LCMS Convention Proceedings St. Louis, Missouri — 1929, Page 169

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Ev. Luth. Synod of Missouri, Ohio, and Other States. 1929. 169

«We recommend that, whenever the terms under which such
ends were obtained do not prevent this, all permanent trust funds
“¢ Synod and of all departments of Synod, of whatever nature, be
Jd in trust by Synod’s Treasurer until or unless Synod itself shall
rovide otherwise.

“ «Synod had adopted the resolution offered by the Special Board
f the L. L. L. Endowment Fund as recommended by Committee 18
wn “Board of Support,” page 208: ‘The fund shall be invested in
Government or high-class State and municipal bonds, and in other
high-grade revenue-producing loans, offering in all cases a maximum
: of security and a reasonable return on the investment.’ We now
* yecommend, as suggested by the Board of Auditors, page 195, that
§ynod’s rules regarding the character of the investments for the
“J, L. L. Endowment Fund should also govern all other trust funds of
“Synod.

“Synod has also authorized the Special Board of the L. L. L. En-
dowment Fund to make custodian account arrangements with a Trust
Company of high standing and reputation.

_ “We recommend that Synod authorize its Board of Directors to
make a similar arrangement regarding all other trust funds of Synod,
the Board of Directors to appoint the trustees, select the trust com-
pany, and approve the trust agreement.”

As to Paragraph 9, the recommendation of the committee was to
adopt the resolutions in Paragraph 9, with the adoption of the words
“ss soon as feasible” after the words “caused to be made.” The
paragraph was so adopted by Synod.

As to Paragraph 10, the committee reported: “We heartily recom-
mend the adoption of all resolutions in Paragraph 10.” Synod there-
fore resolved to adopt all the recommendations in the report of the
General Board of Auditors concerning the appointment of a full-time
General Auditor.

Resolutions of the Fiscal Conference Regarding Funds

in Group “A” and “B.”

“The following resolution, passed by the Fiscal Conference held
in St. Louis on May 16 and 17, 1928, and tentatively acted upon by
the Treasurer of Synod, is respectfully submitted to you for rati-
fication : —

“Whereas, We believe it contrary to the general wishes of
Synod to disburse considerably more money than is received; be it
therefore

“‘Resolved, That the Synodical Treasurer distribute the budget
receipts at the end of the fiscal year in such a proportion that the
Approved budget requirements in Group “A” be fully met; and be
it further