Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA 31
Committee on Finance. The report as a whole was approved and is as
follows:
1997 ANNUAL REPORT OF THE TRUSTEES OF SYNOD
The Trustees of Synod held three regular meetings since June of 1996. The
Fall meeting was held in Topeka, Kansas so that the Board members could view the
new church building. We thank the Lord for His blessings this past year.
The members of the Board are:
Class of 1997: Paul Finley, Louis D. Hutmire, Joseph Lamont, Jr.
1998: Sam Chestnut, Steven McMahan, Dennis Olson
1999: Stuart Schmidt, Jay Worsham, John P. Edgar
The officers are Paul Finley, President, Steven McMahan, Vice President and
Louis Hutmire, Secretary-Treasurer. Paul Finley has served two full terms and will
be rotating off the Board at Synod this year. Paulis our current president and has
served us well. We recommend that Louis D. Hutmire and Joseph Lamont, Jr. be
reelected to another term and that William Roberts and J. Bruce Martin be
nominated tofill the vacancy.
The financial records of the Trustees of Synod for the year ending 12/31 /96
were audited by Dale R. Hartzel, C.P.A. This report will appear as part of the
Treasurer's Report in the Digest of Reports and should be received for information
along with the 1995 Audit Report.
The Trustees of Synod continue to invest the endowment funds along with other
funds held by them for investment. These funds are invested in a pool of stocks
and bonds using Paine Webber as our investment advisor and broker. The funds
are managed similar to a mutual fund with the income being distributed annually to
the departments and congregations owning the funds. As of 12/31/96, we had
$7,127,407 invested in stocks and bonds with a market value of $9,520,272.
We also had $1,454,561 invested in mortgages.
The value of the "pooled" unit has increased over the years and the income has
also increased.
1993 1994 1995 1996
Value Per Pooled Unit 11.076 10.9 12.614 13.236
Income Distributed 520,037 509,696 513,474 532,046
In 1996, the Trustees made loans from our General Investment Account to the
Topeka Congregation, Jerry O'Neill, Kenneth Orr, Thomas Reid, and David Coon.
These loans totalled $339,689.
The financial report for the Building Loan Fund, which includes the Sale of
Church Properties accountis included in the Treasurer's Report. The Fund ended
1996 with $811,656 in loans receivable and had $207,383 available to loan. In
1996, we made loans from this account to the Westminster (IL), Topeka, and
Hazleton Congregations totalling $144,000.
The sale of the Superior-Beulah church properties was finalized in 1996. We
realized $28,107, including rent from the sale. One half of this was distributed in