# LCMS Convention Workbook_St. Louis Missouri_1969_S443
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

12. STEWARDSHIP AND FINANCE,

(12-01)
Report of Treasurer

We herewith present the financial report of the Syn-
od’s fiscal business. This is in accordance with the
Handbook provision that the Treasurer “shall receive
and disburse the Synod’s moneys and keep accurate
account of them under instructions of the Board of Di-
rectors.” We are pleased to say that this responsibility
has been carefully and conscientiously discharged by
the Treasurer and his staff. The bookkeeping and ac-
counting is done by the Controller’s Office, and you will
therefore find the details and the Balance Sheet under
that division. In addition to his duties as the elected
Treasurer of the Synod, he is also a member of the
Board of Directors and is assigned to Committee 3.

He is an ex officio member of the following boards:
Board of Trustees for Trust Funds, Board of Pensions
and Support, and Board of Directors of Concordia Pub-
lishing House. He is on the Board of Trustees of the
Foundation; he is a member of the Council of Admin-
istrators as chairman of the Division of Finance, which
includes the Treasurer’s Department, the Board of Pen-
sions and Support, the Board of Trustees for Trust
Funds, and the Council of Lutheran Ministries. He is
also appointed as the official representative of the Synod
to the Lutheran Laymen’s League.

Being Treasurer, plus the other Synod-related ac-
tivities, requires from 18 to 20 hours, on the average, of
the Treasurer’s time per week. He receives no compen-
sation. He was elected at the Cleveland convention in
1962.

This report is intended to give a condensed picture
of the Synod’s finances, a comparison of income and
expenditures since Feb. 1, 1964. Actually thousands of
transactions come through the Treasurer’s office each
year, The investment program for the Church Exten-
sion Fund requires much time and analysis. The ac-
counting for the various Trust Funds is a sizable and
important part of our work because this is the area in
which we must account for the purchase of stocks and
bonds as well as their sale from time to time. We are
accountable for all income as well as disbursements,
which amounts to millions of dollars each year. This
we are able to accomplish with a staff of only seven
people.

You will note that Exhibit A presents a breakdown
of income since 1964, which gives 5 complete years and
the anticipated income (pledges, 1969) for the 6th year.
We show a comparison of commitments by the Districts
to actual receipts. You will observe that the total actual
income is substantially less than the total amount com-
mitted. The record shows that some Districts meet and
some exceed their commitments while others are con-
siderably less. The last column shows the District com-
mitments for 1969.

Exhibit B gives you a yearly comparison of expendi-
tures according to division for a 5-year period beginning

443

RETIREMENT AND BENEFIT PROGRAMS

in 1964. It also provides a comparison between what
departments were allocated in their budgets and what
was actually spent. The amount actually spent by any
division in all cases is less than was allocated in the
budget. In other words, all divisions are living within
their budget. This has not always been easy to ac-
complish, especially considering that during these past
years the Synod’s income has been less than anticipated
because the total income from Districts was less than
pledged. It meant that each year the budget had to be
revised downward during the year so that expenditures
would not be greater than income.

During the 10-year period prior to the Ebenezer
Thankoffering fund drive (1955 to 1964), the Synod had
included in its budgets capital items totaling some
$41,900,000. These expenditures provided needed capital
facilities on all of our mission fields, at all of our college
campuses, deaf mission facilities, and general Church
Extension capital. At the end of the period, Jan. 31,
1965, the Synod’s capital debt resulting from these ex-
penditures, which are to be repaid through the inclusion
of debt amortization in future budgets, was $13,399,694.
As of Jan. 31, 1969, this was reduced to $6,424,823.

For the past 5 years our income from Districts has
been rather static. It ranges from $23,968,625 in 1964
to $24,651,211 in 1968. The 1967 income of $24,304,937
was less than the income of 1966, which was $24,635,527
—by comparison the 1968 income was only $15,684
more than 1966.

From this it is quite evident that there is very little
increase from our largest source of income, the Districts.

The total District income for the 5 years was
$121,853,956 for an average of $24,370,791.

The same static condition prevails in our Sundry
Income. The largest item in this is from Concordia Pub-
lishing House, which ranged from $750,000 in 64 to
$900,000 in ’68. In addition, Concordia Publishing House
provided $100,000 for capital needs in 1968.

Our total Sundry Income in 1964 was $1,264,235;
1965 — $1,200,101; 1966 — $1,608,948; 1967 — $1,645,556:
and 1968 — $1,817,274.

The total for the 5 years was $7,536,114 for an aver-
age of $1,507,223.

The sizable increase in 1966 was brought about when
the Synodical Conference was dissolved. The Synod’s
part of the assets was added to our Sundry Income.

In 1968 the increase can be attributed to the dis-
continuance of the gathering account, which funds then
became current income.

The record will show that in 1968 we had an addi-
tional income of $1,091,876 that came from the special
effort we called “Make Things Happen.” We have kept
this separate for comparative purposes because we do
not consider it as “regular income” but rather a special
collection.

We are trying to make clear that our income from
regular sources is quite fixed. It does not reflect even