Reformed Presbyterian Minutes of Synod 1997 - Rparchives.org

REFORMED PRESBYTERIAN CHURCH OF NORTH AMERICA 97
give a boost for the many new works that continue to be initiated by the
Presbyteries.
Seminary
By Synod of 1995, the Seminary had developed a plan to deal with the financial
crisis in which it was engulfed. Synod granted it unusually large RPMetM amounts
for 1996 and 1997. We should all give praise to God for the way in which He
has heard our prayers for the seminary and honored the seminary staff's diligent
labor and sacrifices. They ended the year with a cash balance of over $143,500.
This puts them in a sound position for dealing with such issues as deferred
maintenance, capital improvements and the faculty salary freeze. The Finance
Committee commends the Seminary Board for the very important upgrading of
their financial statements and budget reports. God has indeed brought them
through a very difficult time.
Without receiving the special grant requested from Unrestricted Undesignated
Funds, they have already completed the parking lot expansion and paving, unfrozen
the faculty salaries and found less expensive ways to deal with other needs.
The President of the Seminary has fulfilled his commitment to balance the
Seminary's budget and significantly reduce the seminary's reliance on RPMetM for
future years. In fact,it appears that the Seminary will be able to replace some of
their Unrestricted Designated invested funds which had been sold over the last 7
years to pay for budget deficits.
Education and Publication
The Finance Committee commends the EetP Board for its diligent cost
containment efforts over the last several years. We would remind the Synod that
this Board has only about $2,000 of endowment income per year and very few
fund raising opportunities. They are the most dependent on grants from the
Synod. The recommended special grant from Unrestricted Undesignated Funds
will pay off their equipment loans and free up funds for such possibilities as
upgrading computer equipment and raising inadequate salaries.
Women's Association
With the recommended special grant from Unrestricted Undesignated Funds,
the RP Home will be able to replace some of its internal funds which were used to
upgrade their computer system. Although there is a need to help cover the
expenses of RP residents who are not able to pay their entire costs, the Home has
other sources of income more readily available to them than do other agencies of
the Church.
Disability Board
Although this Board is actually a part of the Women's Association, for this year
we are recommending that they be funded separately rather than including them in
the requests from the Women's Association. At the end of 1996 they had a cash
balance of about $9,600. As a new ministry of the church, they are in the
process of developing their budgeting system. Even though no specific needs were