nineteen hundred and forty-six - Amazon Web Services

452 SOUTHERN BAPTIST CONVENTION
THE BOARD'S FINANCIAL CONDITION AS OF DECEMBER 31, 1945
ORVILLE GRONER. Treasurer
The books of the Board were audited as of December 31, 1945, by Darcy
Bonner, Certified Public Accountant, and the complete audit is now in the files
of the Board. A copy has been given to the Chairman of the Advisory Committee
and a copy will be forwarded to the Executive Committee of the Southern
Baptist Convention.
I am submitting herewith Balance Sheet as of December 31, 1945, compared
with December 31, 1944; also Comparative Statement of Income and Expenditures.
The Balance Sheet shows total assets of $9,449,256.09, or an increase
over the previous year of $1,542,119.33. The principal changes in the assets
are increases in bonds, preferred and common stocks, and a decrease in mortage
loans. The Comparative Statement of Income and Expenditures show?
total income of $2,676,451.17, or an increase over 1944 of $539,583.19, and
total expenditures of $1,094,630.46, or an increase of $98,251.15.
The cash transactions for the year were as follows:
Income $2,676,451.17
Expenditures 1,094,630.46
Investment Transactions 5,940,065.56
Total .'. $9,711,147.19
Tables showing the financial growth, benefits paid, and investment ear
year by year are presented.
The details of the Accounting Department continue to expand year by year.
The problem of keeping an accurate record on 40,000 individual accounts with
the changes in pastorates, salaries, etc., involves an enormous mass of detail.
COMPARATIVE BALANCE SHEET
ASSETS December
31, 1945
Earning Assets
Bonds ?4,996,848.05
First Mortgage Loans—Direct 1,479,849.02
First Mortgage Loans—F.H.A 271,251.97
Preferred Stocks 749,878.85
Industrial Common Stocks 433,016.20
Insurance Common Stocks 326,408.49
Utility Common Stocks 278,168.45
Bank Stocks 102,'418.75
Real Estate—Foreclosures 15,261.47
Notes & Accounts Receivable 1,340.86
Baptist Bldg. & Equipment—Net 180,745.91
Total Earning Assets $8,835,188.02
Other Assets 20,376.48
Prepaid Expense 2,543.66
Cash 591,147.93
December
31, 1944
3,498,527.62
1,776,569.11
277.820.03
679,612.38
347,176.00
325,468.49
105,376.25
55,900.00
15,261.47
513.24
183,983.69
$7,266,208.28
16.123.56
4,110.15
620,694.77
Increase
Decrease*
$1,498,320.43
296,720.09*
6,568.06*
70,266.47
85,840.20
940.00
172,792.20
46,518.75
827.62
3,237.78*
$1,568,979.74
4,252.92
1,566.49*
29,546.84*
Total Assets *9.449,256.09 ?7.907,136.76 $1,542,119.33
RESERVES AND LIABILITIES
December
31, 1943
Annuity Reserves
Endowment—
Gifts $ 262,381.47
Memorials
Earnings
3,967.94
Premium Reserve—Old Ann. Fund 1,197,594.73
Premium Reserve—Lapsed Certif 3,201.77
Annuity Reserve—Old Ann. Fund 1,295,626.10
Special Annuity Contracts—4% 61,389.45
Special Annuity Contracts—3%% 39,711.36
Special Deferred Ann. Reserve 17,439.36
Special Deferred Res. for Institutions 6,208.40
Service Annuity Reserve 25,467.58
Age Security Reserve 74,104.63
Institutional Emp. Pension Plan 112.281.76
December
31, 1944
$ 842,786.53
2,767.94
200.000.00
1,192,385.19
8,356.77
300,018.29
66,864.48
28,087.38
16,772.85
26,273.65
71,698.30
86.P57.3f'
Increase
Decrease"
580,405.06*
1,200.00
200,000.00*
5.209.64
155.00*
995,607.81
5,475.03*
11.623.98
666.51
6,208.40
806.07'
2,506.33
25.324.37