Report of the
Board of Directors of Bible Fellowship Church
The Board of Directors of the Bible Fellowship Church held four regular meetings to attend to corporate business related to Annual Conference, to agencies, and to the churches.
The Board provided oversight and advice in respect to fiscal, legal, and property acquisition in the following areas:
Annual Conference: medical insurance, administrative budget. Pinebrook Junior College property.
Agencies: Victory Valley Camp
Once again this year the Board of Directors changed medical insurance companies. This was due tot eh changes in coverage and a proposed 30% increase in premiums growing out of the acquisition of US HealthCare by Aetna Insurance Company. A plan offered by Inter-County Hospitalization-Health Plan was adopted and became the medical insurance plan offered to employees of Bible Fellowship Church and agencies as of January 1, 1997. The new plan brings significant financial savings when compared with terms offered the Bible Fellowship Church by Aetna Insurance Company for 1997. Higher life insurance benefits and dental coverage are also now included in the plan. Bible Fellowship churches and agencies now using other plans might be wise to take a close look at this plan.
The Board of Directors assisted the Board of Victory Valley in the acquisition of property consisting of acreage which enhances the integrity of present holdings, as well as a house dedicated to the use of the director.
During the 113th Annual Conference a faxed proposal to purchase part of the property formerly occupied by Pinebrook Junior College was received from Seniorcare Service Group, Incorporated, Lansdale, PA. Although the informal offer was good, and this group continued to express interest in purchasing the property for several months, no agreement of sale was ever received from that corporation. On December 3, 1996 the Board of Directors received a fourteen page proposed agreement of sale for the 5.711 acre parcel of the property containing the buildings for $330,000. Discussions which followed led to that agreement, as amended, being signed on December 20, 1996. Matters which must be resolved before sale is consummated are: removal of asbestos and certification thereof; approvals relating to zoning and sewer from the municipality of Coopersburg, and State and Federal approval to use the property for assisted housing. Closing is proposed to be no later than June 30, 1997, but there is provision in the agreement for the purchaser to extend that date for two additional 30 day periods with prior notification of 10 days.
Sale of the parcels previously used as soccer field and park is made difficult because there is now a moratorium on sewer connections due to a dispute between Borough of Coopersburg and Upper Saucon Township. Until this issue is resolved, interest in, and value of, the property is seriously diminished.
The final chapter on the sale of the Coopersburg property remains to be written, but it is clear that the best that can be hoped for from proceeds of the sale is payment of loans made from banks and partial payment of loans by individuals. Decisions will need to be made by Annual Conference concerning the repayment of remaining debt to individuals, to the Trexler Foundation, to the Fund to Promote Church Extension, and to funds supervised by the Pinebrook Educational Foundation.
Last year when the Board of Directors issued its report to the 113th Annual Conference it was not clear that brother Jansen E. Hartman's years of service to the Board of Directors would come to an end. We now express our appreciation for his 45 years of faithful and fruitful service and wish him God's blessing as he continues to serve our conference in less formal ways.
During the year Jay H. Fasnacht resigned from the Board of Directors after over 19 years of service due to relocation to Florida. His contribution to the board has been significant and he will be missed.
The Board of Directors wishes to inform the 114th Annual Conference that at a properly-called meeting of the congregation of Salem Bible Fellowship Church, Allentown, PA the congregation voted to cease public meetings on February 28, 1997 and close its books as of March 31, 1997.
All funds are deposited in the Farmers First Bank, Lititz. Accounts were audited by Charles Albert.
We recommend that 114 Annual Conference adopt the following:
1. Resolved, that the rate of mileage reimbursement remain at 22¢ per mile.
2. Resolved, that the Administrative Budget for January 1, 1997 to December 31, 1997 be adopted.
3. Resolved, that the proposed Administrative Budget for January 1, 1998 to December 31, 1998 be approved for submission to the churches for their pledges.
Pledges for the 1998 Administrative Budget shall be received by the Financial Secretary by September 1, 1997
Board of Directors: James A. Beil, President; Carl C. Cassel, Vice-President; David J. Watkins, Secretary; Horace A. Kauffman, Financial Secretary; Robert W. Gehret, Treasurer; James A. Beil, Hospitalization Secretary; Bert N. Brosius, Randall A. Grossman, L. James Roberts
Bible Fellowship Church
Balance Sheet
Assets 12/31/95 12/31/96
General Funds $ 626,143.32 $ 651,411.53
Phila. Emmanuel BFC Fund 9,167.80 6,734.55
Fund to Promote Church Extension 1,442,424.24 1,435,727.92
Pinebrook Jr. College Fund 458,350.99 422,573.95
Total Assets $ 2,536,086.35 $ 2,516,447.95
Liabilities
General Funds $ 52,514.95 $ 39,927.77
Phila. Emmanuel BFC Fund 0.00 0.00
Fund to Promote Church Extension 378,358.49 343,130.92
Pinebrook Jr. College Fund 919,452.28 1,020,298.32
Total Liabilites $ 1,350,325.72 $ 1,403,357.01
Funds Held in Trust
Fund to Promote Church Extension $ 562,748.08 $ 568,482.65
Net Worth
General Funds $ 573,628.37 $ 611,483.76
Phila. Emmanuel BFC Fund 9,167.80 6,734.55
Fund to Promote Church Extension 501,317.67 524,114.35
Pinebrook Jr. College Fund (461,101.29) (597,724.37)
Total Net Worth $ 623,012.55 $ 544,608.29
Total Liabilities, Trust Funds and Net Worth $ 2,536,086.35 $ 2,516,447.95
Note: This Balance Sheet covers only the funds and obligations directly under the care, custody and control of the Board of Directors of the Bible Fellowship Church.
