LCMS Convention Proceedings St. Louis, Missouri — 1929, Page 77

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Ev. Luth. Synod of Missouri, Ohio, and Other States. 1929. 17

oans throughout the Districts of Synod. The fund has an average
monthly return of over $10,000. Most of the congregations are
meeting their obligations promptly, although there are some that, for
arious reasons, are in arrears. It may be recorded as complimentary
o the management of the General Church Extension Fund that
. during these twenty-seven years, with a turnover of nearly $2,000,000,
©the actual losses have been Jess than $2,000. Very great care is
exercised by the Board in making the loans. The Board assures itself
not only of the need of a building in the place for which it is
‘ requested, but also of the validity of the security. Titles are in-
vestigated carefully, and this procedure has, incidentally, served to
clear up many title flaws for our congregations, preventing much
possible trouble for them in the future. During the year 1928 the
F-General Church Extension Board curtailed its activities in order to
* maintain a large balance for Synod’s treasury. In this way a large
- amount of interest was saved for Synod, inasmuch as Synod could
.. borrow from the General Church Extension Fund instead of
: from banks.
During the years 1926, 1927, and 1928 the additions to the fund
‘ from the Synodical Budget and through bequests amounted to
$257,679.18. The net gain in the fund for these three years was
$275,689.60, and at the beginning of 1929 the books showed a present
worth of $1,165,957.58. The loans made during the three years, 1926,
- 1927, and 1928, totaled $459,807.42. The General Church Extension
Board owes members of Synod who have lent money to the Board
$108,956.20. A large part of this is lent without interest, but on some
of this money low interest rates are paid. The Board lends this bor-
rowed money to congregations that are able to pay interest on a loan.
The interest received from such congregations for the three years was
$4,713.05, and the interest paid out by the Board was $5,545.76. The
Board’s expenses for the three years were $5,715.34.

In 1928 the General Church Extension Board requested the
Fiscal Office of Synod to take charge of the Accounts Receivable in
order to relieve the chairman and the treasurer of a burden that was
becoming too great. The Board of Directors sanctioned the arrange-
ment, and its operation has been very satisfactory.

Regarding this part of the report, the recommendations of Com-
‘mittee No. 8, as adopted by Synod, were as follows: —

“Your Committee feels that Synod should express its delight and

.. profound gratification at the remarkable growth and success of the

general Church Extension Fund during the twenty-seven years of its

existence. Commendation is due the members of this board for their