American Church Mortgage (ACMC) 10-Q 14 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 14, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-25919
Entity Registrant Name	American Church Mortgage Co
Entity Central Index Key	0000934543
Entity Incorporation, State or Country Code	MN
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,676,896

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 190,937	$ 87,702
Accounts receivable	97,572	174,915
Interest receivable	225,959	168,636
Prepaid expenses	18,126	7,796
Mortgage Loans Receivable, net of allowance for loan losses of $1,501,095 and $1,493,996 and deferred origination fees of $164,890 and $198,816 at March 31, 2021 and December 31, 2020, respectively	15,485,422	16,605,967
Bond Portfolio	18,040,429	18,100,711
Real Estate Held for Sale	328,996	428,996
Total Assets	34,387,441	35,574,723
LIABILITIES
Accounts payable	538	14,400
Management fee payable	23,131	22,908
Line of Credit	1,243,000	2,288,000
Dividends payable	16,766	16,766
Secured Investor Certificates, Series B	6,020,500	6,022,500
Secured Investor Certificates, Series C	6,103,000	6,127,000
Secured Investor Certificates, Series D	8,024,000	8,029,000
Secured Investor Certificates, Series E	3,738,000	3,738,000
(Less) Deferred Offering Costs, net of accumulated amortization of $734,900 and $1,066,068 at March 31, 2021 and December 31, 2020, respectively	745,466	769,178
Total liabilities	24,423,469	25,489,396
Stockholders' Equity
Common Stock, par value $.01 per share authorized, 30,000,000 shares, issued and outstanding, 1,676,598 shares at March 31, 2021 and December 31, 2020, respectively	16,766	16,766
Additional paid-in capital	19,111,060	19,111,060
Accumulated deficit	(9,163,854)	(9,042,499)
Total stockholders equity	9,963,972	10,085,327
Total liabilities and stockholders equity	$ 34,387,441	$ 35,574,723

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Allowance for mortgage loans recievable	$ 1,501,095	$ 1,493,996
Deferred origination fees for mortgage loans recievable	164,890	198,816
LIABILITIES AND STOCKHOLDERS' EQUITY
Accumulated amortization deferred offering costs	$ 734,900	$ 1,066,068
Stockholders' Equity
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, Authorized	30,000,000	30,000,000
Common Stock, Issued	1,676,598	1,676,598
Common Stock, Outstanding	1,676,598	1,676,598

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Interest and Loan Fee Income	$ 598,530	$ 627,977
Interest Expense	414,265	463,490
Net Interest Income	184,265	164,487
Provision for losses on mortgage loans receivable	7,099
Net Interest Income after Provision for Losses on Mortgage Losses	177,166	164,487
Operating Expenses
Other than temporary impairment on bond portfolio	52,282
Other operating expenses	229,473	96,085
Net Income (Loss)	$ (104,589)	$ 68,402
Basic and Diluted (Loss) Income Per Share	$ (0.06)	$ 0.04
Dividends Declared Per Share	$ .01	$ .04
Weighted Average Common Shares Outstanding - Basic and Diluted	1,676,896	1,677,798

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities
Net income (loss)	$ (104,589)	$ 68,402
Adjustments to reconcile net (loss) income to net cash from operating activites:
Net (gain) loss on sales and impairment of real estate held for sale	100,000	(15,559)
Provision for losses on mortgage loans receivable	7,099
Other than temporary investements on bond portfolio	52,282
Amortization of loan origination discounts	(33,926)	(12,600)
Amortization of deferred offering costs	23,712	35,805
Accounts receivable	3,960	15,742
Interest receivable	16,060	(1,780)
Prepaid expenses	(10,330)	(6,408)
Accounts payable	(13,862)	(8,436)
Management Fee payable	223	20,969
Net cash provided by (used for) operating activities	40,629	96,135
Cash Flows from Investing Activities
Collections of mortgage loans	1,147,372	2,874,627
Investment in bonds		(1,452,000)
Proceeds from bonds	8,000	59,000
Proceeds from real estate held for sale
Net cash provided by investing activities	1,155,372	1,481,627
Cash Flows from Financing Activities
Redemption of secured investor certificates	(31,000)	(745,000)
Payments for deferred costs		(6,744)
Net change in short term borrowings	1,045,000	845,000
Dividends paid	16,766	125,835
Net cash (used for) provided by financing activities	(1,092,766)	(1,722,579)
Net (Decrease) in Cash and Cash Equivalents	103,235	(144,817)
Cash and Cash Equivalents - Beginning Year.	87,702	191,987
Cash and Equivalents - Ending Year.	$ 190,937	$ 47,170

Statements of Cash Flows (Paren

Statements of Cash Flows (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Cash Flows [Abstract]
Interest paid	$ 390,553	$ 427,685
Secured Investor Certificates (Rollovers)	$ 61,000	$ 262,000

Shareholders Equity (Unaudited)

Shareholders Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning balance, shares at Dec. 31, 2019	1,677,798
Beginning balance, value at Dec. 31, 2019	$ 16,778	$ 19,113,458	$ (8,782,464)	$ 10,347,772
Net Income			$ 68,402	$ 68,402
Dividends declared			$ 67,112	$ .04
Ending balance, shares at Mar. 31, 2020	1,677,798
Ending balance, value at Mar. 31, 2020	$ 16,778	19,113,458	$ (8,781,174)	$ 10,349,062
Beginning balance, shares at Dec. 31, 2019	1,677,798
Beginning balance, value at Dec. 31, 2019	$ 16,778	19,113,458	(8,782,464)	10,347,772
Net Income			$ (125,859)	$ (125,859)
Dividends declared			$ 134,176	$ 134,176
Ending balance, shares at Dec. 31, 2020	1,677,798
Ending balance, value at Dec. 31, 2020	$ 16,766	19,111,060	$ (9,042,499)	$ 10,085,327
Net Income			$ (104,589)	$ (104,589)
Dividends declared			$ 16,766	$ .01
Ending balance, shares at Mar. 31, 2021	1,677,798
Ending balance, value at Mar. 31, 2021	$ 16,778	$ 19,111,060	$ (9,163,854)	$ 9,963,972

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Basis of Presentation	1. BASIS OF PRESENTATION The accompanying unaudited interim financial statements and the notes thereto have been prepared in accordance with generally accepted accounting principals in the United States of America (“GAAP”). In the opinion of management, the accompanying unaudited interim financial statements contain all normal recurring adjustments necessary to present fairly the financial positions, results of operations, changes in equity and cash flows for the periods presented. The accompanying unaudited financial statements and related notes should be read in conjunction with the audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the Securities and Exchange Commission on March 31, 2021.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business American Church Mortgage Company, a Minnesota corporation, was incorporated on May 27, 1994. The Company is engaged primarily in the business of making mortgage loans to churches and other nonprofit religious organizations throughout the United States, on terms established for individual organizations. Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and the valuation of real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements. Risks and Uncertainties The United States and world economies continue to suffer adverse effects from the COVID-19 virus pandemic (“COVID-19”). The Company has not experienced a material adverse impact to the financial statements. Future potential impacts to the Company may include disruptions or restrictions on employers and contracted agents’ ability to work, reduced demand for new loans and increased repurchase risk of loan or bond defaults. The future impact of the COVID-19 pandemic on the Company cannot be reasonably estimated at this time. Concentration of Credit Risk The Company's loans have been granted to churches and other non-profit religious organizations. The ability of the Company’s debtors to honor their contracts is dependent on member contributions and the involvement in the church or organization of its senior pastor. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with maturities of three months or less to be cash equivalents. The Company maintains accounts primarily at two financial institutions. At times throughout the year, the Company’s cash and equivalents balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash in money market funds is not federally insured. Management believes these financial institutions have strong credit ratings and that the credit related to these deposits is minimal. The Company has not experienced any losses in such accounts. Bond Portfolio Bonds that management has the intent to hold to maturity are classified as held to maturity and recorded at amortized costs. Amortization of premiums and accretion of discounts (if any) are recognized in interest income using the interest method over the estimated lives of the securities. Declines in fair value of bonds that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than temporary impairment losses, management considered the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the interest and the ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sales of securities are recorded on the trade date and determined using the specific-identification method. Allowance for Loan Losses on Mortgage Loans Receivable The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for loan losses on mortgage loans receivable and less deferred loan origination fees. The Company’s loan policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio with application of reserve percentages to specific loans based on payment status. This policy reserves for principal amounts outstanding on a specific loan if cumulative interruptions occur in the normal payment schedule of the loan, therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of the loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At March 31, 2021, the Company reserved $1,501,095 for fourteen mortgage loans. Nine of these loans are three or more mortgage payments in arrears of which two are declared to be in default. The total principal amount of these fourteen loans totaled approximately $6,445 A summary of transactions in the allowance for mortgage loans for the period ended March 31, 2021 and 2020 is as follows: Balance at December 31, 2020 $ 1,493,996 Provisions for loan losses 7,099 Loan charge-offs - Balance at March 31, 2021 $ 1,501,095 Balance at December 31, 2019 $ 1,429,487 Provisions for loan losses - Loan charge-offs - Balance at March 31, 2020 $ 1,429,487 Loans that are in the foreclosure process or are declared to be in default, had a principal balance of $588,787 and were considered impaired and written down to their estimated fair value of $37,771 as of March 31, 2021. As a result, the Company recognized a specific valuation allowance against these impaired loans totaling $551,016 as of March 31, 2021. Loans that are in the foreclosure process or are declared to be in default, had a principal balance of $588,787 and were considered impaired and written down to their estimated fair value of $37,771 as of December 31, 2020. As a result, the Company recognized a specific valuation allowance against these impaired loans totaling $551,016 as of December 31, 2020. The outbreak of COVID-19 has affected churches due to shelter-in-place directives which has ceased or greatly curtailed social gatherings such as church worship services. The Company’s borrowers have experienced financial duress during the COVID-19 shelter in place restrictions, amplified by the financial setbacks for many of the church members who have lost their jobs, been furloughed, or had their incomes diminished. The Company has provided some temporary relief by allowing its borrowers to either make interest only payments for a period of ninety days or forgo one monthly mortgage payment (forbearance). The Company provided eight churches totaling approximately $2,625,000, in principal outstanding, ninety days interest only payments and four churches totaling approximately $2,161,000, in principal outstanding, one-month forbearance of their mortgage payments. As of March 31, 2021, all churches, except four, have returned to full monthly amortization payments. These four churches totaling approximately $755,000, in principal outstanding, have remained on interest only payments. This relief will impact the Company’s revenue and the Company will experience declines in payments due from borrowers and missed bond payments on the bonds owned by the Company which will impact operating income and may potentially impact future distributions and the ability to make payments due on the Company’s certificates and dividends to its shareholders. The future impact of COVID-19 on the Company’s investments or operations cannot be reasonably estimated at this time. The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone. The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. The accrual of interest on a loan is discontinued when the loan becomes 90 consecutive days delinquent or whenever management believes the borrower will be unable to make payments as they become due. The interest on these loans is subsequently accounted for on the cash basis or using the cost-recovery method until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current or restructured and future payments are reasonably assured. No interest income was recognized on non-accrual loans for the periods ended March 31, 2021 and 2020, respectively. When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables. Loans totaling approximately $2,771,000 and $2,795,000 exceeded 90 days past due but continued to accrue interest as of March 31, 2021 and December 31, 2020, respectively. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in technical default and the Company is actively pursuing collection of past due payments. Real Estate Held for Sale The Company records real estate held for sale at the estimated fair value, which is net of the expected expenses related to the sale of the real estate. The fair value of our real estate held for sale, which represents the carrying value, totaled $328,996 and $428,996 as of March 31, 2021 and December 31, 2020, respectively. Carrying Value of Long-Lived Assets The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that the carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of the estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is deemed not recoverable and exceeds fair value as determined through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values, and third party independent appraisals. Gain (Losses) on Real Estate Held For Sale The Company records a gain or loss from real estate held for sale when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances real estate held for sale to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, real estate held for sale is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction prices and related gain (loss) on sale if a significant financing component is present. Deferred Financing Costs The Company defers the costs related to obtaining financing. These costs are amortized over the life of the financing