Collection › LCMS Convention Workbook (St. Louis, Missouri) › 1975 · 51st Convention › Page 175
LCMS Convention Workbook St. Louis, Missouri — 1975, Page 175

Scan: The Lutheran Church—Missouri Synod
Transcription machine transcription, uncorrected

ADMINISTRATION 175

cordia Plans and the Pension Plan for Pastors and Teachers
are outlined in the respective Plan booklets, copies of which
have been made available to every member and employing
organization.

Exhibits

Attached hereto are financial, participation. and benefit
reports which are intended to give a brief picture and overview
of the operations of the Worker Benefit Plans.

In Closing

The Board of Managers solicits your continued support and
comments and pledges its continuing efforts in behalf of the
Synod and its workers.

Board of Managers— Worker Benefit Plans
Edward Kasch, Chairman

Robert P. Hopmann. Secretary

E. Stanley Enlund

William S. Graumann

Richard A. Meyer

Walter E. Lichtsinn

Fred Heisler

Earl E. Haake, Administrator

Lorenz F. Wahlers, Associate Administrator

Exhibit A
ACCOUNTANTS’ REPORT

Board of Managers

Concordia Plans

Lutheran Church-— Missouri Synod
St. Louis, Missouri

We have examined the balance sheets of the Concordia Plans tcon-
sisting of the Retirement Plan. Welfare Plan and Survivor Plan} of The
Lutheran Church — Missouri Synod as of December 31, 1974 and Decem-
ber 31. 1973, and the related statements of revenues. expenses, and fund
balances and statements of changes in financial position for the years
then ended. Our examinations were made in accordance with generally
accepted auditing standards and, accordingly, included such tests of the
accounting records and such other auditing procedures as we con-
sidered necessary in the circumstances.

Investments are carried at cost which at December 31, 1974. was
greater than market value by $13.107.573 in the Retirement Plan,
$1,620,897 in the Welfare Plan and $1,824,655 in the Survivor Plan.
Realization of carrying value depends on future market value which
cannot be determined at this time.

In our opinion, subject to the ultimate realization of the carrying value
of investments as described in the preceding paragraph, the financial
statements referred to above present fairly the financial position of the
Retirement Plan, Welfare Plan and Survivor Plan of the Concordia Plans
of The Lutheran Church — Missouri Synod as of December 31. 1974 and
December 31, 1973, and the results of their operations, changes in fund
balances and changes in financial positions for the years then ended.
in conformity with generally accepted accounting principles applied on
a consistent basis.

Ernst & Ernst
St. Louis, Missouri
February 25, 1975

BALANCE SHEET

Concordia Retirement Plan

ASSETS
December 31
1974 1973
Cash:
Demand deposits $ 138.233 $ 110.450
Investment account 6.662 15.674
$ 144.895 $ 126.124
Contributions receivable 1,611,232 1.466.006
Investments — at amortized cost
(approximate market value — $37.599.006
in 1974 and $43,813,711 in 1973):
Bonds, notes, and debentures — 18.801.747 13,252,438
Common stocks 31.638.911  30.934.341
Preferred stocks _.____ 265.921 265,921
$50.706.579 $44.452.700
Accrued interest and dividends —_- 355,743 243,196
Prepaid expenses and other assets __.___ 290 340
Equipment (less allowance for depreciation
of $8.389 in 1974 and $6.493 in 1973) 15,829 17,280

$52.834.568 $46.305.646

LIABILITIES AND FUND BALANCE

Accounts payable _- $ 46.980 $ 53,284
Fund balance — Reserve for
future plan benefits __ 52,787,588 46,252,362

$52.834.568 $46.305.646

See notes to financial statements.

STATEMENT OF REVENUES. EXPENSES, AND FUND
BALANCE

Concordia Retirement Plan

Year Ended December 31
1974 1973
Revenues:

Contributions from members — $ 6.282.308 $ 5,824,970

Interest income - 1.152.791 652.752
Dividend income ... 816.449 887.667

$ 1.969.240 $ 1.540.419
Other _ . a 827 1,224

$ 8.252.375 $ 7.366.613

Expenses:
Retirement benefits:

Retirement payments — 704,843 502,424
Disability payments _.. ae 118.736 103,905

$ 823.579 $ 606.329

Loss on sale of investments — net _. 610.787 628.832
Administrative expenses _ 282,783 255,971

$1,717,149 $ 1,491,132

Excess of Revenues over
Expenses
Fund balance at beginning of year

Fund Balance at End of Year

$ 6,535,226 § 5.875.481
_.— . 46,252,362 _ 40,376,881

$52,787,588 $46,252,362

See notes to financial statements.

STATEMENT OF CHANGES IN FINANCIAL POSITION

Concordia Retirement Plan

Year Ended December 31
1974 1973
Increases in cash resulted from:
Excess of revenues over expenses __
Add (deduct) expenses (income! not
requiring outlay of operating funds:
Depreciation 1.896 1,354

$ 6.535.226 $ 5.875.481

Loss on investments sold —_—__.._. _. 610.787 628,832
Amortization of bond discount
and premium ee ee (4,925) (1,609)

Total from Operations $ 7.143.384 $ 6.504.058

Proceeds from investments sold

or redeemed .. ae... 17.613.674 7,595,514
Other increases—net. |. - ce 13,641
$24,757,058 $14,113,213
Decreases in cash resulted from:
Increase in contributions receivable ...___ 145,226 36.901
Increase in accrued interest and

dividends 112.547 8.125
Cost of investments purchased —————————2.4,473.815 = 14,002,327
Equipment purchases 445 7,903

Other decreases — net 6.254
$24,738,287 $14,055,256
Increase in Cash $ 18.771 $ 57.957

See notes to financial statements.
BALANCE SHEET
Concordia Welfare Plan
ASSETS
December 31
1974 1973
Cash:

Demand deposits —--__ ss. -.—_— $ 399,952 $ 312.365
Investment account a 5.205 6.583

$ 405,157 $ 318.948