Synodical Conference Convention Proceedings St. Louis, Missouri — 1958, Page 120

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120 Proceedings of the Forty-fifth Convention

land at Fort Lauderdale ($18,017.00) as soon as negotiations w
the Church Extension Board of the Missouri Synod have bee
completed.

In connection with the unexpended building-and-equipmen
funds of Immanuel Lutheran College, it is anticipated that thes
moneys will still be used for certain additional improvements, such
as the installation of an outdoor lighting system, electric bell sig
nals, and other needed physical education facilities. Any unused:
amounts will eventually be refunded to the constituent synods in
the proper ratio. u

It should be noted that the Wisconsin Synod has been reducing :
its indebtedness on the I.L.C. dormitory and physical education
building at the rate of $500.00 per month. During the month of
July a substantial payment was received from the Wisconsin Synod
with the result that its indebtedness on this building has now been
reduced to $10,924.16. :

IV. INSURANCE RESERVE FUND

Losses paid from this fund during the past two years amounted
to $2,159.25. The chapel building in Bashi, Alabama, was com-
pletely destroyed by fire in 1956. The congregation rebuilt its
chapel at a cost of $2,500.00. Of this amount $1,000.00 was taken
from the Insurance Reserve Fund, and the remainder was loaned
to the congregation on a ten-year repayment basis.

Major losses were suffered by the congregations in Mansura
and Alexandria, Louisiana, caused by the hurricane which struck
that area in June 1957.

INVESTMENTS

It is the practice of the Board of Trustees to put any and all
idle funds to “work” so that interest may be earned and added
to the respective fund. In some cases, several years may elapse
before a specific project or allocation gets under way. In the
meantime moneys are invested in U.S. government securities,
yielding from 2% to 24%% interest. Because of the recent un-
favorable trend in the government bond market, the Missionary
Board has concentrated its recent investments in Church Extension
Fund notes of the Missouri Synod. These are demand notes bearing
3% interest. The principal is available to us at any time, as the
needs arise. We are grateful to the former Treasurer of the Mis-
sionary Board, Mr. Charles E. Groerich, Assistant Treasurer of
The Lutheran Church — Missouri Synod, for the kind assistance
and-expert advice which he has offered in connection with the
Board’s investments and other financial matters.

BUDGET DISBURSEMENTS — DOMESTIC

Detailed tabulations of the operating expenses of our Negro
mission field in the United States may be found under Exhibit “B.”
Further salary increases were put into effect in the Alabama and
Southern fields as of February 1, 1958, with the result that present
salary levels now closely approximate those prevailing in the
respective geographical districts. It will be noted that the Mis-
sionary Board has consistently stayed within its budget allocation