Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

REFORMED PRESBYTERIAN CHURCHGeneral mortgages receivable are due over periods from one to twenty-one yearsand bear annual interest ranging from 5% to 10%. The aggregate annualMaturities of general mortgages receivable at December 31,1994 are as follows:Year EndingAmount1995 $ 67,5901996 58,6501997 51,8801998 48,6901999 51,1602000 and beyond 807,266Total $1,085,236The general mortgages receivable at December 31,1994 and 1993 are due fromthe following groups:1994 1993Congregations of tiiedenomination $ 514,285 $ 407,972Ministers of the denomination 394,795 485,065Members of the denomination 83,798 87,560Commercial 92,358 I15J38Total $1,085,236 $1,095,735The following summarizes the changes in relationships between carrying values andmarket values of cash and investments for the years ended December 31 1994and 1993:Unrealized AppreciationH3Carrying Market (Depreciation)Value Value 1994 1993December 31, 1994 $8,560,928 $8,912,967 $352,039 $December 31, 1993 $8,724,369 $9,718,627 994,258 994,258January I, 1993 $8,687,71 I $9,720,178 - 1,032,467Increase (decrease) in unrealizedappreciation for the year $(642,219) $ (38,209)Realized net gain for the year $ 222,097 $ 95,430During the years ended December 31,1994 and 1993, the average annual yieldon investments excluding realized net gains (calculated by dividing total dividends,interest, and net rental income earned on investments during the year by theaverage of the beginning of the year and end of the year carrying value ofinvestments, excluding cash in bank) was 5.7% and 6.5%, respectively, and theannual total return (calculated by dividing total dividends, interest, net rentalincome and realized net gains earned on investments during the year by theaverage of the beginning of the year and end of the year carrying value ofinvestments, excluding cash in bank) was 8.3% and 7.6%, respectively.