# LCMS Convention Proceedings_St. Louis Missouri_1950_S575
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

FINANCIAL MATTERS 575

effort, known as the “Building for Tomorrow” collection, has not
been brought to a conclusion. In conjunction with the Board for
Higher Education the most urgent allocations were made from
the moneys received. (Cf. Treasurer’s report.) Concerning the
“Collection for Relief in Europe and Asia” (Proceedings, 1947,
page 665), see the report of the Treasurer. Much assistance was
given of which we have no record.

6. Synodical Building and Loan Fund.— According to the
action of Synod on Memorial 401 (Proceedings, 1947, page 623f.),
the Board of Directors appointed the following committee to study
this matter: Messrs. A. T. Wilson, George Schudlich, Henry Buck,
R. C. Obermann, and Oscar Doerr. Dr. F. C. Streufert, Mr. A. W.
Huge, and the Rev. H. A. Mayer served in an advisory capacity.
This committee gave it as its opinion “that the organization of
the Synodical Building and Loan Department is not advisable.
However, the Board of Directors was requested

“1. To empower the General Church Extension Board to
enlarge its fund through gifts and loans, with interest, where
necessary.

“2. To continue to confine loans by the General Church Exten-
sion Board to Districts and synodical boards.

“3. To permit the General Board to charge the Districts a ‘rate
of interest adequate to cover the interest paid and the operating
costs of the fund. This will mean a change in Handbook Section
8.113 d. ;

“4. To prepare the proper memorial to bring these suggestions
to the attention of Synod.

“It was finally recommended to request the General Church
Extension Board through its executives to study the best procedure
of administering Church Extension Funds and to encourage and
assist the District Boards in the promotion and developments of
the best methods of Church Extension.”

A separate memorial on this matter is attached to this report.

7. Retirement Plan for Lay Employees. — (Cf. Proceedings,
1947, pages 619—622.) The revised plan provides for the appoint-
ment of a Retirement Committee of six men by the Board of
Directors. Regulations were drawn up, which are embodied in the
Handbook, Article IX, D, Sections 10.61—10.93.

8. Synodical Board of Social Welfare. —In accordance with the
resolutions of Synod with reference to Memorial 420 (Cf. Pro-
ceedings, 1947, page 471). The committee appointed by the Presi-

dent, consisting of Dr..C. A. Behnke, Prof. E. E. Foelber,- and