General Fund Balance Sheet
December 31, 1996
Assets 12/31/96
Current Assets
Cash - General Fund $ 51,975.86
Cash - Moving Fund (535.18)
Cash - Ministers Ass't Fund 4,901.19
Cash - Fund to Assist Churches 5,637.41
Cash - MCC Intern. Fund 5,653.39
Accounts Receivable
Admin. Budget (Note 1) 770.00
Medical Ins. (Note 1) 7,780.00
Note - Pinebrook Conference 28,083.77
Total Current Assets $ 104,266.44
Fixed Assets
R.Est. - Pinebrook Conference 435,268.08
R.Est. - Victory Valley 111,877.01
Total Fixed Assets $ 547,145.09
Total Assets $ 651,411.53
Liabilities
Prepayments
Admin. Budget (Note 1) $ 500.00
Medical Insurance (Note 1) 11,344.00
Mortgage - Pinebrook Conference 28,083.77
Total Liabilites 39,927.77
Net Worth 611,483.76
Total Liabilities & Net Worth $ 651,411.53
Note 1. General Fund accounts receivable and prepaid for the 1996 Conference Year
Accounts receivable
Medical Insurance
Bayshore 2,033
Bethlehem 546
Camden 2,057
Lehighton 192
Newark, DE 1,638
Staten Island, NY 546
Robert Johnson 768
Total $ 7,780
Administrative Budget
Bayshore 200.00
Finesville 300.00
Lebanon 62.50
York 208.30
Total $ 770.80
Accounts prepaid
Medical Insurance
Blandon 546
Ephrata 384
Hatfield 1,092
Mt. Pocono 578
Poughquag 578
Stroudsburg 2,514
Sunbury 66
Board of Missions 3,687
BFC Homes 523
Victory Valley 900
Ken Keeler 284
Roy Hertzog 192
Total $ 11,344
Administrative Budget
Pleasant Valley, NY 500
General Fund Statement of Income
December 31, 1996
Income
Adminstrative Budget $ 66,701.77
Medical Insurance 338,315.00
Contributions, Special 2,705.00
Interest 1,800.00
Total Income $ 409,521.77
Expenses
Moving Fund 2,025.10
Ministers’ Assistance Fund 1,000.00
Annual Conference Entertainment 5,000.00
Annual Conference Expenses (Arrangement Com.) 2,284.60
Beneficiary Fund 500.00
Historical Committee 1,000.00
Ministers' Retirement Fund 14,000.00
Ministerial Convention Exp. 1,000.00
Expenses of Committees
Com. to Exam Church Min. 173.13
Credentials Committee 544.24
Ministerial Cand. Com. 3,154.55
Ministerial Rel. Com. 356.08
Nominating Committee 210.30
Statistical Committee 291.81
Com. On Intercultural Min. 457.56
Conference Agenda & Program 231.51
"Laymen" - "Laypersons" Com. 19.49
Strategic Planning Com. 206.93
Com. Revise Faith & Order 130.60
Total Committee Expense 5,776.20
Chaplaincy Expense 701.22
Bd. Directors' Expenses 643.83
Medical Insurance 337,735.43
Total Expenses $ 371,666.38
Gain or (Loss) 37,855.39
Philadelphia Emmanuel BFC
December 31, 1996
Assets
Cash $ 6,734.55
Total Assets $ 6,734.55
Liabilities
Net Worth $ 6,734.55
Total Liabilities
& Net Worth $ 6,734.55
Income
Rent 900.00
Total Income $ 900.00
Expenses
Electric $ 349.09
Fuel Oil 1,102.35
Water & Sewer 1,041.81
Property Insurance 840.00
Total Expenses $ 3,333.25
Gain or (Loss) ($ 2,433.25)
Fund to Promote Church Extension
Income Statement
December 31, 1996
Income
Interest Received $ 22,796.68
Total Income $ 22,796.68
Fund to Promote Church Extension
Balance Sheet
December 31, 1996
Assets
Current Assets
Cash $ 652.27
Interest Receivable - PJC 47,500.67
Note - Thompson, CN 2/1/99 45,000.00
Note - Edison, NJ 5,284.74
Note - Mt. Pocono 2,588.72
Note - Ocean Co., NJ 8/1/88 27,248.76
Note - Poughquag, NY 5,229.64
Note - Somers Point, NJ 6/91 12,015.95
Note - Red Hill (8%) 20,990.71
Note - Red Hill (Private) 28,000.00
Note - Pinebrook Jr. College 290,000.00
Total current Assets $ 484,510.76
Fixed Assets
R. EST - Thompson, CN $ 132,427.00
R. EST - Howell, NJ 146,146.00
R. EST - Holmes, NY 78,311.00
R. EST - Kutztown 88,957.50
R. EST - Ocean Co., NJ 126,985.70
R. EST - Newark, NJ - Goldsmith 24,692.53
R. EST - Newark, NJ - Randolph 60,631.48
R. EST - Plainfield, NJ 42,760.00
R. EST - Poughquag, NY 43,958.00
R. EST - Somers Point, NJ 40,547.95
R. EST - Red Hill 165,800.00
Total Fixed Assets $ 951,217.16
Total Assets $1,435,727.92
Liabilities
Notes Payable
Red Hill Friend $ 8,000.00
Kline, James & Debra 10,000.00
Kriebel, Sylvester & Cora 10,000.00
Total Notes Payable $ 28,000.00
Mortgages
Thompson, CN $ 84,030.55
Howell, NJ 94,851.00
Holmes, NY 32,981.47
Kutztown 12,291.62
Ocean Co., NJ 80,539.54
Poughquag, NY 10,436.74
Total Mortgages $ 315,130.92
Total Liabilities $ 343,130.92
Trust Funds
Thompson, CN $ 48,396.45
Howell, NJ 51,295.00
Holmes, NY 45,329.53
Kutztown 76,665.88
Ocean Co. NJ 46,446.16
Newark, NJ - Randolph 60,631.48
Poughquag, NY 33,370.20
Somers Point, NJ 40,547.95
Red Hill 165,800.00
Total Funds Held in Trust $ 568,482.65
Net Worth 524,114.35
Total Liabiliites, Net Worth and Trust Funds $1,435,727.92
Pinebrook Junior College
Fund Balance Sheet
December 31, 1996
Assets
Current Assets
Cash - General Fund $ 3,676.20
Total Cash $ 3,676.20
Accounts Receivable .
