# LCMS Convention Workbook_St. Louis Missouri_1969_S444
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

444 STEWARDSHIP AND FINANCES; RETIREMENT AND BENEFITS

our numerical growth in membership. In addition, the
erosion of the dollar brought about by inflation, which
we conservatively estimate to be 154 over the past
5 years, must be taken into consideration.

Beginning in 1965 all of the income of the Synod was
sufficient to provide for operations only. Prior to this
time it was used for both operations and capital. At that
time we had an accumulated debt to be paid from future
budgets of $13,399,694, which by synodical resolution
had to be liquidated in 7 years. We therefore included
in our operations budget $2,200,000 for debt retirement
and interest. We have continued to follow this practice:
however, this amount has been reduced, and in the 1968
budget it was $1,500,000. This capital budget debt has
now been reduced to $6,424,823: this amount includes an
additional prepayment of $750,000 in 1968.

New capital needs were to be provided by the “Ebe-
nezer Thankoffering,” which was anticipated to be
$40,000,000. This is now history, and we know the total
as of Jan. 31, 1969, was $14,491,425.

When expenses, interest, Valparaiso’s share, the
Deaconess Association share, and other items are de-
ducted, there was a net of $11,300,827 to be used for
new synodical capital items, all of which have either
been committed or expended.

Obviously the capital needs continue to be urgent,
and for this reason an ongoing program is necessary to
meet this problem. One approach now going on is the
“President’s Fellowship.” The other procedure that may
of necessity have to be used is “long term” borrowing.
This, of course, would mean that we would have a “long
term” debt retirement expenditure item in our budget,
thereby diminishing by that amount the money avail-
able for operations.

Each year the budgets (authority to spend) are
thoroughly scrutinized by both the Council of Adminis-
trators and the Board of Directors, and the amount
finally established is considered a minimum. Many
things are deleted or postponed in order to make spend-
ing conform with income.

You will note from the reports that each year we
remain within our spending budget. As a matter of
fact, each year we spend less than was allocated. In
other words, we are living within our budget.

In 1968 a new approach was used. We found that
our anticipated income from regular sources was
$1,400,000 less than the minimal budget requirements.
The great urgency and need made it mandatory that
this new approach be followed.

Knowing this could result in a huge deficit, the
Board of Directors authorized a special collection called
“Make Things Happen.” We were again blessed, and
$1,091,876 was raised, which made it possible for us to
have sufficient income for our operations.

There is some element of danger if we must budget
beyond our anticipated income, and we do not believe

that this is a sound solution. We are hopeful that our
regular sources of income can be increased, so that the
“special collection” procedure will not be necessary.

Some may ask how we managed at all, considering
the static income and the reduced purchasing power of
the dollar. It was possible through a combination of
things — the debt retirement item was reduced; the
Lutheran Laymen’s League took over a sizable part of
the cost of the TV ministry; and increased amounts
were received from Concordia Publishing House. The
Armed Forces, the Foundation, World Relief, and others
were deleted from the budget and had to be financed
from other sources.

In summing up, it seems to us that the Synod has
come to the crossroads. If we are to move forward in
the work of saving souls, which is our Great Commis-
sion, and since we realize the tremendous opportunities
the Lord has provided for us, a better financial method
must be found. The very limited progress we have been
able to make is due entirely to the lack of sufficient
funds. The work of the Synod has been done efficiently
and effectively with the moneys available. The need
for capital, both in foreign fields and at home, is real
and pressing. The need for adequate salaries for our
employees, including teachers and professors, is urgent
if we are to retain them.

We cannot long continue the program of authorizing
spending beyond our anticipated income from regular
sources and then depending on “special collections” to
make up the difference. We have reached “the bottom
of the barrel” so far as concerns deleting departments
from the budget and receiving nonrecurring windfalls.
We are face to face with a financial problem whose
solution can be solved only by increased income from
regular sources for operation and by generous gifts and
contributions for capital needs.

Needless to say, we are grateful for the many bless-
ings the Lord has bestowed upon our Synod: the oppor-
tunity to serve, the privilege to work with dedicated
Christians, the cooperation of the officers, the Board
of Directors, the various departments and agencies, the
financial institutions and brokers, and our legal depart-
ment. The excellent, competent work done by the staff
of the Treasurer’s office is something to be truly grate-
ful for. The Assistant Treasurer, Erwin A. Wesche, has
done an outstanding job. His background in the bank-
ing business has been most helpful to the Treasurer’s
office.

The real challenge of our Synod is the future. The
opportunities are great, the hands are willing, and we
feel certain that our membership will respond to the
call. We pray with you that the God-blessed work of
our Synod will be accomplished and the challenges and

opportunities met.
PP MILTON CARPENTER, Treasurer