Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

50 MINUTES OF THE 1997 SYNOD OF THE
donations and pledges over the next year from sources different from those
targeted by the Capital Campaign. We are targeting the first class to begin in the
fall of 1999. Please pray with us as we embark on this endeavor.
Throughout the year, the Board has discussed a Diversity Statement and a Plan
for Diversity proposed by the Administration. A subcommittee of the Board was
established to help the Trustees explore the issues involved. Much of our
discussion has revolved around how to see the College reflect the fullness of
Christ's Kingdom while avoiding a secular understanding of multiculturalism. The
Trustees reaffirmed commitment to the 1991 Statement of Affirmation and
instructed the President to supervise, on an ongoing basis, the work of revising the
Diversity Plan and developing programs, policies and procedures to encourage
diversity at the College. The Diversity Statement itself is being treated as a working
document that will remain on the agenda of the Board into the new year.
In October, 1996, ground was broken on a new $3.5 million academic
building. The building will house the Business and Psychology Departments, as well
as several multimedia classrooms, computer teaching laboratories, and seminar
rooms. Progress has been good, and we expect the building to be available for use
in the spring semester of 1998.
BUSINESS SERVICES
The Board would like to commend Jim MacDonald and Mike Fox who, over the
past two years, have made a tremendous effort to bring the College's financial
systems and controls up to date and into compliance with new Financial
Accounting Standards Board (FASB) requirements. As a result, the Trustees are
receiving more and better information than in the past. Although this information
has revealed some weaknesses, we are now in a much better position to make
necessary corrections.
One significant change is that FASB now requires full budgeting of depreciation.
This should help the College better plan for and fund the ongoing maintenance of
its physical plant. Further, the Board took action in January to fully repay the debt
to the endowment from funds held in quasi-endowment and adding to quasiendowment
from operations $200,000 per year for the next nine years. These
changes both correct past errors and set a course for strengthening the financial
position of the College.
The Trustees approved a working budget for 1996-1997 of $24,280,000.
This budget included a $500,000 surplus, an average 3% wage increase, and
$50,000 set aside for adjustments to faculty salaries. As of April 25 it would
appear that we will have a budget surplus for this year.
In April, 1996, the Trustees approved the borrowing of $5,600,000. The
loan was finalized in September, and was used for the purchase of the 38th Street
Apartments, Telephone System, Computer Networking, Track, Soccer Field,
Architect Fees and the Academic Building.