Fixed Assets
Land $ 46,657.28
Buildings (786,069.72) 367,018.94
Equipment (20,866.22) 5,221.53
Total Fixed Assets $ 418,897.75
Total Assets $ 422,573.95
Liabilities
Interest Payable
Pinebrook Education Found. 1,841.67
Fund to Promote C.E. 47,500.67
Krigor, Interest 9,900.00
Rotenberger, Interest 1,500.00
Total Payables 60,742.34
Notes Payable
Trexler Foundation 9,000.00
Fund to Promote C.E. - 8% $ 290,000.00
Pinebrook Endowment Fund - 8% 32,653.66
Krigor - 8% 165,000.00
Rotenberger - 8% 25,000.00
Total Notes $ 521,653.66
Mortgages
CoreStates Bank - 9.75% $ 96,750.00
Quakertown National Bank - 8.25% 341,152.32
Total Mortgages 437,902.32
Total Liabilities 1,020,298.32
Net Worth (597,724.37)
Total Liabilities & Net Worth $ 422,573.95
Pinebrook Jr. College
Statement of Income and Expenses
for the Month and Year Ended December 31, 1996
Income
Contributions $ 1,250.00
Rent 100.00
Total Income $ 1,350.00
Expenses
Interest - Corestates Bank $ 10,188.33
Interest - Quakertown N. Bank 29,036.44
Interest - Krigor 12,933.33
Interest - Rotenberger 2,000.00
Interest - Fund to Prom. C.E. 19,289.86
Interest - Pinebrook Ed. Fd. 1,038.56
Electric 1,063.86
Water & Sewer 1,007.02
Maintenance 2,022.59
Fees & Permits 161.00
Attorney Fees 251.50
Taxes, Property 97.59
Insurance 18,524.75
Depreciation Expense 27,791.71
Property Sale Expense 3,303.00
Transfer to Pinebrook Ed. Fd. 9,263.54
Total Expenses $ 137,973.08
Gain or (Loss) $ (136,623.08)
Proposed Administrative Budgets
Pledged
Jan.1, 1997 to Jan.1, 1998 to
Dec.31, 1997 Dec.31, 1998
1. Beneficiary Fund $ 500 $ 500
2. Ministers' Assistance Fund 500 500
3. Ministerial Convention 1,000 1,000
4. Ministers' Retirement Fund 28,000 30,000
Total $ 30,000 $ 32,000
1a. Conference Entertainment $ 5,000 $ 5,000
1b. Conference Expense 3,750 3,750
2. Moving Fund 0 0
3. Fund to Assist Churches 100 100
Total $ 8,850 $ 8,850
1. Publication & Printing $ 4,000 $ 3,500
2. Expenses of Committees
a. Chaplaincy Expenses 700 700
b. Stewardship Council 0 0
c. All other Expenses 6,000 6,000
3. Expenses, Board of Directors 1,200 1,200
4. M.C.C. Internship Fund 750 750
5. Historical Committee 1,000 1,000
6. Contingencies $ 14,611 $ 13,000
Total $ 28,261 $ 26,150
Total Budget $ 67,111 $ 67,000
Pledges to the Administrative Budget
Church 1996 1997
Allentown, CC 3,600 3,600
Allentown, Salem 100 50
*Bayshore, NJ 200 200
Beacon, NY 0 100
Bethlehem 2,100 1,500
Blandon 840 900
Camden, DE 100 100
Coopersburg 3,400 3,400
*Denville, NJ 150 150
*Edison, NJ 150 150
*Emmaus 4,200 4,200
Ephrata 2,000 2,200
Finesville, NJ 300 330
Fleetwood 500 500
Graterford 1,750 1,800
Harleysville 2,600 2,600
*Harrisburg 2,800 2,800
Hatfield 2,250 2,250
Holmes, NY 200 250
*Howell, NJ 600 600
Kutztown 800 800
Lancaster 3,600 3,400
Lebanon 1,780 1,780
Lehighton 560 560
Maple Glen 750 750
*Mt. Carmel 996 996
Mt. Pocono 600 600
Nazareth 2,600 2,600
*Newark, DE 550 550
Newark, NJ 942 1,000
Church 1996 1997
Ocean Co., NJ 200 250
Oley 2,580 2,520
Paradise 600 600
Phila, Wissinoming 500 500
Pleasant Valley, NY 400 500
Poughquag, NY 200 300
Quakertown 2,600 2,800
Reading 3,000 2,450
Red Hill 200 200
*Royersford 1,000 1,000
Scranton 100 100
Shamokin 200 200
Sinking Spring 1,600 1,600
Somers Point, NJ 0 0
Spring City 1,550 1,550
Staten Island, NY 25 50
Stroudsburg 1,600 1,600
Sunbury 2,500 2,500
Terre Hill 400 400
Thompson CT 300 50
Wallingford 3,150 3,250
Walnutport 0 75
Whitehall 125 150
York 1,250 1,250
Zionsville 375 400
BFC Home 350 400
Bd. Church Extension 100 200
Bd. Missions 1,000 1,000
Pinebrook Bible Conf.500 500
Totals $ 67,423 $ 67,111
Proposed Budget $ 67,000
Percent of Budget pledged 100.2
*Pledge same as last year not confirmed by the church.
