# LCMS Convention Proceedings_St. Louis Missouri_1950_S438
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

488 , MISSIONS

the purpose of building churches, schools, parsonages, and tear i
ages; such applications must emanate from Districts or :
Boards of Synod; and these must be willing to sign notes for #
amount of the loans. No other security is asked. By authori y
Synod an administration fee is collected at the rate of one. pé
cent a year, calculated on the unpaid balance on the loan’s:at
niversary. The Board has the responsibility of determining
allocation of the sums in the Church Extension Fund, in order:'th
the money may be used at places where it will serve the:
advantageous purposes. ‘y
For some time the General Church Extension Board has dé
only with Districts which guarantee the repayment of all loans:
the General Fund. This method has proved to be a sound busi ne
procedure: There are no arrears in any of the District accoug
at the present time. AW
There are, however, still.a few accounts on our books dai
back to the time when loans were made directly to congregatii
Through the persistent efforts of the Fiscal Office these have.b
again materially reduced during the past triennium. In its re
to the convention the. Fiscal Office will bring one such case of lox
standing to your attention, that of Grace Lutheran Church, No
folk, Nebr. nie
During the past three years hundreds of applications for le
in varying amounts were received and considered by the Bo
The largest application asked for $60,000, the smallest for $700...
total amounts requested at a single meeting frequently exceede
$150,000.
While many of the applications had to be denied, it was sti
possible for the Board to grant the ones that appeared to give
greatest promise for success. in God’s kingdom. The denial of
application does not mean that the Board believes that the pla
for which the loan is requested has no prospects for growth, bt
that there are other applications that for the moment seem
warrant more favorable consideration. The granting of so m
loans, and the relatively large amounts requested, have bro
about a gradual depletion of the liquid capital of the Fund. Unles
the capital is greatly increased, little can be done in the fu
for the congregations in need of funds for building purpos
For that reason the Board wholeheartedly supports the resolu
of the Board of Directors which makes special recommendati
to Synod regarding the expansion of the Church Extension Fun
‘Through a resolution: of Synod at, the last convention: th
method of the administration of the Fund was changed. From j
inception in 1901 the Board functioned thrqugh its chairman, Th
undersigned accepted that responsibility in 1926 and kept it