Synodical Conference Convention Proceedings St. Louis, Missouri — 1958, Page 118

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118 Proceedings of the Forty-fifth Convention

FINANCES

Report of the Treasurer of the Missionary Board
June 30, 1958 |

nium, which embraces the two fiscal years July 1, 1956, throug
June 30, 1958. :

BALANCE SHEET

Under the “Fund Accounting” system, the books of the Mis:

sionary Board are categorized into five major groups. The firs
of these is:

I-A. CURRENT FUNDS

$65,616.07 “due to other funds.” The per-contra of this figure is
distributed between the various other funds under the heading
“Due From Current Funds.” This merely means that the Mis- —
sionary Board is carrying on current operations by using Church |
Extension Fund cash until monthly budget expenditures are re- °
imbursed to the Board by the four constituent synods. Such moneys ©
are usually received by the Missionary Board by the twentieth day
of the following month.

I-B. RESTRICTED CURRENT FUNDS

A goodly number of special projects are under way in our :
Nigerian mission field. These are classified under Schedule A-4, +
Gifts for such special projects are received throughout the year °4
from Sunday schools, ladies’ groups, and other congregational or- ;
ganizations in all parts uf the country. A major item included in -@
the Restricted Funds section is the $56,000.00 received from the =
Wheat Ridge Foundation for the construction and equipment of ~
a tuberculosis wing at our hospital in Eket, Nigeria. The wing
addition was recently completed, and reports from the field indicate.
that it is now serving a long-felt need,

We are grateful to the many kind donors who have contributed
so generously to the cause of missions on the Dark Continent.

Il, CHURCH EXTENSION FUNDS

Total cash on deposit in the Boatmen’s National Bank of St.
Louis as of June 30, 1958, amounted to $59,248.78, The major por-
tion of this cash is included in the Church Extension Fund, with
the remainder distributed in small amounts to the Insurance Re-
serve and Automobile Funds. The total capital in our Church
Extension Fund now amounts to $403,883.46. Loans outstanding
total $282,059.69, leaving a net worth of $121,823.77. Loans allocated
and possible needs for new loans are detailed under Schedule A-5.