LCMS Convention Proceedings St. Louis, Missouri — 1929, Page 166

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166 Proceedings of Thirty-Fourth Regular Convention,

4. As has been the custom, professional auditors were enga

: eae Zed to
keep Concordia Publishing House and the Treasurer of Synod un 4
continuous audit. The books of the Church Extension Board and
those of the St. Louis Seminary Building Committee Were also
audited professionally. Negro Missions do not come under our juris.
diction, yet this Board presented copies of professional] auditory
reports for our examination.

5. Study of the numerous reports submitted to us disclosed coy.
tain facts and observations which should be brought to your attention
As an instance, there are very few treasurers of boards and com.
missions under bond. We believe that every one entrusted with the
handling of Synod’s funds should furnish an adequate fidelity bond
the amount to be fixed and the premium to be paid by the respective
board or commission and the bond to be filed with Synod’s Board of
Directors.

6. We also found that a number of boards had borrowed money,
some of them in the name of Synod. We believe that these boards
acted in good faith and in the best interests of the purpose to be
served when negotiating such loans. Yet such practise establishes
a bad precedent and may at times cause Synod considerable em.
barrassment. We believe that the Synod should declare itself as
opposed to such a practise by resolving that the Treasurer of Synod,
and he alone, shall have the right to borrow money in the name of
Synod and then only under the specific authority and instruction of
Synod’s Board of Directors.

7. The synodical convention of 1923 resolved “that all legacies
be placed under the management and care of the General Body.”
Conforming to that resolution, several of Synod’s institutions have
turned over their legacy funds to Synod’s Treasurer. A number of
others have not yet done so. In resultant correspondence the termi-
nology of Synod’s resolution has been brought into question. We
have interpreted the word “legacies” to mean trust funds of every
description. In order to clarify the issue, we respectfully recommend
that Synod repeal its resolution of 1923 as recorded in the proceedings
of its thirty-second convention, page 209, reading as above, and that it

Resolve, That all permanent trust funds of Synod and of all de-
partments of Synod, of whatever nature, be held in trust by Synod’s
Treasurer until or unless Synod itself shall provide otherwise.

8. Synod now controls funds aggregating over $3,000,000. It is
reasonable to assume that this amount will increase continually from
year to year. As the amount grows, so also does the responsibility
of management. At present these funds are not uniformly admin-
istered, as part of them are under the care of a special board of Synod
governed by certain rules, while others are in the care of the Trea-
surer of Synod under different rules. We have reason to believe that