Report of the
Board of Higher Education
Since the 113th Annual Conference, the Board of Higher Education (BHE) has met three times, for a total of ten times since its inception in the fall of 1994. It has continued to take action to oversee the work of the Pinebrook Educational Foundation (PEF), and to establish a cordial working relationship with Biblical Theological Seminary (BTS) on several fronts.
The Pinebrook Educational Foundation
The Board of Directors of the PEF for the past year has consisted of the following members:
Term expiring in 1999: Olivia Barnes, Stephen C. Cassel
Term expiring in 1998: Raymond R. Dotts, Jay H. Fasnacht
Term expiring in 1997: Keith W. Johnson, Robert C. Newman
In September 1996, Valeria S. Boyer resigned from the Foundation Board because of her health. Since the PEF legislation does not address Foundation Board vacancies, the PEF adopted at its December 5th meeting the same policy authorized for the BHE, as found in Article II, Section 3. Then, at that same meeting, they selected Olivia Barnes to fill the vacancy until the next Annual Conference. Subsequently the BHE elected, subject to ratification by the 114th Annual Conference, Keith W. Johnson and Robert C. Newman for terms expiring in 2000, and Olivia Barnes to complete the term of Valeria Boyer in 1999.
The report of the Pinebrook Educational Foundation is appended to the report of the Board of Higher Education.
Denominational Involvement in Biblical Theological Seminary
The Board completed work on two of its three activities that will create a closer affiliation with BTS:
1. The newly designed course, THS-560 "Bible Fellowship Church Polity", was scheduled for two hours of credit during the 1997 spring semester at 11:30 to 1:20 on Tuesdays. The Ministerial Candidate Committee had selected Richard E. Taylor and Calvin Reed as both instructors and syllabus writers. Unfortunately the course had to be cancelled due to low enrollment. The BHE intends to try again in the Spring semester of 1998, offering the same course in the evening and seeking to develop better promotion in advance of the course offering.
2. Final copy of the "Pastoral Intern Partnership" brochure was approved, and many of these brochures were later distributed. The first official intern under this new program, Peter Gunderson, has been accepted and approved to begin his work under the supervision of Carl T. Martin.
3. The Board has remained in contact with William W. Mull as its chief candidate to be the BFC Chaplain at the Seminary. The slow recovery of Bill, and of Addy in particular, has necessarily delayed the onset of this endeavor. In the meanwhile, both Newton Conant, former chaplain at BTS, and Al Oldham who was instrumental in bringing him to the Seminary, have contributed many valuable ideas for a job description for this position.
Further Work
The Lord's blessed call to glory of our dearly beloved and sorely missed brother, George K. Monroe, Jr., on Friday, August 23rd, was a great loss to this Board. Efforts have been made to find suitable and willing candidates to replace him, and these names have been submitted to the Committee on Nominations. Meanwhile, John Studenroth was elected to serve as secretary of the BHE in George's place. Since George was a faithful and charter member of the BHE, the PEF has urged all members of the BHE to make gifts in his memory for the Foundation's Memorial Scholarship Endowment Fund. The BHE in turn would like to extend the same invitation to all the friends and members of this 114th Annual Conference.
Under the direction of the PEF, efforts continue to transfer endowment and scholarship funds remaining from both Berean Bible School and Pinebrook Junior College in order to promote higher education within the BFC and offer financial aid to its members. The Board has also solicited participation of the particular churches in these efforts. Partially due to the unresolved matters related to the sale of former PJC properties, sufficient funds are not yet available to support applications for financial aid.
The BHE has been actively discussing ways in which we can promote Christian higher education in the Bible Fellowship Church. Opinions from others on this subject are always welcome.
RESOLVED; that the Annual Conference ratify the election to the Pinebrook Educational Foundation of Keith W. Johnson, Robert C. Newman, and Olivia Barnes, for terms expiring in 2000, 2000, and 1999, respectively.
The Board of Higher Education: Robert C. Newman, Chairman; Raymond R. Dotts, Vice-Chairman; John C. Studenroth, Secretary; David J. Watkins; Stephen C. Cassel; and Carl T. Martin.
Pinebrook Educational Foundation
Annual Report 1996
Approved January 14, 1997
The Board of Directors of the Pinebrook Educational Foundation met five times in 1996. The Board dealt with a number of matters which are described below.
1. An investment policy for the Foundation’s funds was finalized.
2.A letter was sent to pastors and treasurers of Bible Fellowship Churches for the purpose of raising funds for the General Scholarship Fund. To date, $400 has been received for the General Scholarship Fund.
3.A Pinebrook Educational Foundation brochure was finalized and prepared for distribution.
