Collection › LCMS Convention Proceedings (St. Louis, Missouri) › 1932 · 35th Convention, Milwaukee › Page 237

LCMS Convention Proceedings St. Louis, Missouri — 1932, Page 237

Scan: The Lutheran Church—Missouri Synod

Transcription machine transcription, uncorrected

Ev. Luth. Synod of Missouri, Ohio, and Other States. 1932. 237

cordia Publishing House) are held in the vaults of the bank, where
f® they were again checked over early this year by the whole Board.
: At a meeting held J anuary 13, 1932, the Board assured itself of
the safety of our securities in the bank vaults. A system of receipts
and audits, revised recently, makes it practically impossible for any
g one to get any of these bonds out of the vaults without the proper
rg authority. Officers of the bank positively declared that the institu-
tion would be responsible for the security of the bonds and liable in
case of any loss, having insured the securities and standing behind
their safety with all the capital and surplus of the bank. This as-
F surance was also given in a letter, which is on file.

The Board has been very solicitous about the safety of our in-
vestment. The sales, purchases, and conversion of the bonds were
made under consultation with the bank officials by unanimous consent’
; of the Investment Committee and with the approval of the whole
Board. ; . -

In order to further safeguard the permanent capital of the fund
(cf. Synodical Handbook, p. 87,2,a), the Board, after careful and,
thorough deliberations and competent advice, set aside 5% of. the’
earnings of the Fund in 1931 to build up our Reserve Fund. ‘This
| Reserve Fund is known as Account “B.” Before the 5% referred to,
are turned over to Account “B,” the administration expenses of.
Account “A” are deducted, and whatever remains of the 5% igs then
turned over to Account “B.” While we do not anticipate any losses
’ at this time, yet we deem it only good business to make provisions for
such an emergency. The payments to the Board of Support have in-
creased from $99,000 in 1995 to $115,000 in 1930. For 1931, $120,000

audited repeatedly by the Synodical Auditor, Mr. A. W. Huge.
Respectfully submitted by
Tue Sprciran Boarp or THE L.L. L.
EnvowMenr Funp.
M. F. KRetTzMann, Secretary.

Synod received this report without any special action, except as to
the last paragraph, the matter being mentioned also in paragraph 9 of
the report of the Board of Auditors. (Compare resolution under the
report of Auditors.) ‘