Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

106 MINUTES OF THE 1997 SYNOD OF THE
particular purposes. These purposes are usually broad enough to be en
within one of the designated boards of the Synod.
Other Matters - Inventories (principally religious publications) are carried at the
lower of average cost or market.
Contributions received during early January from congregations and individuals
are recorded as receivables when such amounts relate to the prior year's budget.
Advances made to eligible seminary students for payment of tuition, summer
training fees and living expenses (deferred student aid receivable) are recorded as a
deferred charge and are amortized to expense, usually over a period of five years
from the date that the graduate seminarian begins service for the Synod.
Repayment of advances must be made onlyif the student or graduate does not
provide service to the Synod. An allowance for uncollectible student aid has been
established for potentially uncollectible amounts.
NOTE 2 - CASH AND INVESTMENTS
Cash and investments at December 31, 1995, are comprised of the following:
Carrying
Market
Value
Value
Cash in bank $219,148 $219,148
PaineWebber cash fund 109,216 109,216
U.S. Government obligations 1,924,690 1,989,273
U.S. Government agency securities 1,275,269 1,302,529
Corporate common stocks 3,227,147 4,800,039
Corporate bonds 475,565 488,236
General mortgages receivable 1,220,914 1,220,914
Total $8,451,949 $10,129,355
General mortgages receivable are due over periods from one to twenty-one
years and bear annual interest ranging from 5% to 10%. The aggregate annual
Maturities of general mortgages receivable at December 31, 1995, are as follows:
Year Ending
1996
1997
1998
1999
2000
2001 and beyond
Total
Amount
$ 130,701
67,701
65,150
68,300
71,600
817,462
$1,220,914
The general mortgages receivable at December 31, 1995, are due from the
following groups: