Reformed Presbyterian Minutes of Synod 1993

50 1993 MINUTES OF THE SYNOD OF THEREPORT OF THE TRUSTEES OF SYNODThe Tmstees of Synod met in three regularly called meetings since thelast meeting of Synod. In addition, the committees of the Board met asneeded, usually by telephone.The members of the Board are:Class of 1993: Steven McMahan, Sam Chestnut, Robert HemphillClass of 1994: Louis Hutmire, Paul Finley, John DukeClass of 1995: Marcia Siebring, Thomas Fisher, John EdgarThe terms of Steven McMahan, Sam Chestnut, and Robert HemphiUexpire at this meeting of Synod. Steven McMahan and Sam Chestnut haveserved two full consecutive terms and according to Synod's mle are noteligible for re-election at this time. We thank Steve and Sam for their workon the Board the past six years and appreciate their contributions. RobertHemphill has only served one full term, so we would recommend that hebe elected for another term (see Recommendation 1). We would alsonominate Jack Morton, Stuart Schmidt, and Jay Worsham to fiU the othertwo vacancies (see Recommendation 2).FINANCIALAgain this year, we hired the firm of Swartz, Izenson and Associates toaudit our records. Due to the favorable fees, we decided to have a fuU auditagain this year, rather than a review. The Audit Report will be distributedhere at Synod. We recommend that the report be received as distributedand printed in the Minutes of Synod (see Recommendation 3).The 1992 Treasurer's Report has been printed in the Digest of Reportsagain this year. We suggest that you study this report and be prepared toask any questions that you may have for each department when theypresent their report. We recommend that the Treasurer's Report bereceived for information (see Recommendation 4).INVESTMENTSThe Tmstees of Synod invest the funds they hold for the variousdepartments, congregations, RP Home and Geneva CoUege in securitiesand mortgages (mostly to congregations, pastors, and employees of thedenomination). As of December 31, 1992, we had a securities portfolioinvested through Paine Webber, Inc. at a market value of $7,449,193 and$1,630,138 was invested in mortgages. Virtually none of these funds areowned by the denomination as a whole. They have been given to specificworks such as Foreign Missions, Home Missions, Seminary, Pensions,Geneva College, particular congregations, etc. Our new policy is todistribute 6% of the average market value of the past three years as the