Plan to repay Arizona investors fizzles

PHOENIX — Restoring Our Integrity (ROI), a grassroots effort seeking to repay Baptist Foundation of Arizona (BFA) investors and restore Southern Baptists’ integrity, has ceased operations.

ROI had a two-pronged plan. Arizona Southern Baptist churches were asked to contribute 1 percent of their undesignated receipts to cover administrative costs, and funds received from individuals nationwide were to go toward repaying BFA investors’ losses.

BFA, which filed for bankruptcy last fall, owes about $586 million to 12,000 investors. Under a liquidation plan filed with the court, $230-$240 million may be returned to investors.

Only 66 Arizona Southern Baptist churches and missions, out of about 400 congregations, had pledged to support the ROI plan, said Larry Deskins, pastor of Gateway Fellowship, SBC, Gilbert, Ariz., who was spearheading the ROI efforts.

ROI is returning the $11,000 contributed by individuals to repay investors and the $12,000 contributed by Arizona churches for administrative costs, Deskins said.