Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

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110 MINUTES OF THE 1997 SYNOD OF THE DA Lb K. HAKIZbL Certified Public Accountant fax(412)452-2044 114 N. main STREET ZEUENOPLE. PA 16063 Independent Auditor's Report Trustees of the Synod of the Reformed Presbyterian Church of North America Pittsburgh. PA We have audited the accompanying statement of financial position of the Trustees of the Synod of the Reformed Presbyterian Church of North Amenca (the 'Trustees") as of December 31,1996, and the related statements of activities, and cash flows for the year then ended. These financialstatements 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 statements 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 significant estimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred lo above present fairly. In all material respects, except for the described m the following paragraph the financial position of the Trustees of the Synod of the Reformed Presbyterian Church of North America as of December 31, 1996, and the changes in its net assets and its cash flows for the year then ended in conformity with generally accepted accounting principles. As described in Note 5 to the financial statements, comprehensive actuarial reports and valuations are not availabl lor the two pension plans maintained by the Trustees. Accordingly, the Information necessary to provide the disclosures Zelienople, specified Pennsyl by Statements of Financial Accounting Standards Numbers 87 and 88 has not been determined and April such 28.1997 disclosures have not been made. Additionally, pension benefits incurred under Pension Plan *A" have been charged to expense when paid rather than determining pension expense using an acceptable actuarial cost method. We believe that omission of the disclosure of the foregoing Information and failure lo determine pension expense using accepted actuarial cost methods are departures from generally accepted accounting principles.
REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA 111 Trustees of the Synod of the Reformed Presbyterian Church of North Ameri Statement of Financial Position December 31,1996 ASSETS Cash and cash equivalents $311,437 Investments, at market value 10,975,213 Accounts and notes receivable 81,626 Contributions receivable 91,966 Accrued investment income receivable 75,190 Bequests receivable 29,298 Deferred student aid receivable 73,635 Inventories 89,063 Building loans receivable 779,310 Property and equipment-net 193,912 Other assets 61,049 Total Assets $12,761,699 LIABILITIES AND NET ASSETS Accounts payable and accrued expenses $281,317 Pension contributions payable 183,877 Payable to denomination-related organizations 2,287,401 Total Liabilities 2,752,595 Net Assets: Unrestricted 2,308,743 Temporarily restriaed 182,850 Permanently restriaed 7,517,511 Total N et Assets 10,009,104 Total Liabilities and Net Assets $ 12,761,699 The accompanying notes are an integral part of the financial statements.
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