Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

112 MINUTES OF THE SYNOD OF THEOther Matters - Inventories (principally religious publications) are carlower of average cost or market.Contributions received during early January from congregations and individualsare recorded as receivables when such amounts relate to the prior year's budget.Such contributions are recorded as expendable operating funds, unrestricted.Advances made to eligible seminary students for payment of tuition, summertraining fees and living expenses (deferred student aid receivable) are recorded asa deferred charge and are amortized to expense, usually over a period of fiveyears from the date that the graduate seminarian begins service for the Synod.Repayment of advances must be made onlyif the student or graduate does notprovide service to the Synod. An allowance for uncollectible student aid has beenestablished for potentially uncollectible amounts.NOTE 2 - CASH AND INVESTMENTSThe market values of cash and investments by fund group are as follows atDecember 31, I 994 and 1993:Market Values -December 31,Expendable funds Fund - operating: Group 1994 1993Unrestricted - undesignated $ 647 $Unrestricted - designated 897,676 1,084,400Restricted 29,113 28,791Nonexpendable funds:Endowment 4,369,033 4,742,784Annuity andlife income 1,744,578 1843 782Custodian 1,871 J920 2|oi8!870Toul $8,912,967 $9,718,627Cash and investments at December 31, 1994 and 1993 are comprised of thefollowing:'994 1993Carrying Market Carrying MarketValue_ Value Value ValueCash in bank $ 66,204 $ 66,204 $ 158,382 $ 158,382PaineWebbercash fund 356,876 356,876 711,688 711,688U.S. Governmentobligations 1,870,430 1,617,477 1,870,430 1,869,227U.S. Governmentagency securities 1,275,269 1,177,700 1,304,418 1359 232Corporate common ' 'CoSSe 3'284'"9 3'"4'637 2'633'408 3'5,8'2«Gene^mortgages 62V94 6H'83? 95°'3°8 W"receivable 1,085,236 1,085,236 1,095,735 1095 735Total $8,560,928 $8,912,967 $8^24J69 $9^627