LCMS Convention Workbook St. Louis, Missouri — 1983, Page 133

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ADMINISTRATION AND PROGRAM IMPLEMENTATION 133

Additions:
Deposits 272,090 997,710 1,269,805
Investment in income 206,422 206,422
478,512 997,710 1,476,222
Deductions:
Withdrawals 127,413 1,906,298 1,133,711
Incowe transferred to the
Testricted fund 375,210 375,210
Forfeitures transferred
to restricted fund 137,790 137,790
Other 7,410 7,410

647,823 1,006,298 1,654,121

Balance at end of year $1,597,691 $505,455 $2,103,146

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NOTES TO FINANCIAL STATEMENTS--Cont inued

THE LUTHERAN CHURCH - MISSOURI SYNOD

NOTE K--NOTES PAYABLE, INTERFUND BORROWING AND INTEREST EXPENSE
Notes payable at June 30, 1982 consisted of the following:

8-1/2% note payable to the Lutheran Church

Extension Fund - Missouri Synod $3,296,699

Other notes payable to the Lutheran Church
Extension Fund - Missouri Synod 935,784
Other 52,188
$4,284,671

In connection with the restructuring of the church extension program,
units of investment in the Synod's Church Extension Reserves Fund were
transferred, effective January 1, 1980, to the Lutheran Church Extension
Fund - Missouri Synod in return for an 8-1/2% note payable. Principal
and interest payments on the note are being made semi-annually in varying
amounts according to an agreed schedule.

The Board has authorized borrowing among funds in order to finance the
operating deficit (undesignated operating fund), construction of the new
International Center (plant fund) and for other needs. Interest is
charged on these borrowings based on the current short-term rates at a
leading St. Louis bank, or services are provided as compensation for the
borrowing. A summary of interfund borrowing at June 30, 1982 is shown
below.

Due To
Restricted Designated
Due From Funds Funds Totals
Undesignated operating fund $18,358,985 $884,923 $19,243,908
Plant fund 7,513,375 7,513,375
Custodial funds 577,552 577,552

$26,449,912 $884,923 $27,334,835

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NOTES TO FINANCIAL STATEMENTS~-Continued

THE LUTHERAN CHURCH - MISSOURI SYNOD

NOTE K--NOTES PAYABLE, INTERFUND BORROWING AND INTEREST
EXPENSE~-Continued

Total interest expense for the year ended June 30, 1982 was as follows:

Paid to other funds:
Restricted funds:

Forward in Remembrance $2,309,851
Other 75,550
2,385,401
Paid to related entities:
Lutheran Church Extension Fund -
Missouri Synod:
On temporary borrowing 14,069
On 8-1/2% note payable 339,02:
Lutheran Church - Missouri Synod
Foundation (endowment funds) 234,109
Synodical colleges and seminaries
for funds on deposit 421, 887
1,009,086
Other 69,839

$3,464,326

Effective Juiy 1, 1982 the Board of the Directors of Synod upon
recommendation of the Forward in Remembrance Coordinating Committee
authorized loans from Forward In Remembrance funds to finance Synod's
budget deficit on an interest free basis, subject to annual review.

NOTE L=-CONTINGENCY

As of September 30, 1978, all loan funds of the Synod were transferred to
a newly organized corporation, the Lutheran Church Extension Fund -
Missouri Synod (LCEF), as part of an overall plan to restructure all of
the church extension activities of the Synod. Although, under the terms
of the transfer, the LCEF is to make principal and interest payments on
all outstanding notes and bonds, the Synod remains liable for certain
notes and bonds payable in the amount of $1,886,000 at June 30, 1982, in
the event the LCEF does not make such payments.

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4-05 © -
Report of Synod’s Board of Directors

I. Administration

The Board of Directors met quarterly during the past
biennium and also held a few additional meetings in connec-
tion with other scheduled meetings.

Immediately after the 1981 convention the board elected
President Ralph Bohlmann as chairman and Gus Melde as
vice-chairman. By Bylaw provision the Secretary of the Synod,
Herbert Mueller, serves also as secretary of the Board of
Directors.

The board adopted the same internal committee structure
as in several past biennia, with the following assignments:

1. Committee on Program and Project Evaluation: David H.
Goertz, Ihno A. Janssen, William E. Ludwig, George H. Mohr,
Robert C. Sauer.

2. Committee on General Administration and Personnel:
Kenneth W. Behnken, Walter W. Kayser, Ervin R. Lemke, Gus
Melde, Herbert Mueller, Harold M. Olsen.

3. Committee on Financial Management Policies: Eugene
E. Fincke, Henry L. Koepchen, Lester W. Schultz, Edward S.
Scott, Norman D. Sell.

4. Executive Committee: Ralph Bohlmann, Gus Melde,
George Mohr, Herbert Mueller, Harold Olsen, Edward Scott,
John Schuelke (advisory), Norman Sell (advisory).

The board made, ratified, or concurred in, depending on
specific Handbook requirements, other appointments which
are reported in Appendix A.

Since the 1981 convention the First Vice-President and the
Treasurer are nonvoting members of the board. Although other
Vice-Presidents are no longer advisory members of the board,
the board invited them to attend the meetings as guests.

II. 1981 Convention Resolutions

The board took the following actions with respect to certain
resolutions adopted by the 1981 synodical convention.

A. Membership Conservation (Res. 1-06). While declining
for lack of funds the request of the Board for Evangelism
Services for a full-time executive for membership conservation,
the board did approve an alternate “‘membership conservation
project” developed by the Evangelism Department.

B. Great Commission Convocation I] (Res. 1-08). The board
authorized the Board for Evangelism Services to proceed with
planning for the second convocation.

C. Standing Committees (Res. 2-09 and 2-10). As instructed
by the convention, the board approved the size of the new
standing committees created during the synodical reorgani-
zation.

D. Personnel Matters (Res. 2-11). Practically all position
descriptions were reviewed and approved during the past
biennium.

E. Bylaws of “Other Synodical Entities” (Res. 2-21A). By
the time of the convention the review of these governing
instruments should be completed. A few proposals to the
convention may result from this review.