Synodical Conference Convention Proceedings St. Louis, Missouri — 1958, Page 128

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128 Proceedings of the Forty-fifth Convention

CERTIFICATE OF AUDIT

The Missionary Board of the
Lutheran Synodical Conference
210 North Broadway

Saint Louis 2, Missouri

GENTLEMEN:

We have examined the books and records of the Missionary Bo
of the Lutheran Synodical Conference at its offices located at 210 Nort
Broadway, Saint Louis, Missouri, for the year ended June 30, 19
We have reviewed the system of internal control and the acc
procedures of the organization, and without making a detailed audit’,
all transactions, have examined or tested accounting records and oth
supporting evidence by methods and to the extent we deemed appro:
priate. Our examination was conducted in accordance with generally
accepted auditing standards applicable in the circumstances and include
all the procedures which we considered necessary, except that we did:
not examine the books and records of any of the operating units located’
outside of Saint Louis, Missouri. 3

It should be noted that the records of the Missionary Board are:
maintained on a cash receipts and disbursements basis, and consequently
the financial statements prepared under these conditions do not portray
the financial position of the Missionary Board at any given date, nor
the results of its operations for any definite period, without making
certain adjustments to the cash-basis figures. Deferred charges in the
amount of $19,475.64 include expenditures by the missions in Africa
aggregating $19,190.16, which are applicable to June 1958 and would
ordinarily be recorded in July 1958, when the report is received. Other
deferred charges in the amount of $285.48 are composed of a $178.53
debit balance in the Agency Fund, African Mission Book Shop, and
$106.95 in various July 1958 expenditures which are applicable to the
1957—1958 fiscal period. :

The Missionary Board’s investment in physical properties, except
for certain church and school buildings amounting to $450,624.73, shown
on the accompanying balance sheet, has not been recorded on the books.
No attempt was made at this time to determine the value of all property
owned by the Missionary Board,

In our opinion, subject to the foregoing comments, the accompany-
ing balance sheet and related financial statements present fairly the
financial position of the Missionary Board of The Lutheran Synodical
Conference as of June 30, 1958, and the financial transactions for the
fiscal year then ended, prepared on the basis of accounting methods

presently employed and consistent with that of the preceding year,

St. Louis, Missouri Tracy B. Wurrron & Company
September 5, 1958 Certified Public Accountants