Reformed Presbyterian Minutes of Synod 1993

108 1993 MINUTES OF THE SYNOD OF THESWARTZ. IZENSON « ASSOCIATES, rTrustees of the Synod of the ReformedPresbyterian Church of North AmericaNOTES TO FINANCIAL STATEMENTS (CONTINUED)NOTE 2 - CASH AND INVESTMENTS (CONTINUED)CarryingValueMarketValueUnrealizedAppreciation(Depreciation)1992 1991December 31, 1992$ 8,687,711$ 9,720,178$ 1,032,167$December 31, 1991$ 8,223,516$ 9,111,8011,188,2881,188,288January 1, 1991i 7,160,991$ 8,520,661-1,059,667Increase (decrease) in unrealizedappreciation for the yearRealized net gain for the year$( 155,821)* 197,833$ 128,621$ 708,295During the years ended December 31, 1992 and 1991, the average annual yieldon investments excluding realized net gains (calculated by dividing totaldividends, interest, and net rental income earned on investments during theyear by the average of the beginning of the year and end of the year carryingvalue of investments, excluding cash in bank) was 7>6f and 7*9t, respectively, and tbe annual total return (calculated by dividing total dividends,interest, net rental income and realized net gains earned on investmentsduring the year by the average of the beginning of the year and end of theyear carrying value of investments, excluding cash in bank) was 10.0) and17.It, respectively.NOTE 3 - BUILDING LOANS RECEIVABLESubstantially all of the building loans receivable at December 31, 1992 and1991 have been granted by the Building Loan Committee at interest ratesranging from 1< to 12$ for the purchase or construction of residences orchurch buildings. Such loans are generally made to either ministers, employeesof the Synod, or congregations. At December 31, 1992 and 1991 the compositionof the balances receivable were due from: