nineteen hundred and forty-six - Amazon Web Services

442 SOUTHERN BAPTIST CONVENTION
In May, 1938, a new table of rates was presented to the convention which
were lower than those adopted in 1934, and this was made necessary because
of reduction in interest earnings on all invested funds everywhere.
In pursuance of the convention's instructions, agreements were signed by
and between the Relief and Annuity Board and the Foreign Mission Board, the
Home Mission Board, the executive committee of the Convention, the Baptist
Bible Institute, the Southern Baptist Theological Seminary, the Southwestern
Baptist Theological Seminary, and the Southern Baptist Hospital. Gift annuity
agreements representing in the aggregate gifts of approximately $1,000,000
received by the Foreign Mission Board, the Relief and Annuity Board, the
Southwestern Baptist Theological Seminary, and the Home Mission Board
have been funded under the above mentioned trustee agreements. The amounts
actuarially computed to be necessary to fund each gift annuity agreement is
forwarded by the contracting board to the Relief and Annuity Board, while
the sum not required for the funding is released for immediate or future use
by the contracting agency. Thus Southern Baptists, through their several
boards, agencies, and institutions, have arranged for the acceptance of gifts,
both large and small, on a contract life annuity basis, which is scientifically and
financially sound and safe both for the agencies and for the donors.
The reserves now in the custody of the Relief and Annuity Board protecting
nearly 300 contracts aggregate $340,625.39. A goodly number of our
Southern Baptist people have availed themselves of a method whereby thev
could "give while they live and live on that which they give."
THE BAPTIST BUILDING
In the spring of 1940 the Relief and Annuity Board found it expedient to
look about for larger quarters for its rapidly enlarging work. The thought
which soon possessed the Board was that there should be a Baptist owned headquarters
building, located, if possible, in the heart of the city of Dallas, in
which structure could be housed the Relief and Annuity Board, the Baptist
General Convention Executive Board with its several important departments,
viz., Sunday School, Baptist Training Union, Baptist Student Union, Woman's
Missionary Union, Baptist Brotherhood, and the Endowment Department. In
addition to these, space would be provided for the Baptist Standard the Baptist
Foundation of Texas, and the Baptist Book Store. A fairly commodious
chapel would be needed seating some 250 people so that all board meetings,
pastors' conferences, and other important groups could be accommodated from
time to time. The Baptist Book Store would also be able to use this chapel
for book reviews.
After the most careful search for the best available location, and neces
considering the whole matter from the angle of interest producing investment
of funds rather than their expenditure, the Board was we believe providentially
led to purchase property on the corner of Ervay Street and Pacific Avenue
on which there already stood a valuable structure which could be transformed
into the type of building which was needed. The property was bought for
$80,000 cash. A contract was let under architectural supervision for the renewal
of the already substantial structure. The building and lot as it was on
the day of its dedication represented a monetary investment of $195 051 50,
from which the Relief and Annuity Board receives on the basis of ten-year
leases an annual rental income of over $21,000, which gives to the Board a net
return of 3.05% on the investment plus a substantial depreciation reserve.
The property today is known to be worth over twice as much as the Board
has invested in it.
However, the Baptist Building represents much more than an investment
of funds, important as that is. It is a spiritual investment which is already
making and will continue to make great returns in increased denominational
zeal, solidarity and prestige.
The Baptist Building was dedicated on July 16, 1941, there being present
a great company of denominational leaders from all boards and agencies of the
Southern Baptist Convention. Dr. J. M. Dawson, pastor of the Frst Baptist
Church of Waco, Texas, in an article which appeared in the Watchman-Examiner,
August 21, 1941, under the title, "A Southern Baptist Achievement"
bad the following to say about the dedication: