nineteen hundred and forty-six - Amazon Web Services

RELIEF AND ANNUITY BOARD 441
in the period of beginnings, 1918 to 1925, whereas only $10,000 was paid out
in annuities, over $620,000 was* distributed in relief grants.
More and more, through our annuity plans, made possible by increased
salaries and denominational cooperation, our preachers of today are making
secure their years of retirement; but what of those already retired through
the infirmities of age, what of other thousands still so poorly paid that they
are unable to help in providing for themselves future security together with
present peace of mind?
There is now, and there shall continue to be, need for a strong relief department
for many, many years. Indeed, the challenge of this hour is the
need for greatly increased grants for our approximately 1300 beneficiaries
now on the relief rolls of the several .states.
Though we now have a relief budget of approximately $180,000, a figure
that will be increased as the income warrants increase, we might ask with
Andrew, "What are they among so many?" A pitiful average of eight dollars
per month for widows and twelve dollars for aged ministers!
Our funds for this needful work come to the Board from four main sources:
(1) earned income of relief reserves; (2) Cooperative Program receipts;
(3) fellowship offerings from the churches, together with special gifts and
legacies; and, (4) the Texas W.M.U. day of prayer. For over fourteen years
the women of Texas have been observing a special day of prayer once a year
with an offering to be used for relief work within the borders of that state.
This offering, increasing year by year, is now more than $22,000 per annum.
For some years now in the Southern Baptist Convention Calendar of Activities,
provision has been made for a consideration by all the churches of the work
and needs of the Relief and Annuity Board, and provision has been made for
special offerings in all the churches during the month of April for ministerial
relief. The Relief and Annuity Board has not realized a large sum from this
special emphasis in the month of April. In chapter four special emphasis is
placed upon this special day in the churches for the present year, 1946; and
the results'of this emphasis, while unknown to the Board at this time, promises
to be much greater than in- any previous year.
THE BOARD'S STEADY FINANCIAL GROWTH
As has already been shown in chapter two, that the financial progress of
the Board from 1918 until the end of the fiscal year April 30, 1925, was very
encouraging. The assets had grown from $106,428.53, at the end of the first
year to $1,964,672.06 by May, 1925. During the period now under review,
1925-1944, the growth was much more rapid. At the close of 1944 the Board's
reserves aggregated $7,907,136.76. In chapters four and five greatly increased
assets are recorded.
FUNDING AND TRUSTEEING GIFT ANNUITY CONTRACTS
This type of service was entered upon in 1934 by the Relief and Annuity
Board in pursuance of instructions given by the Southern Baptist Convention
in 1933 to the effect that all boards, agencies, and institutions of the convention
should refrain from making annuity contracts unless and until they have
made arrangements with the Relief and Annuity Board to fund and trustee
them. The instructions of the convention are on record in the annual minutes
of 1933 and are contained in the report of a special committee of the executive
committee and presented to and adopted by the latter:
"The writing of Annuity Contracts by our agencies is a matter of great
importance. In many instances these annuity contracts have proved liabilities
rather than assets.
"We are assured by a competent actuary that it requires at least 200
of these contracts before the law of average begins to operate.
"We regard the Relief and Annuity Board the only one of our agencies
that deals specifically with such fiduciary matters.
"We recommend that the Relief and Annuity Board prepare a plan by
which it will act as trustee for the Annuity Contracts of all of our agencies,
and that the plan be submitted to these agencies for their consideration,
and that report be made to the Convention as to the progress in the consummation
of such a plan."