# LCMS Convention Workbook_St. Louis Missouri_1975_S175 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) ADMINISTRATION 175 cordia Plans and the Pension Plan for Pastors and Teachers are outlined in the respective Plan booklets, copies of which have been made available to every member and employing organization. Exhibits Attached hereto are financial, participation. and benefit reports which are intended to give a brief picture and overview of the operations of the Worker Benefit Plans. In Closing The Board of Managers solicits your continued support and comments and pledges its continuing efforts in behalf of the Synod and its workers. Board of Managers— Worker Benefit Plans Edward Kasch, Chairman Robert P. Hopmann. Secretary E. Stanley Enlund William S. Graumann Richard A. Meyer Walter E. Lichtsinn Fred Heisler Earl E. Haake, Administrator Lorenz F. Wahlers, Associate Administrator Exhibit A ACCOUNTANTS’ REPORT Board of Managers Concordia Plans Lutheran Church-— Missouri Synod St. Louis, Missouri We have examined the balance sheets of the Concordia Plans tcon- sisting of the Retirement Plan. Welfare Plan and Survivor Plan} of The Lutheran Church — Missouri Synod as of December 31, 1974 and Decem- ber 31. 1973, and the related statements of revenues. expenses, and fund balances and statements of changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we con- sidered necessary in the circumstances. Investments are carried at cost which at December 31, 1974. was greater than market value by $13.107.573 in the Retirement Plan, $1,620,897 in the Welfare Plan and $1,824,655 in the Survivor Plan. Realization of carrying value depends on future market value which cannot be determined at this time. In our opinion, subject to the ultimate realization of the carrying value of investments as described in the preceding paragraph, the financial statements referred to above present fairly the financial position of the Retirement Plan, Welfare Plan and Survivor Plan of the Concordia Plans of The Lutheran Church — Missouri Synod as of December 31. 1974 and December 31, 1973, and the results of their operations, changes in fund balances and changes in financial positions for the years then ended. in conformity with generally accepted accounting principles applied on a consistent basis. Ernst & Ernst St. Louis, Missouri February 25, 1975 BALANCE SHEET Concordia Retirement Plan ASSETS December 31 1974 1973 Cash: Demand deposits $ 138.233 $ 110.450 Investment account 6.662 15.674 $ 144.895 $ 126.124 Contributions receivable 1,611,232 1.466.006 Investments — at amortized cost (approximate market value — $37.599.006 in 1974 and $43,813,711 in 1973): Bonds, notes, and debentures — 18.801.747 13,252,438 Common stocks 31.638.911 30.934.341 Preferred stocks _.____ 265.921 265,921 $50.706.579 $44.452.700 Accrued interest and dividends —_- 355,743 243,196 Prepaid expenses and other assets __.___ 290 340 Equipment (less allowance for depreciation of $8.389 in 1974 and $6.493 in 1973) 15,829 17,280 $52.834.568 $46.305.646 LIABILITIES AND FUND BALANCE Accounts payable _- $ 46.980 $ 53,284 Fund balance — Reserve for future plan benefits __ 52,787,588 46,252,362 $52.834.568 $46.305.646 See notes to financial statements. STATEMENT OF REVENUES. EXPENSES, AND FUND BALANCE Concordia Retirement Plan Year Ended December 31 1974 1973 Revenues: Contributions from members — $ 6.282.308 $ 5,824,970 Interest income - 1.152.791 652.752 Dividend income ... 816.449 887.667 $ 1.969.240 $ 1.540.419 Other _ . a 827 1,224 $ 8.252.375 $ 7.366.613 Expenses: Retirement benefits: Retirement payments — 704,843 502,424 Disability payments _.. ae 118.736 103,905 $ 823.579 $ 606.329 Loss on sale of investments — net _. 610.787 628.832 Administrative expenses _ 282,783 255,971 $1,717,149 $ 1,491,132 Excess of Revenues over Expenses Fund balance at beginning of year Fund Balance at End of Year $ 6,535,226 § 5.875.481 _.— . 46,252,362 _ 40,376,881 $52,787,588 $46,252,362 See notes to financial statements. STATEMENT OF CHANGES IN FINANCIAL POSITION Concordia Retirement Plan Year Ended December 31 1974 1973 Increases in cash resulted from: Excess of revenues over expenses __ Add (deduct) expenses (income! not requiring outlay of operating funds: Depreciation 1.896 1,354 $ 6.535.226 $ 5.875.481 Loss on investments sold —_—__.._. _. 610.787 628,832 Amortization of bond discount and premium ee ee (4,925) (1,609) Total from Operations $ 7.143.384 $ 6.504.058 Proceeds from investments sold or redeemed .. ae... 17.613.674 7,595,514 Other increases—net. |. - ce 13,641 $24,757,058 $14,113,213 Decreases in cash resulted from: Increase in contributions receivable ...___ 145,226 36.901 Increase in accrued interest and dividends 112.547 8.125 Cost of investments purchased —————————2.4,473.815 = 14,002,327 Equipment purchases 445 7,903 Other decreases — net 6.254 $24,738,287 $14,055,256 Increase in Cash $ 18.771 $ 57.957 See notes to financial statements. BALANCE SHEET Concordia Welfare Plan ASSETS December 31 1974 1973 Cash: Demand deposits —--__ ss. -.—_— $ 399,952 $ 312.365 Investment account a 5.205 6.583 $ 405,157 $ 318.948