4. An activity account was established for funding expenses of the Board of Higher Education.
5.The formal transfer of the Rev. and Mrs. R. C. Reichenbach Scholarship Fund from Pinebrook Junior College to Pinebrook Educational Foundation has been completed. The formal transfer of other endowment funds has not been completed, although the funds are in the custody of the Foundation.
6.The Memorial Scholarship Endowment Fund was established for the purpose of honoring the life and memory of loved ones.
7.The Berean Bible School Scholarship Endowment Fund was established to perpetuate the memory of Berean Bible School and its significant impact on the lives and Christian development of its graduates.
8.The Board adopted the calendar year for reporting the finances of the Foundation.
9.Forms for application for scholarships were finalized.
10.A scholarship grant of $500 was made to Miss Ruth Geer from the Rev. and Mrs. R. C. Reichenbach Scholarship Fund. Miss Geer is a member of the Harrisburg congregation and attends Columbia International University.
11.The Board approved a loan of up to $25,000 from endowment funds to Pinebrook Junior College at 8% per annum. The loan and interest are to be repaid from the proceeds of the sale of College properties.
Following is a summary of the funds under the custody of the Board of Directors of the Pinebrook Educational Foundation.
A. Operating fund, which includes the activity account of the Board of Higher Education.
B. Endowment funds, including funds transferred from Pinebrook Junior College. These funds include:
1.Reverend and Mrs. R. C. Reichenbach Scholarship Fund
2. Berean Bible School Scholarship Endowment Fund
3. Memorial Scholarship Endowment Fund
4. Laura M. Didden Memorial Scholarship Fund
5. Walker Student Aid Fund
6. Alumni Scholarship Fund
7. Ungerer Memorial Student Loan Fund
8. Donald D. Siegfried Memorial Endowment Fund
9.Daniel K. Ziegler Memorial Faculty Study Endowment Fund
C. Loan Fund
D. General Scholarship Fund
Respectfully submitted,
Jay H. Fasnacht, Secretary
Pinebrook Educational Foundation
Endowment Fund
Balance Sheet
December 31, 1996
ASSETS
Investments (CoreStates Bank and Prudential Securities) $25,074
Other Investments 1,878
Due from Loan Fund 1,961
Loan to Pinebrook Junior College 29,434
Other Amounts due from Pinebrook Jr College 2,265
Due from Operating Fund 1,047
$61,659
Fund Balance $61,659
Endowment Fund Operations
Year Ended December 31, 1996
Fund balance at January 1, 1996 $57,510
Investment Income 3,349
Contributions 1,300
Scholarship Awarded (500)
Fund balance at December 31, 1996 $61,659
Operating Fund
Balance Sheet
December 31, 1996
Asset
Cash in Ambassador Bank $2,147
Liabilities and Fund Balance
Due to Loan Fund $420
Due to Scholarship Fund 400
Due to Endowment Funds 1,047
Amount held for Board of Higher Education Expenses 200
Fund balance 80
$2,147
Operating Fund Operations
Year Ended December 31, 1996
Fund balance at January 1, 1996 $142
Contributions received 25
167
Disbursements: Stationery and other supplies 87
Fund balance at December 31, 1996 $80
Pinebrook Educational Foundation
Loan Fund
Balance Sheet
December 31, 1996
Assets
Loan to Pinebrook Junior College $3,220
Due from Operating Fund 420
Loans receivable, Net 1,944
Interest due from Pinebrook Junior College 193
$5,777
Liabilities and Fund Balance
Due to Endowment Fund $1,961
Fund Balance 3,816
$5,777
Loan Fund Operations
Year Ended December 31, 1996
Fund balance at January 1, 1996 $2,742
Reversal of Bad Debts 741
Interest Income 333
Fund balance at December 31, 1996 $3,816
Scholarship Fund
Balance Sheet
December 31, 1996
Due from Operating Fund $400
Fund Balance $400
Scholarship Fund Operations
Year Ended December 31, 1996
Fund balance at January 1, 1996 $ 0
Contributions 400
Fund balance at December 31, 1996 $400
The Financial Statements of the Pinebrook Educational Foundation were audited by J. Harold Engle.
Report of the
Bible Fellowship Church Homes, Inc.
Time is a gift from God given to every person in equal increments. The one variable in the gift of time is when the end for each one will occur.
As time moves incessantly, we each face significant periods in our individual personal lives as well as in our various corporate “lives”. Ecclesiastes 3:1 informs us that, There is a time for every thing, and a season for every activity under heaven. The writer continues with a series of oxymorons. These sharp contrasts do sum up the activities which consume our time.
However, life is more than a monotonous round of seeming contradictions. Certainly we experience times of testing and even darkness, but we can declare, whether boldly or weakly, that our times are in His hands (Psa. 31:15). God wants us to redeem the time or use every opportunity that he places before us. (Eph. 5:15 & 16; Col. 4:5).
God, who created time and controls time, is moving towards the final end of history. We do not know when that final end will be, but we can move with God toward that end. Let us endeavor to buy up every opportunity to use this ministry of Bible Fellowship Church Homes to further God's kingdom and to serve others in His name.
Fellowship Community
As an advertising program is developed a concerted effort will be made to develop a consistent use of the name Fellowship Community.
Also, with the name Fellowship Community, we must formulate development plans for the entire Community. Fellowship Courts can continue to be expanded. We must plan for this by developing a financial plan and the time framework. On the Whitehall campus, two levels of assisted living should be considered for development, which would be Personal Care and Assisted Living, sometimes referred to as Aging in Place. May God grant to us His wisdom and perseverance to accomplish a full offering of care options.
