Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

178 MINUTES OF THE 1997 SYNOD OF THE
In 1995 we made loans to the Multiracial Congregation, Jerry O
Schep, Lafayette Congregation, and the Board of Education sc Publications. These
loans totaled $344,210. A loan has been approved for the Topeka Congregation
but the funds have not been needed yet.
From these investments, we distribute for spending that portion of realized gains
that when added to the actual dividends and interest results in an income
distribution of 6% of the average market value of the pooled invested funds for
the previous twelve quarters. This is a net figure after the Unallocated
Denominational Office Expense is deducted. The following chart shows the
distribution for the past three years:
Actual Div. sc Int. Income
Average Unit Value
Amount to distribute (6%)
Annual Realized gains
Amt. gains needed (line 3-1)
Balance (+/-) to Fund Balance
1993 1994 1995
373,709
11.076
520,037
113,143
146,328
-33,185
317,438
10.9008
509,696
204,824
192,258
12,566
317,323
12.6136
513,474
290,700
196,151
94,549
Note that while the actual income (line 1) went down during the three year
period the actual amount distributed (line 3) stayed about the same. To do this
more of the realized gains had to be declared as dividends and distributed as
income (as allowed by Pennsylvania law). The boards continue to get their income
but there is less growth in the funds thus reducing the future buying power,
effectively reducing the endowment. The policy of distributing 6% is reviewed
annually by the Trustees.
Building Loan Fund
The financialreport for the Building Loan Fund, which included the Sale of
Church Properties account is included in the Treasurer's Report. The Building
Loan Fund ended 1995 with $741,239 invested in mortgages which included five
new loans. We had $227,211 cash available and $5,687 from the income of the
Superior-Beulah Church building. The Property should be sold in 1996 and the
income will be distributed (50% to the Kingdom Builder's Fund and 50% to the
Building Loan Fund).
John McFarland is now on site in Orange County, California, so the funds held
for this new work are being used by the Pacific Coast Presbytery to support it.
RPMscM
In 1994 Synod set the RPMscM goal for 1995 at $320,000. $298,506.52
was received so each department received a little more than 93% of their
budgeted amount. The same goal of $320,000 has been set for 1996.