using the straight line method, which approximates the effective interest method. Income (Loss) Per Common Share There were no dilutive shares for the periods ended March 31, 2021 and 2020. Recent Accounting Pronouncements In 2016 the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 is intended to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit. For public entities, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company has not yet fully evaluated the potential effects of adopting ASU 2016-13 on the Company’s results of operations, financial position or cash flows. Income Taxes The Company elected to be taxed as a Real Estate Investment Trust (REIT). Accordingly, the Company is not subject to Federal income tax to the extent of distributions to its shareholders if the Company meets all the requirements under the REIT provisions of the Internal Revenue Code. The Company evaluated its recognition of income tax benefits using a two-step approach to recognizing and measuring tax benefits when realization of the benefits is uncertain. The first step is to determine whether the benefit meets the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%. Primarily due to the Company’s tax status as a REIT, the Company does not have any significant tax uncertainties that would require recognition or disclosure. Subsequent Events The Company has evaluated events and transactions through May 14, 2021, the date the financial statements were available to be issued and no subsequent events have occurred.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	3. FAIR VALUE MEASUREMENT Some assets and liabilities are measured at fair value on a recurring basis under accounting principles generally accepted in the United States of America. The Company has no such assets or liabilities that are measured at fair value on a recurring basis. Other assets and liabilities may be measured at fair value on a nonrecurring basis. Below is a description of the valuation methodology and significant inputs used for each asset and liability measured at fair value on a recurring or nonrecurring basis, as well as the classification of the asset or liability within the fair value hierarchy. Bonds held to maturity Securities held to maturity are not measured at fair value on a recurring basis. However, securities deemed other-than-temporarily impaired are measured at fair value. The fair value measurement of such securities is obtained from an independent firm and is based on a valuation model that incorporates various assumptions market participants would use to value the securities, such as current interest rates, estimated credit and liquidity spreads, conditional default and loss severity rates, and available credit support. Since some of these assumptions are unobservable in the current market environment, the fair value measurement of other-than-temporarily impaired securities held to maturity is considered a Level 3 measurement. Loans Loans are not measured at fair value on a recurring basis. However, loans considered to be impaired (see Note 1) may be measured at fair value on a nonrecurring basis. The fair value measurement of an impaired loan that is collateral dependent is based on the fair value of the underlying collateral. Independent appraisals are obtained that utilize one or more valuation methodologies - typically they will incorporate a comparable sales approach and an income approach. Management routinely evaluates the fair value measurements of independent appraisers and adjusts those valuations based on differences noted between actual selling prices of collateral and the most recent appraised value. Such adjustments are usually significant, which results in a Level 3 classification. All other impaired loan measurements are based on the present value of expected future cash flows discounted at the applicable effective interest rate. Real estate held for sale Real estate and other property acquired through or in lieu of loan foreclosure are not measured at fair value on a recurring basis. However, foreclosed assets are initially measured at fair value (less estimated costs to sell) when they are acquired and may also be measured at fair value (less estimated costs to sell) if they become subsequently impaired. The fair value measurement for each asset may be obtained from an independent appraiser or prepared internally. Fair value measurements obtained from independent appraisers generally utilize a market approach based on sales of comparable assets and/or an income approach. Such measurements are usually considered Level 2 measurements. However, management routinely evaluates fair value measurements of independent appraisers by comparing actual selling prices to the most recent appraisals. If management determines significant adjustments should be made to the independent appraisals based on these evaluations, these measurements are considered Level 3 measurements. Fair value measurements prepared internally are based on management's comparisons to sales of comparable assets, but include significant unobservable data and are therefore considered Level 3 measurements. Information regarding the fair value of assets and liabilities measured at fair value on a nonrecurring basis as of March 31, 2021 and December 31, 2020 follows: Nonrecurring Fair Value at March 31, 2021 Assets: Quoted Prices in Active Markets for Identical Instruments Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total Bond portfolio $ - $ - $3,690,090 $3,690,090 Impaired loans $ - $ - $4,944,136 $4,944,136 Real estate held for sale $ - $ - $ 328,996 $ 328,996 Nonrecurring Fair Value at December 31, 2020 Assets: Quoted Prices in Active Markets for Identical Instruments Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total Bond portfolio $ - $ - $4,650,372 $4,650,372 Impaired loans $ - $ - $5,004,424 $5,004,424 Real estate held for sale $ - $ - $ 428,996 $ 428,996 As of March 31, 2021, bonds held to maturity with a carrying value of $4,576,598 were written down to their fair value of $3,690,000 by recognizing an other than temporary impairment of $886,508. As of December 31, 2020, bonds held to maturity with a carrying value of $5,484,988 were written down to their fair value of $4,650,372 by recognizing an other than temporary impairment of $834,226. As of March 31, 2021, loans with a carrying amount of $6,445,231 were considered impaired and were written down to their estimated fair value of $4,994,136 by recognizing a specific valuation allowance of $1,501,095. As of December 31, 2020, loans with a carrying amount of $6,498,421 were considered impaired and were written down to their estimated fair value of $5,004,424 by recognizing a specific valuation allowance of $1,493,996. Real estate held for sale is recognized at fair value, less costs to sell. Impairment charges of $100,000 and $0 were recognized in earnings for the periods ended March 31, 2021 and March 31, 2020, respectively. The following presents quantitative information about nonrecurring Level 3 fair value measurements as of March 31, 2021 and December 31, 2020: Fair Value Valuation Technique Significant Unobservable Inputs(s) Range/Weighted March 31, 2021 Bond Portfolio $3,690,090 Market or Income Approach Discount to Appraised Values 10-20% Impaired Loans $4,944,136 Market or Income Approach Discount to Appraised Values 10-20% Real Estate Held for Sale $328,996 Market or Income Approach Discount to Appraised Values 10-20% December 31, 2020 Bond Portfolio $4,650,372 Market or Income Approach Discount to Appraised Values 10-20% Impaired Loans $5,004,424 Market or Income Approach Discount to Appraised Values 10-20% Real Estate Held for Sale $428,996 Market or Income Approach Discount to Appraised Values 10-20% The carrying values of the Company’s financial instruments are as follows: March 31, 2021 Level 1 Level 2 Level 3 Carrying Value at March 31, 2021 Cash and equivalents $ 190,937 $ — $ — $ 190,937 Accounts receivable 97,572 — — 97,572 Interest receivable 225,959 — — 225,959 Mortgage loans receivable — — 15,485,422 15,485,422 Bond portfolio — — 18,040,429 18,040,429 Line of credit 1,243,000 — — 1,243,000 Secured investor certificates — 23,885,500 — 23,885,500 December 31, 2020 Level 1 Level 2 Level 3 Carrying Value Cash and equivalents $ 87,702 $ — $ — $ 87,702 Accounts receivable 101,532 — — 101,532 Interest receivable 242,019 — — 242,019 Mortgage loans receivable — — 16,605,967 16,605,967 Bond portfolio — — 18,100,711 18,100,711 Line of credit 2,288,000 — — 2,288,000 Secured investor certificates — 23,916,500 — 23,916,500 Limitations The fair value of a financial instrument is the current amount that would be exchanged between market participants, other than in a forced liquidation. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company's various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Consequently, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular instrument. Because no market exists for a significant portion of the Company's financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters that could affect the estimates. Fair value estimates are based on existing on balance-sheet financial instruments without attempting to estimate the value of anticipated future business.