Fellowship Courts
Construction of the two buildings which will complete Musselman Court is on schedule. Inclement weather has not been a significant factor in causing delays.
The construction schedule, barring unforeseen delays, calls for an occupancy date of the 5-unit building on May 18, 1997 and an occupancy date of June 29, 1997 for the 8-unit building.
Because our marketing programs allow prospective residents the opportunity of choosing among several no-cost or low-cost options, there is some intensive coordination required from time to time. Equipment for the “community” kitchen will soon be ordered, which includes tableware, dishware, appliances, and tables and chairs for the dining room.
The residential appliances have been ordered.
The utility building is completed on the exterior. Since this will have a workshop area, donations of tools, work tables, used kitchen floor and wall cabinets and other such items would be accepted.
Ten of the twelve units under construction presently have deposit moneys placed on them. There is significant interest in the remaining units to cause us to feel confident that they will be occupied. One of the twelve new units is being reserved for occupancy by an adminstrator/manager of the Courts.
The community spirit of the residents continues to develop by means of holiday dinners, teas and luncheons. Weekly shopping trips are provided. We are grateful to Ralph Cole for volunteering to drive for most of these trips as well as to a monthly Seniors’ luncheon at Emmaus and one special shopping trip to the Poconos. Perhaps he will soon commit himself to becoming a resident. We could use his volunteer assistance, but such commitments are difficult for one to make. The residents continue to provide volunteer services to Fellowship Manor in the activities program, the record keeping department and the central supply program.
On October 31, a get acquainted reception was held for the prospective residents. It was encouraging to see how quickly they “bonded.” From time to time newsletters are mailed to these folks.
Fellowship Manor
The past year for Fellowship Manor has been a very busy one. The census has remained well above the budgeted number of 96.6%. There has been an increase in the number of times when we had to turn applicants away because all the beds were filled.
Fellowship Manor is seeking accreditation by the Joint Commission for Accreditation of Health Organizations. Times have been busy because in order to be approved by JCAHO, our policy and procedure manuals must be revised and rewritten so as to fit the JCAHO model.
Robert Zentz has been filling his position as Administrator in a very fine and commendable manner.
Fellowship Home
This year was most satisfactory at Fellowship Home. Census was at or near 100% until the last 2 months. Four vacancies occurred within days of each other, and because full occupancy for a period of time caused the waiting list to fade to zero, all the beds have not been filled yet. The beds are being filled and applications are being processed.
There is a strong desire by administration and staff to have the patio built in the yard outside the dining room.
James Ernst as Administrator is again to be commended for his faithful, concerned, and persistent work ethic and performance.
Miscellaneous
An agreement with the Township of Whitehall has been signed relieving Fellowship Manor of any obligation to pay the business privilege tax. Fellowship Manor has agreed not to proceed with action to obtain refunds on the taxes paid on the previous three years.
An agreement has been signed allowing PennDOT the right-of-way to widen Mauch Chunk Road from Schadt Avenue to Rural Road. Construction has been slated to begin in Spring of 1997, and should be completed by early Fall 1997.
All of our staff members at every level of service are to be commended for their faithful service. The Board members serve well to oversee this important ministry. The greatest praise must go to our gracious God and Saviour who enables all to serve in this ministry.
Note: The financial report is an abridged report prepared by Steven Schlegel from the full financial report audited by W.N. Serfass & Co. The fiscal year is from July 1, 1995 to June 30, 1996.
Board of Directors, Bible Fellowship Church Homes, Inc.: James A. Beil, Chairman & President; Robert W. Smock, Vice Chairman; Karen Uhrich, Secretary; William H. Bartron, LeRoy S. Heller, James G. Koch, Robin Musselman, Glenn D. Ruoss, Henry Sandt, Jr., Gene W. Smith, Dean A. Stortz, John W. Trauch, Doris W. Wire
Financial Report
Fellowship Homes, Inc.
Board of Directors, Bible Fellowship Church Homes, Inc.
We have audited the accompanying statement of financial position of Bible Fellowship Church Homes, Inc. as of June 30, 1996, and the related statement of activities and statement of cash flows for the fiscal year then ended. These financial statements are the responsibility of the Organization's management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to in the first paragraph above present fairly, in all material respects, the financial position of Bible Fellowship Church Homes, Inc. as of June 30, 1996, and the changes in its net assets and its cash flows for the fiscal year then ended in conformity with generally accepted accounting principles.
As discussed in Note 1 and Note 15 to the financial statements, Bible Fellowship Church Homes, Inc. adopted the provisions of the Financial Accounting Standards Board's Statements of Financial Accounting Standards No. 124, Accounting for Certain Investments Held by Non-for-Profit Organizations in 1996.
