LCMS Convention Workbook St. Louis, Missouri — 1983, Page 132

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132 ADMINISTRATION AND PROGRAM IMPLEMENTATION

NOTES TO FINANCIAL STATEMENTS--Cont inued

THE LUTHERAN CHURCH - MISSOURI SYNOD

NOTE E--PROPERTY HELD FOR SALE

A summary of surplus property held for sale at June 30, 1982 follows:

Springfield, Illinois $ 528,740
Oakland, California 85,300
Lake Chabot, California 535,520

Irvine, California (approximately 53
acres of land) 484,068
$1,633,628

In connection with the purchase of a new campus in Milwaukee subsequent
to June 36, 1982, the Board of Directors of the Synod declared the
existing campus in Milwaukee as surplus. Land and buildings recorded
with educational properties and other entities with a cost of approxi-
mately $6,900,000 will be transferred to property held for sale.

NOTE F--NOTES RECEIVABLE FROM OTHERS

Included in notes receivable from others are two notes receivable
resulting from the sale of the Springfield campus. Under a contract for
deed, the Synod has a loan receivable of $2,898,200 at June 30, 1982
payable in semi~annual installments of $175,000 including interest at 8%
with the final payment of the unpaid balance plus unpaid interest due
September 1, 1990.

In addition, the Synod has loaned the buyer $1,700,000 for the purpose of
rehabilitating the property. At June 30, 1982 the remaining balance on
this loan was $1,412,407. This loan is to be repaid in semi-annual in-
stallments of $207,00C, including interest at 2% over prime with a final
payment of the unpaid balance plus accrued interest due on May 1, 1986.

Other notes receivable at June 30, 1982 represent $543,631 from the sale

of other surplus property and $631,369 loaned to Synodical employees for
housing.

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NOTES TO FINANCIAL STATEMENTS~-Continued

THE LUTHERAN CHURCH - MISSOURI SYNOD

NOTE G--LAND, BUILDINGS, AND EQUIPMENT

Land, buildings, and equipment at June 30, 1982 consisted of the
following:

International Center:

Land $1,351,01+
Construction in progress, including ~
capitalized interest of $489,0CC 7,303,263

Data processing equipment, less
accumulated depreciation of $75,5CC 418,135
Other 485,767
$9, 558, 179

Total cost of the Internatignal Center including land is estimatec to be
$11,18C,CCC, with an estimated completion date of December, 1982.

NCTE H--INVESTMENT IN EQUCATIONAL PROPERTY AND OTHER ENTITIES

Following is a summary of the carrying value of the Synod's investment in
its colleges and seminaries (does not include Concordia College, Edmonton,
or St. Catharines, Ontario, which are held by Canadian districts on behalf
of Synod) and in other entities:

Land, Related Notes
Buildings, And And Bonds Net

Equipment Payable Investment

Educational properties:
St. Louis, Missouri S$ 14,555,241 $ § 14,555,241
Fr. Wayne, Indiana 10,256,723 10,256,723
River Forest, Illinois 22,151,628 3,179,902 18,971,726
Seward, Nebraska 13,231,985 2,001,170 11,23C,815
Ann Arbor, Michigan 11,027,974 314,000 10,713,974
Bronxville, New York 10,729,989 1,485,478 9,244,511
Irvine, California 5,278,003 1,561,512 3,716,491
St. Paul, Minnesota 10,686,741 454,830 9,629,911
Austin, Texas 6,188,058 6,188,058
Concordia, Missouri 3,990,357 3,990,357
Milwaukee, hwisconsin 7,556,366 56,392 7,499,975
Portland, Oregon 6,985,521 906,710 6,078,811
Selma, Alabama 2,538,742 2,538,742
Winfield, Kansas 4,364, 458 4,364,458
Total educational property $128, 939,786 $9,959,994 118,979,792

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NOTES TO FINANCIAL STATEMENTS--Continued

THE LUTHERAN CHURCH - MISSOURI SYNCD

NOTE H--INVESTMENT IN EDUCATIONAL PROPERTY AND OTHER ENTITIES--Continuec

Other entities:

Concordia Publishing House 15,097,577
Radio Stations KFLO 4BE 15:
Lutheran Council U.S.A. 117,037
Condordia Historical Institute Bet, 540

Total other entities 16,563, 375
Total investment in educational
properties and other entities $135,543, 097

NOTE I--CHANGES IN DEFERRED RESTRICTED OONTRIBLTIONS

Restricted Fund
Forward In lant
Remembrance Other Total Fund

Balance at June 3¢, 1981 $16,646,247 $4,022,784 §2C,669,C31 § 382,487

Additions:
Contributions and
bequests 20,748,308 3,750,325 24,498,633 179,723
College funds deposited
or advanced 2,113,652
Investment income 2,331,216 78E,99C 3,120,206 15,742
Forfeitures of church
work deposit fees 137,796 137,790
23,079,518 4,677,105 27,756,623 2,309,107
Deductions:
Educational plant
acquisition 2,208,708

Fund raising and ad-
ministrative expenses 638,525 63E 525
Expenditures for re-

stricted purposes 8,470,892 3,857,493 12 326,385 279,982
9,109,417 3,857,493 12,966,912 2,486,697

Special support allo-
cated to the un-
restricted fund 5,060 006 5,000,000
Endowments transferred
to the Lutheran
Church - Missouri
Synod Foundation 3,338,C75 3,338,075

17,447,492 3,657,493 21,304,985 2,488, 69°

Balance at June 3C, 1982 $22,278,273 $4,842,396 $27,120, 6€9 $ 202,916

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NOTES TO FINANCIAL STATEMENTS--Continued

THE LUTHERAN CHURCH ~ MISSOURI SYNOD

NOTE I--CHANGES IN DEFERRED RESTRICTED CONTRIBLTIONS~-Continued

In response to a resolution passed at the 1979 convention, the Board of
Directors of Synod authorized a major fund raising drive, Forward In
Remembrance, with a $40 million goal. At June 30, 1982 the Synod had
received pledges of approximately $77 million of which approximately
$36.5 million were outstanding as of that date. Outstanding pledges are
payable over the next four years. Contributions are recorded at the time
monies are received. After payment of fund raising and administrative
expenses, the first $40 million is to be allocated as follows: $15
million for “World Missions”, $15 million for “North American Missions
and Ministries” and $10 million for the “Training of Church Workers.”
Amounts in excess of these allocations will then be allocated first to
the Synod to liquidate up to $5 million of the deficit in its unre-
stricted operating fund and the remainder to promote “North American
Missions” (50%), “World Missions” (30%) and “Training of Church Workers”
(20%).

In accordance with the above policy, $5 million of Forward in Remembrance
funds were recognized as special support in the unrestricted, undesig-
nated fund during the year ended June 30, 1982. Gifts aggregating
$3,338,075 for training of church workers in the United States and in
partner churches have been recorded as endowments in The Lutheran Church -
Missouri Synod Foundation, the income from which is to be used for such
designated purposes.

NOTE J--CHANGES IN FUNDS HELD IN CUSTODY FOR OTHERS

Following is a summary of the changes in funds held in custody for
others:
Church Work

Deposit Fees Agency Total

Balance at beginning of year $1,767,002 $ 514,043 $2,281,045