Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

118 MINUTES OF THE 1997 SYNOD OF THE
Year Ending Amount
1997 $53,245
1998 53,695
1999 55,597
2000 51,745
2001 51,550
2002 and beyond 513,478
Total $779,310
Such loans are generally made to either ministers, employees of the Syn
congregations. At December 31, 1996, the composition of the balances
receivable were due from:
Congregations and denominational boards
Ministers of the denomination
Other
Total
NOTE 4 - PROPERTY AND EQUIPMENT
Building and improvements
Furniture, fixtures and equipment
Total
Less accumulated depreciation
Property and equipment - net
December 31, 1996
$762,994
10,795
5,521
$ 779,310
December 31,1996
$320,516
344,534
665,050
471,138
$193,912
Depreciation expense for the year ended December 31, 1996 was $31,934.
NOTE 5 - PENSION PLANS
There are two pension plans (Plan "A" and Plan "B") which were adopted
effective January 1, 1974, and together cover all ministers, missionaries and
employees of the Synod. The provisions of Plan "B" were restated effective
January 1, 1984, and January 1, 1989.
Plan "A" - Plan "A" is a noncontributory defined plan and covers basically
ministers, missionaries and employees of the Synod who were age 55 or over on
January 1, 1974, the date of adoption of the plan. The normal retirement benefit
for 1995 was $300 per month for single employees and $360 for married
employees. A monthly benefit of $300is continued to the survivor. A minimum
of 30 years of service is required to be eligible for the full normal retirement
benefit. Total pension expense for the years ended December 1996 was
$93,398. This planis self-administered and pension benefits, which are charged to