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LCMS Convention Proceedings St. Louis, Missouri — 1935, Page 126

Scan: The Lutheran Church—Missouri Synod

Transcription machine transcription, uncorrected

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126 Proceedings of Thirty-Sixth ‘Regular Convention,

disbanded. Transcona, Man.: The congregation idisbanded. Calgary,
Alta., Redeemer: The Congregation disbanded! © 0.1. |; .

Synod’s rules make it mandatory: apon the -Church ‘Extension
Board to hold insurance policies for ‘all ‘Toans.' In‘ consequence de-
mands are made upon our congregations to “keep” their property in-
sured and to deposit their policy, with mortgage clause attached, with
the Church Extension Board. In some instances our requests for
insurance protection are ignored by the congrégations, Sometimes
the reason is sheer negligence and sometimes' ‘inability to pay the
premium. In two cases during the last triennium ‘fire losses occurred
where no insurance was carried, and in both cases the loan of Synod
has become a total loss (Transcona, $1,089 3 Zehner, $4,925). The
Board has often considered the advisability of purchasing insurance

However, we realize that it would bé next to impossible to collect these
premiums, for these congregations: are usually the ones that are not
meeting their notes. The sum we should be paying in premiums for
such risks would in all probability far exceed an occasional logs.
Should Synod take a different view, we shall be glad to be guided by
its instructions.

Three years ago Synod authorized the Church Extension Board
to inaugurate some kind of Building and Loan Association plan in

The value of the Church Extension Fund has. remained almost
stationary, the amount reported three years ago being $1,240,171.15
and the amount J anuary 31, 1935, $1,260,972.69, This state of affairs
is not surprising, for the Church Extension Fund has ‘oO source of
new revenue except occasional bequests and the like and the 1 per cent,
administration fee, which is consumed in great part by the expenses
of operating the Fund. Nor has an influx of new capital into the
Fund been necessary during the last three years, . However, it is
certain that with a resumption of business and a-brighter outlook in
industry and agriculture, loans will be granted by your Board with
greater liberality and assurance of repayment; and this policy will
consume the: cash balance of the Fund very readily.

The following tabulation will exhibit the financial transaction of
the Church Extension Board during the triennium: —