# LCMS Convention Proceedings_St. Louis Missouri_1953_S478
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

478 FINANCIAL MATTERS

to govern our investment policy accordingly. We again quo
paragraph contained in the 1950 report covering the subject:

“A number of times your Board has been importuned
aside a substantial part of the Pension Fund for Church
purposes. This matter was referred to Synod’s counsel. ‘It
studied opinion, based upon the law and many court decisions;
it would be illegal for Synod to lend any part of the Pension
to either Districts or congregations. Your Board agreeg’
Synod’s counsel and intends to be governed by his opinion:

The total Trust Funds entrusted to the Board of T
Synod’s Trust Funds amount to $18,115,397.19 as of Jan
1953, and are increasing at the rate of about $150,000
mostly owing to regular contributions paid into the Pensio

Your Board is fully aware of its responsibilities and-i
adequate safeguards for investing, conserving, and protecting
od’s Trust Funds. The Committee operates under conse
rules and regulations governing Synod’s Trust Funds. Thes
ulations were approved by the Board of Directors of Sy
have remained unchanged. The Continental Illinois National®f
and Trust Company of Chicago and Mercantile Trust Compat
St. Louis are custodians of the Trust Funds, and all securities
stored in safekeeping in the depository of these two instit
In addition, Moody’s and Continental Illinois National Bank
visory services are used to counsel and advise the Commi
the purchase and sale of securities. These services also
periodic reviews of all investments in the portfolios of:
Trust Funds.

The Trust Funds are kept fully invested, and all prineip
in any of Synod’s Trust Funds. The Treasurer of Syn
accurate and complete records of Synod’s Trust Funds, and.
counts are audited annually by a certified public accounta
pointed by Synod’s Board of Directors.

Ricuarp H. Watrke, Cha

[805]

of Capital Investments

Synod, under God’s grace, has a debt-free capital inve}
whose potential is not being used for the expansion of
kingdom. Other enterprising church bodies may well
contrasting lessons to us in this regard. We do not belie