"2004 included many key achievements and significant milestones for
Foundation Capital Resources , and I am very pleased with the collective effort
behind our results.
"Our financing package was a particularly significant event, in that it
provided 'Wall Street' validation of the church lending market and FCR's
unique strengths within that market. Paul Crouch Sr."
TBN features 24 hours of commercial-free inspirational programming
that appeals to people in a wide variety of denominations .

The Korean American Presbyterian Church officially began in 1978 and now has over 400 churches under its care in North and South America, as well as in Hawaii and Europe.

spirituality hawaii

, Foundation Capital Resources , Inc. In 2003,
net income before minority interest was approximately $10. The financing package was provided by a banking
syndicate led by Cleveland-based KeyCorp and its division KeyBank Real Estate
Capital, and included Wells Fargo Foothill, Inc. Braswell
serving as its President and Chief Executive Officer.
Listing him as "ninth" on their list of 50, The Church Report
describes Paul Crouch as "an internationally recognized visionary in
the field of Christian television."
Paul Crouch Sr. Faith-based
programs include: original movies, Gospel music concerts, informative
talk shows, contemporary music videos, positive programs for children,
health and fitness shows, news and information, and uplifting worship
services from America's premier churches.
For more information about TBN visit the web site at www. Seele,
Founder and CEO of The Balm In Gilead and a pioneer in mobilizing Black faith
communities to address HIV/AIDS, was invited to sit in the First Lady's Box as
a symbol of the President's commitment. The Balm In Gilead, implements
innovative programs nationally and overseas.

as over

' That's the
verdict of the most recent edition of The Church Report magazine .

began 1978

During the year, the Company originated and purchased
new loans totaling approximately $181 million , an increase of nearly 14
percent compared to approximately $159 million of new loans originated and
purchased during 2003. Loans receivable grew 44 percent to $322
million versus $223 million a year ago.A. The company has distinguished itself by
serving as a trusted financing resource providing mortgage bond financing,
mortgage loans, loan servicing and loan administration, in partnership with
some of the nation's leading faith-based financial entities.

has europe

FCR's pace led it to successfully secure a $125 million credit facility in
the fourth quarter of 2004.
Certain accounting estimates, including but not limited to loan loss reserves,
are based upon management's best estimates and are inherently forward-looking
statements.

Religion Writers/Business Editors

LOS ANGELES----Dr. Bush (#1), Actor and
Director Mel Gibson (#2), and Evangelist Billy Graham (#3).
The Balm In Gilead's other groundbreaking work in the African American
faith community includes the African American Denominational Leadership Health
Initiative.

now began

For more information, contact the Company
at 601-321-1800." The magazine also declares that
under Crouch's leadership, "TBN has grown to become the largest group
owner of broadcast stations in the world.

presbyterian under

Forward -Looking Statements
This press release contains certain forward-looking statements about the
plans , strategies, objectives, goals, or expectations of Foundation Capital
Resources, Inc. Pernessa C .

under 1978

About Foundation Capital Resources
Foundation Capital Resources is a Jackson, Mississippi -based Real Estate
Investment Trust (REIT) that primarily invests in the work of churches,
colleges , schools and other nonprofit organizations across a wide range of
denominations and affiliations ."
The people on this list of most influential Christians in America
represent a 'Who's Who' of important Christian leaders from all walks
of life. It is
among the top three causes of death for Black men ages 25-54.
Additionally, The Balm In Gilead operates the nation's only HIV/AIDS
technical assistance center designed specifically to serve Black churches.

hawaii under

The Jackson, Mississippi -based REIT reported net income before minority
interest of approximately $16.56 percent, up from 6.
To watch TBN, check your local cable, broadcast or satellite guide for
a channel near you.

The Center also assists public agencies and community-based organizations that
wish to partner with Black churches on AIDS issues.

american presbyterian

Overall in 2004, FCR closed a total of 116 new loans, compared to 139 new
loans closed in 2003.
FCR's dividend yield for 2004 was 6."
FCR elected REIT status for federal income tax purposes beginning with the
tax year ended December 31, 2003.