W.N. Serfass & Co,
September 3, 1996
Statement of Financial Position
June 30, 1996
Assets
Cash and Cash Equivalents $ 1,865,646
Accounts Receivable 595,477
Other Receivables 3,921
Inventory 37,575
Prepaid Expenses 32,062
Investments 550,761
Construction in Progress 84,556
Property, Plant & Equipment - Net 7,382,541
Bond Financing Costs - Net 443,265
Other Deposits 14,342
Assets Whose Use is Limited 918,458
Total Assets $ 11,928,604
Liabilities
Accounts Payable $ 114,122
Payroll Withholdings 16,125
Accrued Liabilities 324,970
Deferred Entrance Fees 61,200
Refundable Deposits 410,150
Security Deposits 600
Notes Payable 300,000
Bonds Payable - net 8,446,229
Total Liabilities 9,673,396
Net Assets
Unrestriced 1,277,140
Temporarily Restricted 978,068
Total Net Assets 2,255,208
Total Liabilities & Net Assets $ 11,928,604
Statement of Activities
for the Fiscal Year Ended June 30, 1996
Temporarily
Unrestricted Restricted Total
Revenue, Gains & Other Support
Program Revenue $ 6,368,109 - $ 6,368,109
Ancillary Revenue 507,010 - 507,010
Entrance Fees 17,025 - 17,025
Contributions 40,555 - 40,555
Interest 27,341 56,768 84,109
Dividends 49,345 - 49,345
Rents 6,600 - 6,600
Miscellaneous 84,652 - 84,652
Unrealized Investment Gain 58,209 - 58,209
Net Assets Released From
Restriction 1,194,876 (1,194,876) -
Total Revenue, Gains
& Other Support 8,353,722 (1,138,108) 7,215,614
Expenses, Losses & Other Decreases
Room & Board 1,659,010 - 1,659,010
Health Care 3,164,855 - 3,164,855
General Administration 552,087 - 552,087
Real Estate Taxes 29,808 - 29,808
Interest 669,022 - 669,022
Bad Debts 10,371 - 10,371
Depreciation 375,989 - 375,989
Amortization 15,887 - 15,887
Addition to Restricted
Net Assets 1,343,170 (1,343,170) -
Total Expenses, Losses &
Other Decreases 7,820,199 (1,343,170) 6,477,029
Change in Net Assets 533,523 205,062 738,585
Net Assets - 7/01/95 743,617 773,006 1,516,623
Net Assets - 6/30/96 $ 1,277,140 $ 978,068 $ 2,255,208
List of Bank and Financial Institutions Where Cash & Investments Are Held
Fellowship Manor
Checking, Payroll - National Penn Bank
Debt Service - Summit Bank (formerly First Valley Bank)
Money Markets - National Penn Bank, William Penn Funds, Colonial Mutual Funds, Putnam Investments
Investments - Colonial Mutual Funds, Putnam Investments
Fellowship Home
Checking, Savings, Payroll - Lafayette Bank
Debt Service - Summit Bank (formerly First Valley Bank)
Money Market - William Penn Funds
Fellowship Courts
Checking - National Penn Bank
Checking, Payroll - Summit Bank (formerly First Valley Bank)
Money Market - Pershing - Alliance Government Reserves
Certificates of Deposit - Pershing Bank of Oklahoma, Berkeley Federal Bank & Trust, Household Bank FSB, River Forest State Bank & Trust Company
Fellowship Home Apartment
Checking, Savings - Lafayette Bank
BFCHI - Corporate & Board
Checking, Payroll - National Penn Bank
Checking - CoreStates Bank (formerly Meridian Bancorp)
Money Markets - William Penn Funds, Dean Witter Liquid Assets
Investments - AIM Funds, Dean Witter Trust Company
Report of the
Pinebrook Bible Conference
Pinebrook Bible Conference held its first official convocation as an agency of the BFC on Labor Day, Monday, September 2, 1968. There have been many difficulties, discouragements, challenges and tough situations since that day but there has also been many tremendous blessings, spiritual victories and life-changing experiences won in the lives of hundreds if not thousands of children, young people and adults on these holy grounds.
We continue to strive for excellence in providing for the physical, material and spiritual needs of our guests. Our staff is committed to the task of making Pinebrook a true “Pinnacle” facility and to this end we have finished the second year of our five-year development plan, PINNACLE PROJECT.
The Long-Range Planning Committee and the Pinebrook administration in particular is also working on a Master Plan of development. It was our hope to present this plan to this Annual Conference with final approval of our board. We are seeking to evaluate and project the future ministry potential that can be provided to the BFC and the Church universal on the present grounds which we own as we face the tremendous opportunities of the 21st Century. There are three main areas that we are studying:
1. Estate Program - need for staff housing
2. Provincial Program - New administration facilities, book store, recreational and lounge facilities.
3. Charter Program - New deluxe motel facilities which could also accommodate families that may choose deluxe accommodations. This will alsoinclude different configuration of some of our present motels.
The administration is also committed to financial integrity and responsibility. We continue to operate this ministry in the black and are making great strides to remove our indebtedness. However, it is obvious to us that if we are to adopt a Master Plan of Development and seek to aggressively develop it, it will be necessary for us to make a substantial loan. It is our hope that we will eliminate all other debts before we launch into an expanded development. We believe that it is possible that all or nearly all debt will be paid by Dec.31, 1997. Our 1997 budget is carrying a debt service of $44,000 and this can be applied to debt service for 1998, and is sufficient to make a loan which could be used to fund the expense of developing the “Provincial Program” of the Master Plan presented by the Long-Range Planning Committee. This is contingent on the preliminary approval of the Pinebrook Board of Directors meeting on June 12, 1997 and the final approval of the plans and financial package to be given to the Pinebrook Board of Directors at their meeting on December 11, 1997. We are also committed to maintain rates which are very reasonable for both the retreats and the summer program. Slight increases have been made and will continue, but a survey has showed us that our retreat rates are very competitive and our summer rates are well below all others. It is also our opinion that we offer facilities above the average as it relates to our rates. We have also been told by many that the improved menu which we began in the beginning of 1996 has placed Pinebrook well above almost all other similar Bible Conferences in the selection, quality and quantity of food served.
