16 Aug GS 1989 art 62
GS 1989 ARTICLE 62 – Committee III presents: Agenda Items VIII, A, 2, a
Board of Governors Report to General Synod of 1989 Theological College Finance and Property.
- 1. Property and Finance Committee activities in general:
- a. With gratitude the Finance and Property Committee report that they did their work in brotherly harmony.
- b. The Committee met fourteen times to ensure that matters pertaining to the administration of finances and property were duly considered and resolved.
- 2. Physical Plant:
- a. The College has made a smooth transition from the old building to the new facilities in Hamilton. The new building excellently serves the College community and meets all its needs.
- b. The College was able to purchase a computer with the assistance of a $22,500.00 donation from the Women’s Savings Action.
- c. 4000 volumes of the library of the late Dr. C. VanderWaal of South Africa were received and much time is dedicated to processing these volumes for the College library.
- 3. Salaries:
- a. The faculty salaries are being paid on the formula basis per Synod Burlington-West 1986 decision (Art.154 D 4). One professor receives retirement benefits.
- 4. Financial:
- a. Although at times it remains difficult to make ends meet, the Committee is very thankful for the support the churches give in a very faithful manner. Support is also received from the churches in Australia. One church remained in arrears and a review of its assessment was necessary to assist this church.
- b. The loan on the building was reduced to $50,000.00 as a result of a generous donation of $10,000.00.
- c. Audited financial statements for the years ending May 31, 1986, May 31, 1987 and May 31, 1988 were sent to this Synod as appendices to the reports for the years 1986, 1987, and 1988. The Board recommends that Synod consider the audited financial statements and the reports of the auditor for the previous fiscal periods, and to re-appoint Robinson, Lott and Brohman, Chartered Accountants, as auditors until the next Synod.
- 5. Budget:
- a. The 1989 budget requires no increase in contributions and can remain at $45.00 per communicant member. The reason is that the Free Reformed Churches of Australia decided at their Synod 1987 to support the College at $30.00 per communicant member.
- b. The tuition fees for the 1988-1989 academic year are $1200.00 for students and $3600.00 for students who are not members of one of the churches or sister churches.
All things are being done properly and in good order with respect to the financial responsibilities of the College by the Board of Governors.
- 1. to express gratitude to the churches for their faithful and regular support of the Theological College.
- 2. to express gratitude to the Free Reformed Churches of Australia for their support.
- 3. gratefully to acknowledge the annual donations of the Women’s Savings Action and the $10,000.00 anonymous donation to reduce the building loan.
- 4. to take note of the audited financial statements and the reports of the auditors for the years ending May 31, 1986, May 31, 1987 and May 31, 1988; to add these reports and statements as appendices to the Acts of Synod; and to relieve the treasurer of the Board of Governors of all responsibilities for the years indicated.
- 5. to appoint Robinson, Lott and Brohman, Chartered Accountants, as auditors until the next General Synod.
- 6. to express thankfulness to the Lord that the College was able to function under His blessing with the necessary funds from the churches.