To get more information on The Balm In Gilead, log onto the organization's
Web site at http: //www.

care now

8 million, based on
interest and other income of approximately $13 million. This rate of return compares with a 2004 Composite REIT Index dividend
yield of 4.J. A number of factors could cause actual results to be materially
different from these forward-looking statements, including: changes in local
and national economic conditions, particularly interest rates, interest rate
relationships and mortgage prepayment rates; difficulty in competing
successfully for church and nonprofit financing; difficulty in accessing
additional capital on beneficial terms; unanticipated borrower difficulties in
the repayment of loans; unexpected environmental compliance costs and
liabilities; changes in federal and state income tax laws and regulations,
especially those applicable to REITs; and the failure to remain qualified as a
REIT for any reason.
In his speech, President Bush said: "We will also lead a nationwide
effort, working closely with African American churches and faith -based groups,
to deliver rapid HIV tests to millions, end the stigma of AIDS, and come
closer to the day when there are no new infections in America. "HIV/AIDS is a public health crisis in
the African American community," said Seele.

over churches

It's nice that
others recognize his efforts , but simply know that we are taking the
Great Commission of Jesus literally and 'Going into all the world."

The Balm In Gilead, Inc.

south well

Assets Increase 44 Percent, Total Lending Portfolio Tops $300 million

JACKSON, Miss.
FCR's business is managed by Jackson, Mississippi-based One Capital Advisors
and shares the same group of executive officers as FCR, with A. FCR
undertakes no obligation to update or revise any forward-looking statements to
reflect developments or information obtained after the date of this press
release.

korean hawaii

(FCR), a Real Estate Investment Trust (REIT) founded in 2000 and focused on
providing mortgage financing to churches and other faith-based organizations
throughout the United States, today announced record financial results for its
fiscal year ended December 31, 2004. Highlights include the growth of our portfolio beyond the
$300 million mark, significant increases in our top- and bottom-line
performance and the successful completion of our fourth-quarter financing
package to help accelerate our current momentum," said A.org.

In State of the Union President Bush Pledges to Work With African American Churches to Address HIV/AIDS

This includes The Black Church
Week of Prayer for the Healing of AIDS, which will be observed for the 17th
year from March 5-11, 2006. The Black Church
Week of Prayer for the Healing of AIDS is the largest AIDS awareness campaign
targeting the African American community.

over hawaii

FCR's total assets jumped 44 percent to $342 million at year-end,
compared to $237 million for 2003. Braswell,
President and Chief Executive Officer of Foundation Capital Resources.
"Dad was thrilled with this honor," declares Paul Crouch Jr. and TBN's Vice President of Administration. The dream became a reality as TBN is now the world's
largest Christian television network.

officially religion

, Harris Trust and Savings
Bank, Bank Midwest, N.

TBN Founder -- Paul Crouch -- Named One of the '50 Most Influential Christians in America '

europe spirituality

spirituality south

, son
of Paul Crouch, Sr. Contributing to
this alarming picture is the fact that 61 percent of new AIDS cases are among
African American teens and young women.

churches care

47 percent in
2003.J.
Like many REITs, FCR has no employees and utilizes a third-party firm as
"manager" to handle all day-to-day activities, including loan servicing. The list of 50 includes pastors, authors, politicians , radio
show hosts, publishers, and televangelists.' We
thank everyone involved in his selection and want to emphasize that
all the hard work was designed to simply please the Lord, not man. The Balm In Gilead CEO is Special Guest of First Lady During Address

NEW YORK, In his fifth State of the Union address,
last night President Bush highlighted the HIV/AIDS public health crisis and
committed to working with African American churches."
According to the Centers for Disease Control and Prevention, AIDS is the
leading cause of death among African American women ages 24 to 34.
The organization's international mission includes building the capacity of
faith organizations in Cote d Ivoire, Nigeria, Tanzania, and Kenya to address
health crises, especially HIV/AIDS.