Secured Investor Certificaates

Secured Investor Certificaates	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Secured Investor Certificaates	5. SECURED INVESTOR CERTIFICATES Secured investor certificates are collateralized by certain mortgage loans receivable or secured church bonds of approximately the same value as the certificates. The weighted average interest rate on the certificates was 6.17% and 6.19% as of March 31, 2021 and December 31, 2020, respectively. Holders of the secured investor certificates may renew certificates at the current rates and terms upon maturity at the Company’s discretion. Renewals upon maturity are considered neither proceeds from nor issuance of secured investor certificates. Renewals totaled approximately $61,000 and $262,000 for the periods ended March 31, 2021 and March 31, 2020, respectively. The secured investor certificates have certain financial and non-financial covenants identified in the respective series’ trust indentures. The estimated maturity schedule for the secured investor certificates at March 31, 2021 is as follows: April 1, 2021 through December 31, 2021 $ 2,076,000 2022 1,042,000 2023 3,404,000 2024 1,403,000 2025 1,093,000 Thereafter 14,867,500 $23,885,500 Less deferred offering costs (745,456) Totals $ 23,140,044

Transactions with Affiliates

Transactions with Affiliates	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Transactions with Affiliates	6. TRANSACTIONS WITH AFFILIATES The Company has an Advisory Agreement with Church Loan Advisors, Inc. (the “Advisor”). The Advisor is responsible for the day-to-day operations of the Company and provides office space and administrative services. The Advisor and the Company are related through common ownership and common management. For its services, the Advisor is entitled to receive a management fee equal to 1.25% annually of the Company's Average Invested Assets, plus one-half of any origination fee charged to borrowers on mortgage loans made by the Company. The board members of the Company approve the Advisory Agreement on an annual basis. The Company paid the Advisor management and origination fees of approximately $76,000 and $74,000 for the periods ended March 31, 2021 and March 31, 2020, respectively.

Line_Of_Credit

Line_Of_Credit	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Line_Of_Credit	7. LINE OF CREDIT On April 9, 2018, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) with Alerus Financial, N.A., as lender (the “Lender”), and a Revolving Note (the “Note”) evidencing a $3,000,000 revolving loan (the “Revolving Loan”). The Lender agrees to make loans to the Company from time to time and after the date of the loan agreement, and the Company may repay and re-borrow pursuant to the terms and conditions of the Revolving Loan as long as no borrowing causes that dollar limit to be exceeded and the Company is not otherwise in default on the Revolving Loan. The Revolving Loan is secured by a first priority security interest in substantially all of the Company’s assets other than collateral pledged to secure the Company’s secured investor certificates, both those currently issued and any potentially issued in the future. The Company borrowed against the Revolving Loan and has an outstanding balance of $1,243,000 and $2,288,000 as of ended March 31, 2021 and December 31, 2020, respectively. The interest rate on the Revolving Loan is based on the Wall Street Journal U.S. Prime Rate plus 1.00%. The Revolving Loan matures on January 19, 2022.

Mortgage Loans Receivable and B

Mortgage Loans Receivable and Bond Portfolio	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Mortgage Loans Receivable and Bond Portfolio	4. MORTGAGE LOANS RECEIVABLE AND BOND PORTFOLIO At March 31, 2021, the Company had mortgage loans receivable totaling $17,151,407. The loans bear interest ranging from 0% to 10.25% with a weighted average of approximately 7.70% at March 31, 2021. At December 31, 2020, the Company had mortgage loans receivable totaling $18,298,779. The loans bear interest ranging from 0% to 10.25% with a weighted average of approximately 7.68% at December 31, 2020. The Company has a portfolio of secured church bonds at March 31, 2021 and December 31, 2020, which are carried at amortized cost. The bonds pay either semi-annual or quarterly interest ranging from 3.75% to 9.75%. The aggregate par value of secured church bonds equaled $18,926,937 at March 31, 2021 with a weighted average interest rate of 6.76% and $18,934,937 at December 31, 2020 with a weighted average interest rate of 6.70%. These bonds are due at various maturity dates through February 2047. The Company has recorded an aggregate other than temporary impairment of $886,508 and $834,226 as of March 31, 2021 and December 31, 2020, respectively. The Company had maturities and redemptions of bonds of approximately $8,000 and $59,000 for the periods ended March 31, 2021 and March 31, 2020, respectively. The contractual maturity schedule for mortgage loans receivable and the bond portfolio as of March 31, 2021, is as follows: Mortgage Loans Bond Portfolio April 1, 2021 through December 31, 2021 $ 629,095 $ 275,000 2022 994,908 144,000 2023 664,353 275,000 2024 1,657,677 471,000 2025 1,174,383 261,000 Thereafter 12,030,991 17,500,937 17,151,407 18,926,937 Less loan loss and other than temporary impairment on bonds allowance (1,501,095) (886,508) Less deferred origination fees (164,890 ___-____ Totals $ 15,485,422 $ 18,040,429 Total other than temporary impairment related to the bond portfolio was $886,508 and $834,226 as of March 31, 2021 and December 31, 2020, respectively. During the periods ended March 31, 2021, and March 31, 2020, the Company recognized impairment losses of $52,282 and $0, respectively. The fair value of these securities was $3,690,090 and $4,650,372 as of March 31, 2021 and December 31, 2020, respectively. Below is a rollforward of the amount of other than temporary impairment related to credit loss that has been recognized in earnings as of March 31, 2021 and 2020: March 31, March 31, 2021 2020 Beginning Balance $834,226 $658,000 Additions to other than temporary impairment __ 52,282 - Ending Balance $886,508 $658,000 The Company did not restructure any loans during the period ended March 31, 2021 and restructured one loan during the year ended December 31, 2020. A summary of loans re-structured or modified for the as of March 31, 2021 and December 31, 2020 are shown below. All of the loans, except two, are currently performing under the terms of the modifications for their mortgage obligations. The first loan that is not performing under the modification agreement is a second mortgage loan with a current unpaid principal balance of approximately $45,000. This loan has been declared to be in default. The second loan is a first mortgage loan with an outstanding balance of $378,000. The Church is no longer holding services due to COVID-19 and has agreed to list the building for sale. March 31, 2021 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate Mortgage Loans 7 $4,696,544 8.127% $3,506,692 6.458% December 31, 2020 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate Mortgage Loans 7 $4,696,544 8.193% $3,523,123 6.059%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing these financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. The most sensitive estimates relate to the realizability of the mortgage loans receivable, the valuation of the bond portfolio and the valuation of real estate held for sale. It is at least reasonably possible that these estimates could change in the near term and that the effect of the change, if any, may be material to the financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with maturities of three months or less to be cash equivalents. The Company maintains accounts primarily at two financial institutions. At times throughout the year, the Company’s cash and equivalents balances may exceed amounts insured by the Federal Deposit Insurance Corporation. Cash in money market funds is not federally insured. Management believes these financial institutions have strong credit ratings and that the credit related to these deposits is minimal. The Company has not experienced any losses in such accounts.
Bond Portfolio	Bond Portfolio Bonds that management has the intent to hold to maturity are classified as held to maturity and recorded at amortized costs. Bonds not classified as held to maturity are classified as available for sale and are carried at fair value, with unrealized gains and losses reported in other comprehensive income. Amortization of premiums and accretion of discounts (if any) are recognized in interest income using the interest method over the estimated lives of the securities. Declines in fair value of bonds that are deemed to be other than temporary, if applicable, are reflected in earnings as realized losses. In estimating other-than temporary impairment losses, management considered the length of time and the extent to which fair value has been less than cost, the financial condition and near-term prospects of the issuer, and the interest and the ability of the Company to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. Gains and losses on the sales of securities are recorded on the trade date and determined using the specific-identification method. Bonds transferred from the available for sale category to the held to maturity category are recorded at fair value at the date of transfer. During 2020, the Company reclassified approximately $18,101,000 of bonds available for sale to bonds held to maturity. These bonds were transferred at fair value, which became the costs basis for the bonds held to maturity. There were no unrealized gains or losses at the time of transfer of bonds from available for sale to held to maturity.
Allowance for Loan Losses on Mortgage Loans Receivable	Allowance for Loan Losses on Mortgage Loans Receivable The Company records mortgage loans receivable at estimated net realizable value, which is the unpaid principal balances of the mortgage loans receivable, less the allowance for loan losses on mortgage loans receivable and less deferred loan origination fees. The Company’s loan policy provides an allowance for estimated uncollectible loans based on an evaluation of the current status of the loan portfolio with application of reserve percentages to specific loans based on payment status. This policy reserves for principal amounts outstanding on a specific loan if cumulative interruptions occur in the normal payment schedule of the loan, therefore, the Company recognizes a provision for losses and an allowance for the outstanding principal amount of the loan in the Company’s portfolio if the amount is in doubt of collection. Additionally, no interest income is recognized on impaired loans that are declared to be in default and are in the foreclosure process. At March 31, 2021, the Company reserved $1,501,095 for fourteen mortgage loans. Nine of these loans are three or more mortgage payments in arrears of which two are declared to be in default. The total principal amount of these fourteen loans totaled approximately $6,445 A summary of transactions in the allowance for mortgage loans for the period ended March 31, 2021 and 2020 is as follows: Balance at December 31, 2020 $ 1,493,996 Provisions for loan losses 7,099 Loan charge-offs - Balance at March 31, 2021 $ 1,501,095 Balance at December 31, 2019 $ 1,429,487 Provisions for loan losses - Loan charge-offs - Balance at March 31, 2020 $ 1,429,487 The total impaired loans, which are loans that are in the foreclosure process or are declared to be in default, were approximately $589,000 at both March 31, 2021 and December 31, 2020, which the Company believes are adequately secured by the underlying collateral and the allowance for mortgage loans. Approximately $551,000 of the Company’s allowance for mortgage loans was allocated to these loans for both the period ended March 31, 2020 and for the year ended December 31, 2019. The Company will declare a loan to be in default and will place the loan on non-accrual status when the following thresholds have been met: (i) the borrower has missed three consecutive mortgage payments; (ii) the borrower has not communicated to the Company any legitimate reason for delinquency in its payments to the Company and has not arranged for the re-continuance of payments; (iii) lines of communication to the borrower have broken down such that any reasonable prospect of rehabilitating the loan and return of regular payments is gone. The Company’s policies on payments received and interest accrued on non-accrual loans are as follows: (i) The Company will accept payments on loans that are currently on non-accrual status when a borrower has communicated to us that they intend to meet their mortgage obligations. The accrual of interest on a loan is discontinued when the loan becomes 90 consecutive days delinquent or whenever management believes the borrower will be unable to make payments as they become due. The interest on these loans is subsequently accounted for on the cash basis or using the cost-recovery method until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current or restructured and future payments are reasonably assured. No interest income was recognized on non-accrual loans for the periods ended March 31, 2021 and 2020, respectively. When a loan is declared in default according to the Company’s policy or deemed to be doubtful of collection, the loan committee of the Advisor to the Company will direct the staff to charge-off the uncollectable receivables. Loans totaling approximately $2,771,000 and $2,795,000 exceeded 90 days past due but continued to accrue interest for the periods ended March 31, 2021 and December 31, 2020, respectively. The Company believes that continued interest accruals are appropriate because the loans are well secured, not deemed to be in technical default and the Company is actively pursuing collection of past due payments.
Real Estate Held for Sale	Real Estate Held for Sale The Company records real estate held for sale at the estimated fair value, which is net of the expected expenses related to the sale of the real estate. The fair value of our real estate held for sale, which represents the carrying value, totaled $328,996 and $428,996 for the periods ended March 31, 2021 and December 31, 2020, respectively.
Carrying Value of Long-Lived Assets	Carrying Value of Long-Lived Assets The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that the carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of the estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is deemed not recoverable and exceeds fair value as determined through various valuation techniques including, but not limited to, discounted cash flow models, quoted market values, and third party independent appraisals.
Revenue Recognition	Revenue Recognition Interest income on mortgage loans receivable and the bond portfolio is recognized as earned per the terms of the specific asset. Other income included with interest represents cash received for loan origination fees, which are recognized over the life of the loan as an adjustment to the yield on the loan.
Gain Losses on Real Estate Held For Sale	Gain Losses on Real Estate Held For Sale The Company records a gain or loss from real estate held for sale when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances real estate held for sale to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, real estate held for sale is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction prices and related gain (loss) on sale if a significant financing component is present.
Deferred Financing Costs	Deferred Financing Costs The Company defers the costs related to obtaining financing. These costs are amortized over the life of the financing using the straight line method, which approximates the effective interest method.
Income Taxes	Income Taxes The Company elected to be taxed as a Real Estate Investment Trust (REIT). Accordingly, the Company is not subject to Federal income tax to the extent of distributions to its shareholders if the Company meets all the requirements under the REIT provisions of the Internal Revenue Code. The Company evaluated its recognition of income tax benefits using a two-step approach to recognizing and measuring tax benefits when realization of the benefits is uncertain. The first step is to determine whether the benefit meets the more-likely-than-not condition for recognition and the second step is to determine the amount to be recognized based on the cumulative probability that exceeds 50%. Primarily due to the Company’s tax status as a REIT, the Company does not have any significant tax uncertainties that would require recognition or disclosure.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Allowance For Mortgage Loans Receivable	Balance at December 31, 2020 $ 1,493,996 Provisions for loan losses 7,099 Loan charge-offs - Balance at March 31, 2021 $ 1,501,095 Balance at December 31, 2019 $ 1,429,487 Provisions for loan losses - Loan charge-offs - Balance at March 31, 2020 $ 1,429,487

