Collection › LCMS Convention Workbook (St. Louis, Missouri) › 1969 · 48th Convention › Page 47
LCMS Convention Workbook St. Louis, Missouri — 1969, Page 47

Scan: The Lutheran Church—Missouri Synod
Transcription machine transcription, uncorrected

MISSIONS 47

The synodical board has completed its “Policy Manual”
and will share this information with District Church
Extension leaders at a national conference later this
year. Policies presented have either the approval of
previous synodical conventions and/or the synodical
Board of Directors. The Church Extension Board meets
annually with the Board of Directors, when program
concerns, program policies, and program changes are
presented, discussed, and approved.

Church Extension
Loans

To Whom? District and
Synodical Board

Rate 5% interest
annually

Other None

Charges

Length of 5-year periods

Loan 10 years

Penalty Delinquent
Account

Security District Note

Another board function is to provide leadership,
direction, and expansion of the advance-site-acquisition
program, All Districts were recipients of a manual that
was presented and discussed at the last conference of
Church Extension representatives in the fall of 1967
in Chicago, Ill. The purpose of the manual was to pro-
vide for uniformity in procedure and a more systematic
approach in church site acquisition throughout all Dis-
tricts. This program is becoming more significant and
important in an inflationary economy and an urban
society.

Board Duties

Basically the board’s responsibility consists in the
making of policies providing for fund growth, fund
safety, fund terms, and revolvement of fund. Ample
information is provided in the 10-year statement not
only to inform but also to assess its value and service.

Information indicating fund growth is shown in the
Liabilities section of the Comparative Balance Sheet.
Items related to fund management, fund administration,
and fund service are reported in the Assets section of
the Comparative Balance Sheet.

Items related to revolvement of funds are reported
in the section “Analysis of Notes Receivable.” Both
disbursements and repayments are a part of the revolv-
ing aspect of the fund.

The “Analysis of Notes Payable” addresses itself to
aspects of fund growth. The “Comparative Statement
of Income and Expenditures” brings into focus elements
of fund administration and fund management.

Terms of loans within the past biennium were not
stable. Inflation, market conditions, and economic fac-

tors influenced necessary changes in interest rates both
on yields in investments as well as rates on loans. While
we have avoided extremes in generosity in establishing
yields for investments, it was necessary for us to be
realistic and make changes that were in keeping with
market conditions.

Differences and similarities between terms and
conditions of loans can best be illustrated in the follow-
ing exhibit:

Service-Charge
Loans

Department of
Investment Loans

District and
Synodical Board

Congregation

14% above
prime rate

1% service charge
annually

None One-time 1%

service charge

15-year periods
20 vears

5-year periods
20 years

Delinquent
Account

District Note First Mortgage

Note-Insurance

We gratefully acknowledge the helpfulness and co-
operation of the Board of Trustees in the development
and growth of the Department of Investment loan pro-
gram. The involvement of a portion of the trust and
pension funds in church mortgages was one important
factor in the establishing of this program. The extent
of their involvement is reflected in the following exhibit:

Department of Investment Loans Purchased
by Board of Trustees as of March 31, 1969

Name Amount granted
Albuquerque, N. Mex., Redeemer ____ ss $-—«-145,000.00
Arcata, Calif.. Our Redeemer —__ Es 52,000.00
Arvada, Colo., Peace 230,000.00
Auburn, Wash., Zion 150,000.00
Boulder, Colo., Grace 80,000.00
Bradley, Ill., Our Savior 218,000.00
Buena Park, Calif., Messiah 301,500.00
Clinton, Iowa, Trinity 265,000.00
Crescent City, Calif., Grace 55,000.00
Denver, Colo., Mount Zion 120,000.00
El Paso, Tex., Grace 145,000.00
El] Segundo, Calif., St. John 65,000.00
Gainesville, Fla., First 120,000.00
Hazelwood, Mo., Good Shepherd 144,000.54
Iowa Falls, lowa, Immanuel —______ = 170,000.00
Kansas City, Mo., Peace 323,000.00
Las Cruces, N. Mex., Bethlehem ____— 105,000.00
Los Alamitos, Calif.. Holy Cross _ 365,791.23
Los Gatos, Calif., Holy Cross _.. 225,000.00
Marshfield, Mo., St. Paul 70,000.00
Murray, Utah, Christ 188,000.00
Ogden, Utah, St. Paul 100,000.00
Orlando, Fla., Prince of Peace a 218,000.00
Palo Alto, Calif., Trinity 128,270.00
Phoenix, Ariz., Mount Calvary 67,000.00
Portland, Oreg., St. John 140,000.00
Reseda, Calif., Trinity 200,000.00
Round Lake, IIl., St. Paul 180,000.00
Sacramento, Calif., Our Savior 190,000.00
San Diego, Calif., Holy Cross 180,000.00