korean officially

8 million based on interest and other income of
approximately $21 million for the 12 months ended December 31, 2004., and Southwest Bank of Texas, N. started TBN with his wife Jan in 1973 with a dream
and a vision to build a Christian television network that spanned the
whole world. Across America and around the
world, TBN is carried by TV stations and cable systems to millions of
homes. "For over three
decades Paul Crouch has been used by God to touch the world with the
Gospel of Jesus Christ . When you consider the millions of people
around the world who see and benefit from TBN programs on a daily
basis, it's not difficult to see how Paul Crouch would be high on the
list. Launched in March 2004, this historic partnership between the
Balm In Gilead and the women's missionary societies and councils of three
Black religious denominations -- The African Methodist Episcopal Church, The
African Methodist Episcopal Zion Church and The Christian Methodist Episcopal
Church -- is designed to build the capacity of these denominations to address
cervical cancer, HIV/AIDS and other health issues in Black communities.

its under

Both are
best-ever totals for the Company, reflecting a nearly 56 percent increase in
net income and a 61 percent increase in interest and other income. Customers
recently assisted by Foundation Capital Resources include Constance Free
Evangelical Church in Michigan, Faith Heights Church in Colorado, and Mountain
Valley Community Church in Arizona. Additional information about these and other factors
that may adversely affect these forward-looking statements are contained in
FCR's reports and filings with the Securities and Exchange Commission.,
Founder and President of the Trinity Broadcasting Network (TBN), is
one of the '50 Most Influential Christians in America . "When
God calls you into a ministry such as broadcasting, many times you
never realize the impact it has on people's lives.tbn. I
hope the Administration will disburse sufficient funding to build the capacity
of African American churches to carry out this responsibility.

1978 society

We are
heading into 2005 with energy and optimism about our opportunities for the
months ahead. These forward-looking statements are identifiable by words or
phrases indicating that Foundation Capital "estimates," "projects," "intends,"
"believes," "plans," "predicts," "expects," "anticipates" or is "optimistic "
or "confident" that a particular event "will," "may," "could," "should," or
"will likely" occur or that a particular event "will," "may," "should,"
"could," "is contingent upon," "is expected to " or "will likely" occur in the
future or that there is a "trend" or "indications" toward, or "on track"
toward, a particular result or occurrence or similarly stated expectations. For 31 years, under the guidance of Paul Crouch, TBN has been
beaming wholesome family and faith-based programming to the USA and
the World! With over 12,000 TV stations and cable affiliates fed by 46
satellites TBN has a global presence that literally allows it to say,
"Hello world!"
"Paul Crouch's place on the list of the most influential
Christians in America is well deserved," states Susan Zahn, Media
Director for WDC Media and a publicist for TBN. This week of prayer, education and action engages
Black congregations to help stop the spread of HIV in Black communities
worldwide and to care for those affected by the disease.balmingilead.org

presbyterian well

Church Mortgage REIT Foundation Capital Resources Announces Record Performance for 2004

As a REIT, FCR is permitted to deduct dividend
distributions from its corporate taxable income and is required to distribute
at least 90 percent of its taxable income to its shareholders.

presbyterian american

As of December 31, 2004, FCR's loan portfolio included 224 loans,
comprised of 101 mortgage loans, 112 bond collateralized loans, and 11 other
loans .97 percent, as published by the National Association of Real Estate
Investment Trusts.A. Throughout our growth in the past year,
we have kept the same focused strategy and maintained the flat, flexible
organizational structure that has served us so well to this point. In addition to Crouch,
others on the list include President George W.

churches church

As such, it generally will not be subject
to federal income tax on the amount of its income or gain that is distributed
as dividends to shareholders. "Today , I am happy that the
President of the United States is paying attention to the crisis and
acknowledging the vital role faith communities can play in eliminating it.(TM) is a 501(c) (3), not-for-profit organization
whose mission is to improve the health status of people of the African
Diaspora by building the capacity of faith communities to address
life-threatening diseases, especially HIV/AIDS.