Reformed Presbyterian Minutes of Synod 1993

REFORMED PRESBYTERIAN CHURCH 103SWARTC. IZENSON 9 ASSOCIATES,r.Trustees of the Synod of the ReformedPresbyterian Church of North AmericaNOTES TO FINANCIAL STATEMENTSNOTE 1 - SUMARY OF SIGNIFICANT ACCOUNTING POLICIESGeneral - The financial statements of the Trustees of the Synod of the ReformedPresbyterian Church of North America (the "Trustees"), a non-profitcorporation organized in Pennsylvania, have been prepared on the accrualbasis of accounting.Basis of Presentation - The Synod is the highest court in the denominationknown as the Reformed Presbyterian Church of North America. The Trusteeshold title to property and are responsible to the Synod for managing andreporting on the financial condition of the denomination. The financialactivities are accomplished through various boards and committees of theSynod. Congregations and domestic and foreign missions are sanctioned bythe Synod through such boards and six regional Presbyteries. The accompanyingfinancial statements include the assets, liabilities, fund balancesand financial activities of the Trustees and of the Synod's various boardsand committees.Although sanctioned by the Synod, congregations and mission churches (domesticand foreign) of the Reformed Presbyterian Church of North America do nothave financial accountability to the Trustees. Accordingly, the assets,liabilities, fund balances and financial activities of such organizationsare not Included in the accompanying financial statements, although theTrustees hold title to certain assets of active and Inactive domesticmissions and congregations and ln foreign mission fields. Periodically,certain of these assets, to which the Trustees hold title, are sold. Proceedsfrom the sale of such assets are recorded at the time of disposition.Further, funds disbursed ln support of domestic and foreign mission fieldsare charged to expense in the accompanying financial statements.Funds - The accounts of the Tmstees are classified for accounting purposesinto funds, established according to their nature and purpose. These accounts(or individual funds) have been grouped in the accompanying financialstatements in accordance with certain characteristics as explainedbelow.Expendable funds - operating, consisting of the following:Undesignated funds, representing expendable unrestricted funds which areavailable, at the discretion of the Synod, for support of any operations,functions or other matters.Designated funds, representing expendable unrestricted funds which havebeen designated by the Synod, through the establishment of various boards,for investment in and support of a particular purpose or program. Revenue:earned from investment of such funds also are designated for use.Restricted funds which have been designated by donors, grantors or otheroutside parties for support of particular purposes.