Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

104 MINUTES OF THE 1997 SYNOD OF THE
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of equipment (89,693)
Proceeds from sale of investments 4,837,488
Purchases of investments (4,268,740)
Net Cash Provided By Investing Activities 479,055
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from contributions restricted for:
Investment in permanent endowment 505
Net Cash Provided By Financing Activities 505
Net Increase in Cash and Cash Equivalents 152,944
CASH AND CASH EQUIVALENTS, beginning of year 66,204
CASH AND CASH EQUIVALENTS, end of year $219,148
Notes to Financial Statements
NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General - The financial statements of the Trustees of the Synod of the Reformed
Presbyterian Church of North America (the "Trustees"), a nonprofit corporation
organized in Pennsylvania, have been prepared on the accrual basis of accounting.
Basis of Presentation - The Synod is the highest court in the denomination
known as the Reformed Presbyterian Church of North America. The Trustees hold
title to property and are responsible to the Synod for managing and reporting on
the financial condition of the denomination. The financial activities are
accomplished through various boards and committees of the Synod. Congregations
and domestic and foreign missions are sanctioned by the Synod through such
boards and six regional Presbyteries. The accompanying financial statements include
the assets, liabilities, fund balances and financial activities of the Trustees and of the
Synod's various boards and committees.
Although sanctioned by the Synod, congregations and mission churches
(domestic and foreign) of the Reformed Presbyterian Church of North America do
not have financial accountability to the Trustees. Accordingly, the assets, liabilities,
fund balances and financial activities of such organizations are not included in the
accompanying financial statements. Periodically, certain of these assets, to which
the Trustees hold title, are sold. Proceeds from the sale of such assets are
recorded at the time of disposition. Further, funds disbursed in support of
domestic and foreign mission fields are charged to expense in the accompanying
financial statements.
Change for New Pronouncements - The Trustees elected to adopt Statement of
Financial Accounting Standards (SFAS) No. 116, Accounting for Contributions
Received and Contributions Made, in 1995. In accordance with SFAS No. 116,
contributions received are recorded as unrestricted, temporarily restricted, or