# LCMS Convention Proceedings_St. Louis Missouri_1950_S623
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

FINANCIAL MATTERS 623

‘The annuity plan provides the donor with an income for life
as checks will be sent in January and July of each year; the plan
is convenient as it eliminates worry and responsibility of investing
funds during old age; it avoids unwise investments as Synod’s
competent Board of Trustees invests the gift; and at the same
time this gift will be a testimonial of the donor’s love for God
and for those servants of the Word who have directed and guided
him on the way of godliness and salvation.

Epwin A. Sommer, Executive Secretary

Pension Fund Balance Sheet

Assets
Sept. 30, 1947 Sept. 30, 1948 —s Sept. 30, 1949
Investments — $4,946,923.00 $5,940,362.00 $6,993,971.00
Amortization (Bond Premiums) : 744.58 3,170.83 13,327.37

Cash (Uninvested) ----  —1,501.06 75,082.45 144,580.92

$4,946,166.52 $6,018,615.28 $7,151,879.29

Pension Fund Liabilities
(Members’ Accum. Credit) _ $4,457,054.42 $5,387,911.05 $6,406,909.10
Annuities (Accumulated Credit) 23,560.57 28,977.74 . 30,342.50
Contingent Fund 57,388.04 70,888.84 92,955.80
Retirement Fund 252,792.85 344,252.05 422,491.98
Reserve for Invest. Depreciation 34,141.31 34,172.56 34,172.56
Earnings on Investments 121,229.33 152,413.04 165,007.40

$4,946,166.52 $6,018,615.28 $7,151,879.29

Fiscal Years Three-Year
Pension F d 10-1-46—9-30-47 10-1-47—-9-30-48 10-1-48—9-30-49 Total
Receipts _..... $ 884,776.79 $ 975,885.39 $1,077,935.08 $2,938,597.26
Interest
Distributed __.. 89,627.57 110,584.56 133,632.58 333,844.71
Graduates’ Subsidy
Credit 2... 6,420.44 8,493.23 10,425.36 25,339.03

Pension Fund Financial Report
Receipts — New Money

During the last three fiscal years Synod’s Pension Fund has
received large sums of money in the form of personal and. em-
ployers’ contributions. Receipts are listed in the above schedule
according to fiscal years, which run from October 1 through Sep-
tember 30. More than $1,000,000 was received during the last fiscal
year of the Fund, the largest income per year since the Fund was
started in 1937. The daily volume of receipts continues to be quite
large. The individual sums received are small, which means that
the number of remittances are very large. These are processed as
soon as received; checks and drafts are prepared for deposit,
remittance slips prepared when necessary (blue for personal, buff-