Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

REFORMED PRESBYTERIAN CHURCH 1011H I L L I E RC O L L I E RIndependent Audjiors' ReportTrustees of the Synod of the ReformedPresbyterian Church of North AmericaPittsburgh, PennsylvaniaWe have audited the accompanying balance sheet of the Trustees of the Synod of the Reformed Presbyterian Church ofNorth America (the "Trustees") as of December 31, 1994, and the related statements of support and revenue, expenses,capital additions, and changes in fund balances for the year then ended. These financial statements are the responsibility ofthe management of the Tmstees. Our responsibility is to express an opinion on these financial statements based on ouraudit. The 1993 financialstatements were audited by other auditors whose report dated May 11, 1994, expressed anunqualified opinion, with the exception of the matter discussed in the last paragraph.We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we planand perform the audit to obtain reasonable assurance about whether the financialstatements are free of materialmisstatement. An audit includes examining, on a lest basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significant esUmates made bymanagement, as well as evaluating the overall financialstatement presentation. We believe that our audit provides areasonable basis for our opinion.In our opinion, the financial statements referred to above present fairly, in all material respects, except for the madescribed in the following paragraph, the financialposition of the Trustees of the Synod of the Reformed PresbyterianChurch of North America as of December 31, 1994, and the results of its operations for the year then ended in conformitywith generally accepted accounting principles.As described in Note 6 lo the financial statements, comprehensive actuarial reports and valuations are not available ftwo pension plans maintained by the Trustees. Accordingly, the infonnation necessary lo provide the disclosures specifiedby Statements of Financial Accounting Standards Numbers 87 and 88 has not been determined and such disclosures havenot been made. Additionally, pension benefits incuned under Pension Plan "A" have been charged lo expense when paidrather than determining pension expense using an acceptable actuarial cost method. We believe that omission of thedisclosure of the foregoing information and failure to determine pension expense using accepted actuarial cost methods aredepartures from generally accepted accounting pnnciples.HILLIER COLLIER & COMPANY JPittsburgh, PennsylvaniaApnlll, 1995Hillier Collier c- CompanyCertified Public Aecoinitiiins •Z.ii.unfit .md Business PA IbOCi Advisors