000 in debt, save $10,000, establish an emergency fund, and increase my credit score by 150 points and I received a raise. Thank you, MMBB!”

We are blessed to know that the SPEP program is changing lives and pastors are free from financial stress and able to concentrate on serving their congregation and communities. If you are interested in learning more about SPEP, please contact Ania Norori at [email protected].