Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA 101
DALE R. HARTZEL (412)452-2176
Certified Public Accountant 114 N main STREE*
ZEUENOPIE. PA 16063
Trustees of Ihe S>nod of ihe Reformed
Presb\icnan Church of North America
Pittsburgh. Penns\lvama
*Ae ha^e audned the accompanying statement of financial position of the Trustees of the Ssnod of the Reformed Presbytenan
Church of North America (the "Trustees") as of December 31. 1995. and the related statements of activities, and cash flows
for the year then ended. These financial statements are the responsibility of the management of the Trustees Our
responsibility is to express an opinion on these financial statements based on our audit
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statement! are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements
An audit also includes assessing the accounting principles used and significani estimates made by management, as well as
evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, except for the matter
described in the followingpaj-agraph. the financial position of the Trustees of the Synod of the Reformed Presbytenan
Church of North America as of December 31. 1995, and the changes in its net assets and its cash flows for the year then
ended in conformity « .Hi generally accepted accounting principles
As described in Note 5 to the financial statements, comprehensive actuarial reports and valuations are not available for the
two pension plans maintained by the Trustees Accordingly, the information necessary to provide the disclosures specified
by Statements of Financial Accounting Standards Numbers 87 and 88 has not been determined and such disclosures have not
been made Additionally, pension benefits incuned under Pension Plan "A" have been charged to expense when paid rather
than determining pension expense using an acceptable actuarial cost method. We believe ihat omission of the disclosure of
the foregoing information and failure to determine pension expense using accepted actuarial cost methods are departures
from generally accepted accounting CA principles
As Zehcnople. discussed Pennsylv. in Note I io the financial statements, in 1995 the Trustees changed its method of accounting for contributions
and April us 19. method 1996 of financial reporting and financial statement presentation