American Church Mortgage Company - ACMC

American Church Mortgage Company, a real estate investment trust (REIT), originates mortgage loans to churches and other nonprofit religious organizations throughout the United States. The company also owns bonds, issued by churches and other nonprofit religious organizations. Its portfolio of loans and bonds is managed and serviced by its advisor, Church Loan advisors, Inc. As of February 28, 2005, the company made 117 loans to 106 churches. American Church Mortgage Company has elected to be taxed as a REIT under the Internal Revenue Code. As a REIT, the company would not be subject to federal income tax, if it distributes approximately 90% of its taxable income to its shareholders. The company was founded in 1994 and is based in Minnetonka, Minnesota.