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Nonrecurring Fair Value Financial Instruments	Nonrecurring Fair Value at March 31, 2021 Assets: Quoted Prices in Active Markets for Identical Instruments Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total Bond portfolio $ - $ - $3,690,090 $3,690,090 Impaired loans $ - $ - $4,944,136 $4,944,136 Real estate held for sale $ - $ - $ 328,996 $ 328,996 Nonrecurring Fair Value at December 31, 2020 Assets: Quoted Prices in Active Markets for Identical Instruments Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Total Bond portfolio $ - $ - $4,650,372 $4,650,372 Impaired loans $ - $ - $5,004,424 $5,004,424 Real estate held for sale $ - $ - $ 428,996 $ 428,996
Quantitative Information Fair Value Measurement	Fair Value Valuation Technique Significant Unobservable Inputs(s) Range/Weighted March 31, 2021 Bond Portfolio $3,690,090 Market or Income Approach Discount to Appraised Values 10-20% Impaired Loans $4,944,136 Market or Income Approach Discount to Appraised Values 10-20% Real Estate Held for Sale $328,996 Market or Income Approach Discount to Appraised Values 10-20% December 31, 2020 Bond Portfolio $4,650,372 Market or Income Approach Discount to Appraised Values 10-20% Impaired Loans $5,004,424 Market or Income Approach Discount to Appraised Values 10-20% Real Estate Held for Sale $428,996 Market or Income Approach Discount to Appraised Values 10-20%
Carrying Value Financial Instruments	March 31, 2021 Level 1 Level 2 Level 3 Carrying Value at December 31, 2021 Cash and equivalents $ 190,937 $ — $ — $ 190,937 Accounts receivable 97,572 — — 97,572 Interest receivable 225,959 — — 225,959 Mortgage loans receivable — — 15,485,422 15,485,422 Bond portfolio — — 18,040,429 18,040,429 Line of credit 1,243,000 — — 1,243,000 Secured investor certificates — 23,885,500 — 23,885,500 December 31, 2020 Level 1 Level 2 Level 3 Carrying Value Cash and equivalents $ 87,702 $ — $ — $ 87,702 Accounts receivable 101,532 — — 101,532 Interest receivable 242,019 — — 242,019 Mortgage loans receivable — — 16,605,967 16,605,967 Bond portfolio — — 18,100,711 18,100,711 Line of credit 2,288,000 — — 2,288,000 Secured investor certificates — 23,916,500 — 23,916,500

Secured Investor Certificaates

Secured Investor Certificaates (Tables)	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Maturity Schedule Secured Investor Certificates	April 1, 2021 through December 31, 2021 $ 2,076,000 2022 1,042,000 2023 3,404,000 2024 1,403,000 2025 1,093,000 Thereafter 14,867,500 $23,885,500 Less deferred offering costs (745,456) Totals $ 23,140,044

Mortgage Loans Receivable and_2

Mortgage Loans Receivable and Bond Portfolio (Tables)	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Maturity Schedule of Mortgage Loans and Bond Portfolio	Mortgage Loans Bond Portfolio April 1, 2021 through December 31, 2021 $ 629,095 $ 275,000 2022 994,908 144,000 2023 664,353 275,000 2024 1,657,677 471,000 2025 1,174,383 261,000 Thereafter 12,030,991 17,500,937 17,151,407 18,926,937 Less loan loss and other than temporary impairment on bonds allowance (1,501,095) (886,508) Less deferred origination fees (164,890 ___-____ Totals $ 15,485,422 $ 18,040,429
Temporary Impairment Rollforward	March 31, March 31, 2021 2020 Beginning Balance $834,226 $658,000 Additions to other than temporary impairment __ 52,282 - Ending Balance $886,508 $658,000
Restrucutred Loans	March 31, 2021 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate Mortgage Loans 7 $4,696,544 8.127% $3,506,692 6.458% December 31, 2020 Type of Loan Number of Loans Original Principal Balance Original Average Interest Rate Unpaid Principal Balance Modified Average Interest Rate Mortgage Loans 7 $4,696,544 8.193% $3,523,123 6.059%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Allowance For Mortgage Loans Receivable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Balance at beginning of year	$ 1,493,996	$ 1,429,487
Provisions for loan losses	7,099
Loan charge-offs
Balance the end of the year	$ 1,501,095	$ 1,429,487

