Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

36 MINUTES OF THE SYNOD OF THENote th3t while the actual income (line 1) went down during the threeyear period in accordance with the market the actual amount distributed(line 3) stayed about the same. To do this more of the realized gains had tobe declared as dividends and distributed as income (as allowed byPennsylvania law). The boards continue to get their income but thereis lessgrowth in the funds thus reducing the future buying power, effectivelyreducing the endowments. The policy of distributing 6% is reviewedannually by the Trustees.Building Loan FundThe financial report for the Building Loan Fund, which includes the Saleof Church Properties accountis included in the Treasurer's Report. TheBuilding Loan Fund began 1994 with $566,123 invested in mortgages.Three loans were added totalling $81,500 and $122,215 of principal wasrepaid, leaving $525,408 invested in mortgages as of December 31, 1994.As per Synod's policy, $9,494 was transfered to the Kingdom Builders Fund.The Board has revised the maximum amount available to a congregationto $80,000 (up from $60,000) and the interest rate to congregations hasbeen reduced from 5% to 4%.As we have reported previously, the Trustees have been holding thefunds from the disorganization of the Santa Ana congregation for use in aproposed new workin Orange County, California. At the time of our springmeeting, the Pacific Coast Presbytery was in the process of considering acandidate for the Orange County work. Because that process was ongoing,the Trustees voted to continue holding the funds until ourFall meeting, atwhich time the situation will be reviewed.RPMscMIn 1993 we budgeted to distribute $300,000 but we received$323,398 so thefull amount was distributed and departments received morethan budgeted.In 1994 we budgeted to distribute $310,000 but only received$303,099 so departments only received 98% of the budgeted amount.In 1995 we have budgeted to distribute $320,000. We hope todistribute an addendum to this report to Synod including a congregation bycongregation report on what actual funds were received in 1994 and whathas been received for RPMscM as of May 31, 1995.Bequests Received in 1994:Margaret Redpath FMB $ 1,315.85Seminary 1,315.85Anna M. Johnston FMB 1,362.50CJS MacLaughlin Undes 102,926.57JD Edgar Memorial Fd. HMB 146,481.00The $102,926.57 of the MacLaughlin Fund is UnrestrictedUndesignated but the distribution was determined by Synod as follows:Geneva College 51,463.28Pension Board (for Plan "A") 50,000.00R.P. Woman's Association 1,463.28