# LCMS Convention Workbook_St. Louis Missouri_1969_S447
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

STEWARDSHIP AND FINANCES; RETIREMENT AND BENEFITS 447

(12-02)
Report of Controller

For ease of reference it may be helpful to list the
various financial exhibits and schedules in the order
in which they will appear in this report. Please note
that they are presented in two groups: (1) those spe-
cifically covered by the certification of the external
auditor and (2) those prepared by this division for the
further information of the Synod.

Audited Statements:
Exhibit A Balance Sheet — Current Funds
Schedule A-I Analysis of Contingent Reserve

Exhibit B Budget Disbursements

Exhibit C Balance Sheet — Loan Funds
Exhibit D Balance Sheet — Property Funds
Exhibit E Balance Sheet — Trust Funds
Exhibit F Summary of Synodical Debt
Exhibit G Ebenezer Thankoffering

Statements Prepared by This Division:

Exhibit H Comparative Balance Sheet —
Loan Funds

Exhibit H-I Analysis of Notes Receivable

Exhibit I District Home Missions Activity —
1968

Exhibit J Synodical Colleges and Seminaries

— Operations 1968

Tracy B. Whitton and Company’s “Notes to Financial
Statements” and “Certification of Financial Statements”
(see page 462) apply to Exhibits A to G only.

The Synod operates on a fund-accounting basis as
a nonprofit organization. Each fund therefore has its
own Balance Sheet as of Jan. 31, 1969.

Exhibits A and B and Schedule A-I are related in
that they deal principally with the current budget oper-
ations. In addition Exhibit A reflects the status, in
Balance Sheet form, of Specific Current Funds, which
are funds that have been given for specific purposes,
and Agency Funds, for which the Synod merely acts
as the transfer agent. Schedule A-I details the activity
in the Contingency Reserve of the Current Fund for the
fiscal year 1968 and shows an operating balance in this
fund of $22,516. The Current Working Fund shown on
the Balance Sheet as $1,256,655 at Jan. 31, 1969, pro-
vides the Treasurer of the Synod with cash to take care
of the day-to-day operations. Exhibit B is a 10-year
comparison of the actual Budget Operations together
with the Adopted Budget for the year 1969. Note 12
applies to this exhibit.

Exhibit C, Balance Sheet — Loan Funds presents the
status, as of Jan. 31, 1969, of the various General Church
Extension Loan Funds, i.e., regular-interest-rate and
low-interest-rate loan funds.

Exhibit D, Balance Sheet — Property Funds presents
principally six separately balanced sections of the Prop-

erty Funds as of Jan.31, 1969, together with the net
investment in the three subsidiaries indicated.

Exhibit E, Balance Sheet — Trust Funds, similarly
presents individually balanced sections of the various
trust funds as of Jan. 31, 1969. Your attention is called
to Note 10 of the auditors relative to these funds.

Exhibit F, Summary of Synodical Debt, shows that
the Cash Capital Debt at Jan. 31, 1969, was $8,496,058.
In the Workbook of the last convention the comparative
figure as of Jan. 31, 1967, was $16,325,470. This exhibit
also shows that the debt recoverable by amortization in
future budgets was reduced during the year 1968 from
$8,348,407 to $6,424,823. The portion of the total cash
capital debt recoverable from outside sources was
$889,795 at year’s end compared with $1,025,349 at Jan.
31, 1967. The final portion of the total cash capital debt
is a new item. Since the Ebenezer Thankoffering pro-
duced only $11,710,701 (shown on Exhibit G) for alloca-
tion to specific capital projects, after all interest and
collection costs had been paid, rather than $40,000,000
as expected, the Board of Directors found it necessary
to initiate a new capital fund drive. This is shown on
Exhibit F as Item 2— Capital Fund Drive — for a net
debt of $1,181,440.

Exhibit G, Ebenezer Thankoffering, presents the final
closing statement for this capital effort. It produced
gross offerings of $14,491,425. The allocations to the
various agencies are in accordance with the percentage
participation prescribed by the 46th regular convention
of the Synod in Detroit in June 1965 and _ total
$11,710,701. Interest expense was incurred beginning in
1963 through the expenditure of funds for capital projects
prior to the receipt of gifts, and conversely interest was
earned when the amount of receipts passed the total
of disbursements. A total of some one hundred mission
items were provided by this offering including some
for the deaf and the balance in almost every foreign
field. All of your colleges and seminaries but one have
received or will receive capital funds from this thank-
offering. In addition the Church Extension Board re-
ceived over $3,300,000 for inner city, ethnic groups, stu-
dent centers, and advance-site projects.

Exhibit H and H-I are prepared by this division for
the benefit of the General Church Extension Board and
present respectively a 10-year Comparative Balance
Sheet and a 10-year analysis of notes receivable, notes
payable, and income and expenditures. Much valuable
management information can be gathered from these
exhibits. Suffice it to point out, by way of example, that
the total general fund assets have grown from a little
over $13,000,000 to in excess of $37,567,147, that the
Faith Forward and Ebenezer efforts have provided al-
most $11,400,000 of low-interest-rate funds, and that the
Conquest for Christ Fund has supplied over $2,000,000
as a revolving fund for the entire 10-year period. Even
more useful as a management tool is the information
provided on Exhibit H-I.

At the time this report is being written we have