# LCMS Convention Proceedings_St. Louis Missouri_1950_S582
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

582 FINANCIAL MATTERS

Fund to either Districts or congregations. Your Board agrees with
Synod’s counsel and intends to be governed by his opinion.

26. “The accounting of Synod’s Trust Funds is done in the
Treasurer's office, and the Trust Funds are properly reflected in the
Treasurer’s reports. The Auditor of Synod checks the records and
securities regularly, and he has made the customary reports to you.”

“Ricwarp H. WALTEE, Chairman”
Tue Boarp or Directors or Synop
M. F. Kretzmann, Secretary

[802]
Report on Proposal re Synodical Building and Loan
Department
(Cf. Proceedings, Pages 623—624 of the Fortieth Regular Convention,
Held in 1947)

Complying with the resolutions offered by Committee 11, the
Board of Directors gave further study to the proposal to establish
a synodical Building and Loan Department to augment present
Church Extension funds, and appointed Messrs. A. T. Wilson, Mr.
George Schudlich, Mr. Henry Buck, Mr. R. C. Obermann, and Mr.
Osear Doerr to advise them. At a meeting held September 16, 1949,
the Committee, together with Mr. A. W. Huge, Pastor H. A. Mayer,
and Dr. F. C. Streufert,as advisory members, met to consider the
proposal and its implication. (Mr. Oscar Doerr was unfortunately
detained from attending the meeting.)

After a careful study of the regulations governing Synod’s
Church Extension Board and its established policies as well as the
present financial status of the Church Extension Fund, both on
the synodical and District level, the following opinion was. ren-
dered:

I. Wuereas, A complicated machinery would be required and
many legal difficulties would have to be overcome if a department
of Synod would be created to borrow and loan money for building
purposes to Districts or congregations; and

Whereas, The experience of the synodical Church Extension
Board has proved that the District boards can more economically
and more efficiently exercise the necessary control over the con-
gregations applying for loans, counsel them on the amount of the
loan needed, advise on the building program, and make the col-
lections of interest and capital repayments; therefore be it

Resolved, That we do not consider the organization of a synod-
ical building and loan association or department.