Fair Value Measurement - Nonrec

Fair Value Measurement - Nonrecurring Fair Value Financial Instruments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets:
Bond portfolio	$ 3,690,090	$ 4,650,372
Impaired loans	4,944,136	5,004,424
Real estate held for sale	328,996	428,996
Nonrecurring Fair Value Active Markets Level 1
Assets:
Bond portfolio
Impaired loans
Real estate held for sale
Nonrecurring Fair Value Active Markets Level 2
Assets:
Bond portfolio
Impaired loans
Real estate held for sale
Significant Unobervable Inputs Level 3
Assets:
Bond portfolio	3,690,090	4,650,372
Impaired loans	4,944,136	5,004,424
Real estate held for sale	$ 328,996	$ 428,996

Fair Value Measurement - Carryi

Fair Value Measurement - Carrying Value Financial Instruments (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Cash and equivalents	$ 190,937	$ 87,702
Accounts receivable	97,572	101,532
Interest receivable	225,959	242,019
Mortgage loans receivable	15,485,422	16,605,967
Bond portfolio	18,040,429	18,100,711
Line of Credit	1,243,000	2,288,000
Secured investor certificates	23,885,500	23,916,500
Totals	$ 59,168,819	$ 61,342,431

Mortgage Loans Receivable and_3

Mortgage Loans Receivable and Bond Portfolio - Mortgage Loans Receivable and Bond Portfolio (Details)	Mar. 31, 2021USD ($)
Mortgage Loans
April 1, 2021 through December 31, 2021	$ 629,095
2022	994,908
2023	664,653
2024	1,657,677
2025	1,174,383
Thereafter	12,030,992
Subtotal	17,151,407
Less loan loss and other than temporary impairment on bonds allowance	(1,501,095)
Less deferred origination fees	(164,890)
Totals	15,485,422
Bond Portfolio
April 1, 2021 through December 31, 2021	275,000
2022	144,000
2023	275,000
2024	471,000
2025	242,000
Thereafter	17,519,937
Subtotal	18,926,937
Less loan loss and other than temporary impairment on bonds allowance	(886,508)
Less deferred origination fees
Totals	$ 18,040,429

Mortgage Loans Receivable and_4

Mortgage Loans Receivable and Bond Portfolio - Temporary Impairment Rollforward (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Notes to Financial Statements
Beginning Balance Temporary Impairment Rollover	$ 834,226	$ 658,000
Additions to other than temporary impairment	52,282
Ending Balance Temporary Impariment Rollover	$ 886,508	$ 658,000

Mortgage Loans Receivable and_5

Mortgage Loans Receivable and Bond Portfolio - Restructured Loans (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Notes to Financial Statements
Number of Loans	$ 7	$ 7
Original Principal Balance	4,696,544	4,696,544
Original Average Interest Rate	8	8
Unpaid Principal Balance	3,506,692	3,523,123
Modified Average Interest Rate	$ 6	$ 6

Secured Investor Certificaate_2

Secured Investor Certificaates - Maturity Schedule Secured Investor Certificates (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended				117 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2035
Notes to Financial Statements
Secured Investor Certificate Maturity Schedule	$ 23,885,500	$ 2,076,000	$ 1,093,000	$ 1,403,000	$ 3,404,000	$ 1,042,000	$ 14,867,500
Certificates Deferred Offering Costs	(745,456)
Secured Investor Certificates Net	$ 23,140,044

Fair Value Measurement (Details

Fair Value Measurement (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Bonds carrying value held to maturity	$ 4,576,598	$ 5,484,988
Bond impairment charge	886,508	834,226
Fair value bonds held to maturity	3,690,090	4,650,372
Impaired loans carrying value	6,445,231	6,498,421
Loans impairment charge	1,501,095	1,493,996
Fair value impaired loans	4,994,136	5,004,424
Impairment charge real estate held for sale	$ 100,000	$ 118,232

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Allowance for Mortgage Loans Receivable	$ 1,501,095	$ 1,493,996
Loans Exceeding 90 Days Past Due	2,771,000	2,795,000
Real Estate Held for Sale Carrying Value	328,996	428,996
Principal Balance Loans Receivable Allowance	6,445,000	6,498,000
Fair Value Loans In Default	$ 589,000	$ 551,000

Mortgage Loans Receivable and_6

Mortgage Loans Receivable and Bond Portfolio (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Notes to Financial Statements
Mortgage Loans Receivable Gross	$ 17,151,407	$ 18,298,779
Church Bonds Owned Gross	18,926,937	18,934,937
Bond Reserve Fund	886,508	884,236
Maturities and Redemption of Bonds	8,000	59,000
Non-performing restuctured loans	$ 45,000	$ 45,000

Secured Investor Certificaate_3

Secured Investor Certificaates (Details Narrative) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Notes to Financial Statements
Renewals Secured Investor Certificates	$ 61,000	$ 262,000

Transactions with Affiliates (D

Transactions with Affiliates (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Notes to Financial Statements
Advisor Managment Fees	$ 76,000	$ 74,000

Line_Of_Credit (Details Narrati

Line_Of_Credit (Details Narrative) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Notes to Financial Statements
Line Of Credit	$ 3,000,000	$ 4,000,000
Outstanding Line of Credit	$ 1,243,000	$ 2,288,000