(taken from http://news.thrivent.com/newsroom/news/index.phtml?id=636)As U.S. economy wanes, study finds Thrivent Financial for Lutherans and other fraternal benefit societies generate billions for America’s communities
Georgetown University study quantifies impact of not-for-profit membership organizations
MINNEAPOLIS (Sept. 20, 2010) – A landmark new Georgetown University study released today demonstrates that Thrivent Financial for Lutherans and others of the nation’s 70-plus fraternal benefit societies provide $3.4 billion annually in direct support and valuable social capital that fills expanding, otherwise unmet, needs in communities across the nation. Working through community-based member networks and focusing on the most pressing needs at the local and national levels, the study found that Thrivent Financial for Lutherans—the nation’s largest fraternal benefit society, with approximately 2.6 million members—provides not only direct charitable contributions and volunteerism, but also much-needed “social capital.” This capital is built through the efforts of Thrivent Financial for Lutherans’ network of (member) chapters and results in stronger communities.
America’s fraternal benefit societies are not-for-profit mutual aid organizations created more than a century ago to serve the financial and social needs of communities. While Thrivent Financial for Lutherans and other fraternal benefit societies provide some $1.8 billion a year in direct contributions to communities, their impact throughout the United States—from assisting families struggling with medical bills to providing financial literacy initiatives to acting as a first-response network in the face of natural disasters—generates another $1.6 billion in social capital, according to the first-of-its-kind analysis. The study was authored by Phillip Swagel, a Georgetown University/McDonough School of Business professor who served as a senior economist in both the Bush and Clinton Administrations.
“Fraternal benefit societies have quietly played a key role in helping build and maintain the economic and social infrastructure of this country,” said Brad Hewitt, president and CEO of Thrivent Financial for Lutherans. “We are in a unique position to further build social capital and make a significant difference in communities nationwide through the volunteerism and charitable giving of our members.”
Swagel’s analysis focused on the activities of Thrivent Financial for Lutherans and the second-largest fraternal, the Knights of Columbus. Like other fraternal benefit societies, Thrivent Financial for Lutherans and the Knights of Columbus operate as membership organizations whose mission is to provide financial security to members as well as provide a structure for members’ charitable giving and volunteerism with compounding benefits in communities. For example, Thrivent Financial for Lutherans and its members serve as the largest source of nongovernmental support to nonprofit projects and organizations like Habitat for Humanity International, providing both monetary support and thousands of volunteers, which the government alone cannot sustain.
“Habitat for Humanity’s alliance with Thrivent Financial for Lutherans is invaluable in helping us reach our goal of providing even more decent and affordable housing around the world,” said Mark Crozet, senior vice president of Resource Development, Habitat for Humanity International. “Thrivent Financial for Lutherans has played a major role by giving financially. In fact, more than 9 percent of Habitat’s U.S. production from 2006-2009 is attributable to Thrivent Financial for Lutherans, plus hundreds of homes built internationally. And we have benefited greatly from the engagement of thousands of Thrivent Financial for Lutherans members who volunteer with Habitat nationally and abroad.”
“In a time of economic uncertainty and in the face of an enormous fiscal challenge, fraternal benefit societies work to strengthen communities across the country” said Swagel. “These unique community-based networks provide a structure that supports volunteerism and builds social capital. This gives immense benefits to communities and huge returns to American taxpayers.”
Increased social capital has been found to promote long-term economic stability in communities, as evidenced through a better educated population, higher incomes, a stronger economy, and lower incidence of social ills such as criminal activity.
To read the entire study, go to: Economic and Societal Impacts of Fraternal Benefit Societies
To read the key findings of the study, go to:
Economic and Societal Impacts of Fraternal Benefit Societies - Key Findings
About Thrivent Financial for Lutherans
Thrivent Financial for Lutherans is a not-for-profit financial services membership organization helping approximately 2.6 million members achieve financial security and give back to their communities. As a not-for-profit organization, Thrivent Financial for Lutherans creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit Thrivent.com. Also, you can find us on Facebook and Twitter.
Insurance products issued or offered by Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, 800-847-4836, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent Financial for Lutherans. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents of Thrivent Financial.
Bank products and trust services are offered through Thrivent Financial Bank, (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, securities, investment advisory services, and trust and investment management accounts are not deposits, are not guaranteed by Thrivent Financial Bank, are not insured by the FDIC or any other federal government agency, and may go down in value.
For additional important disclosure information, please visit Thrivent.com/disclosures
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Brett Weinberg
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