Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

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176 MINUTES OF THE 1997 SYNOD OF THE Seminary. The proposal was forwarded to Westminster Seminary for con of their Board of Trustees. Business Affairs We regret that 1995 was another year of deficit spending. Happily the deficit, despite the expenses incurred with the changeover of administrations, was less than in 1994, down from $78,000 to $36,000. To help with finances the Trustees approved a 7% increase in tuition for the 1996-97 school year. In addition, we also voted to charge full-time students next year for 12 hours, not 10. These tuition changes bring us more in line with what we should be charging as a fully accredited institution. Room and board charges are also being raised to reflect more fully the actual cost of housing and feeding students. President O'Neill has given attention to accounts receivable this year and outstanding loans to Reformed Presbyterian students. Some of these are 15 years old. President O'Neill has negotiated some accounts receivable, forgiven some, and pushed for payment on some. For the longer term the Seminary would like to begin planning to increase the size ofits endowment. However, balancing the budget has immediate priority. Nominating After 12 years of faithful service, Pastor Jim Wright rotates off the Board. We will miss this fellow laborer but know the Lord has other things for Jim to do. We thank Jim for his service and look forward to his continued support of the work of RPTS. Rich Johnston, a friend and colleague from Indianapolis, replaces Jim on the Board. Rich's enthusiasm for the training of men will be an encouragement to us all. Development Dr. Stewart has agreed to serve as our Director of Development. The title he is using in approaching churches and corporationsis President-Emeritus and Direaor of Development. He spends approximately one day each week working on this assignment and is especially seeking to cultivate church giving, both inside and outside the Reformed Presbyterian Church. President O'Neill has also been active in representing the Seminary in many parts of the country, at RP churches and also at colleges such as Geneva, Covenant and Grove City. He has twice been interviewed on a Pittsburgh radio station about the Seminary. One of the highlights of this year was the presence on campus in January of three leaders from the Korean Revived Presbyterian Theological Seminary (KRPTS).It was a pleasure to host them, and they went home with a very positive impression of RPTS. Since KRPTSis an undergraduate institution, we hope to have the opportunity to train a few of their students after they finishtheir studies in Seoul. Dr. Stewart spent the last week of February in Korea speaking in two of their churches and also speaking at their seminary.
REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA 177 We have a large number of potential new students. We need to t students into applicants. We are optimistic that we will have a good number of new students in the fall. This optimism Is based on the following facts: 1) God is blessing us in many ways, and thereis a great deal of enthusiasm for what we are doing, 2) we have a large pool of prospective students, and 3) ATS accreditation should make us far more attractive to prospective students. We have 25 full-time students with a total of 80-100 students receiving training each year. Even though the seminary began the 1995-96 school year with fewer students than the previous year, there were 17 more students enrolled in the spring term of 1996 than that of 1995, 61 as compared with 44. We pray that this trend of increased enrollment will continue. 1996 ANNUAL REPORT OF THE TRUSTEES OF SYNOD Respectfully submitted, Executive Committee, Bill Edgar, Chairman Don Piper The Trustees of Synod held three regular meetings since the last meeting of Synod. The Winter meeting was held by telephone conference call on March 2, 1996 in order to cut down on travel time and expenses. The members of the Board are: Class of 1997: Paul Finley, Louis D. Hutmire, Joseph Lamont 1998: Sam Chestnut, Steve McMahan, Dennis Olson 1999: Stuart Schmidt, Jay Worsham, John P. Edgar The officers are Paul Finley, President and Louis Hutmire, Secretary-Treasurer. Bob Hemphill was our vice president but he has rotated off the Board so we will not have a vice president until new officers are elected at the Fall meeting. We have appreciated Bob's years of service on the Board. Financial The financial records of the Trustees of Synod for the calendar year 1995 were audited by Dale R. Hartzel C.P.A. This report will be sent to Synod's Finance Committee for their information and will be distributed to the 1997 Synod next year. Again this year the Treasurer's Reportis printed in the Digest of Reports. Investments The Trustees of Synod invest the endowment funds of boards, Geneva College, R.P. Woman's Association, funds owned by congregations but invested with the Trustees of Synod, annuity funds and other miscellaneous funds. These funds are invested in a pool of stocks and bonds using Paine Webber as our investment advisor and broker. We also had $1,518,915 invested in mortgages as of 12/31/95.
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