Our staff continues to serve with great dedication. Some of the new staff has brought an excitement and positive influence which has helped to inspire others who have been here a longer time. A special recognition is to be given to two couples, John and Edna Moran and David and Polly Thoman who both have resigned as staff members in the past but have continued on a part-time basis and have now found it necessary to retire from these part-time activities because of health reasons. We thank God for the faithful and loyal ministry of these dear folks in the years gone by.
Board of Directors, Pinebrook Bible Conference: Bert N. Brosius, Director; Alva C. Cassel, Pesident and Chairman; Harold L. Snyder, Vice President and Vice Chairman; Daniel P. Allen, Secretary; John F. Moran, Treasurer; Carl Ackerman, Lee E. Boyles, Kermit K. Gehman, LeRoy O. Herb, Robert F. Johnson, Calvin T. Reed, Gerald L. Schlonecker, John M. Stengele, James A. Wickstead
Financial Report
Balance Sheet
December 31, 1996
ASSETS
Current Assets
Cash in Bank - Checking $ 10,777.68
Cash on Hand & A/R 2,160.00
Payroll Account 7,018.46
Money Market Accounts 936.61
Savings Account 39,219.79
Total Current Assets $ 60,111.54
Fixed Assets
Land & Buildings 2,924,714.71
Accumulated Depreciation (29,013.32)
Inventory & Equipment 32,337.07
Furniture & Fixtures 4,011.39
Vehicles - Net of Depreciation 22,807.34
Total Fixed Assets 2,954,857.19
Total Assets $ 3,014,968.73
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable $ 21,680.10
Payroll Taxes Payable 710.82
Line of Credit - UP Bank
Payroll Deductions Payable 50.00
Total Current Liabilities $ 22,440.92
Long Term Liabilities
Mortgage 15,136.48
Other Loans 51,077.47
Total Long Term Liabilities 66,213.95
Restricted Liabilities
Meadowbrook Pre-Registration 14,200.00
Deposits - Retreats 34,197.65
Deposits - Summer Conference 14,240.00
Other Funds 2,042.71
Restricted Funds 5,900.00
Scholarship/Tip fund 5,991.69
Mini Golf - begun 6/30/92 11,185.39
Total Restricted Funds 87,757.44
Equity
Equity at Beginning of Year 2,837,226.58
This Year’s Gain (Loss) 1,329.84
Total Equity 2,838,556.42
Total Liabilities and Equity $ 3,014,968.73
Consolidated Statement of Income and Expenses
For the Year Ended December 31, 1996
INCOME
Summer Conferences - BFC $ 175,121.75 15.24
Retreats 694,840.33 60.48
Camp Site Rentals 11,143.34 .97
Banquets, Meals/Breaks/Pizza 10,849.21 .94
Feminar 15,230.00 1.33
Freedom Festival 12,218.95 1.06
Senior Citizens Retreat 11,291.58 .98
PED Retreat Income 6,128.00 .53
Book Store Sales 57,878.39 5.04
Snack Shop Sales 33,716.62 2.93
Vending Machine Sales 19,237.68 1.67
Other Sales 26,877.56 2.34
Interest Received 906.63 .08
Terms Taken & Damage Reimbrs 674.68 .06
Gifts Received 53,044.66 4.62
Offerings Received 19,626.71 1.71
Total Income $ 1,148,786.09 100.00
EXPENSES
Book Store Expense $ 45,078.39 3.92
Snack Shop Expense 24,116.25 2.10
Vending Machine Expense 9,260.90 .81
Custodial Expenses 54,195.98 4.72
Kitchen Expenses 260,890.89 22.71
Miscellaneous Retreat Costs 451.68 .04
Pinebrook Retreat Expenses 5,748.06 .50
Banquets 666.52 .06
Sports 236.07 .02
Music/Audio Visual 1,662.58 .14
Maintenance 113,989.26 9.92
Maintenance Supplies 10,135.14 .88
Pest Control 1,118.00 .10
Water Supply Expense 368.21 .03
Sewer Plant Supplies/Maint. 8,650.58 .75
Swimming Pools Expense 6,740.00 .59
Electric 63,415.71 5.52
Gas 8,612.98 .75
Oil 39,572.87 3.44
Vehicle Costs 23,893.56 2.08
Insurances 80,098.54 6.97
Payroll, FICA & Processing 139,212.91 12.12
Honoraria Paid 10,250.00 .89
Gifts to Churches (RWR) 6,715.00 .58
Summer Conference Program 11,500.83 1.00
Office Supplies & Equipment 11,475.55 1.00
Computer Expenses 14,750.68 1.28
Printing, Advertising & P/R 18,159.25 1.58
Telephone 8,962.78 .78
Postage Stamps & Meter 7,265.76 .63
Board Expenses 768.18 .07
Benefits, Training & Educate 6,384.33 .56
Legal & Accounting
Sanitation Removal 7,560.10 .66
Medical Supplies
Bad Debt Expense 534.19 .05
Interest Paid 4,975.35 .43
Depreciation/Principle Expnd 16,819.25 1.46
Pinnacle Project Expenses 99,265.38 8.64
Real Estate Taxes 13,510.64 1.18
General Improvements 8,486.00 .74
Miscellaneous Expenses 1,957.90 .17
Total Expenses $ 1,147,456.25 99.88
Excess (Loss) $ 1,329.84 .12
The cash balance of the checking account is deposited in the Mellon Bank in Stroudsburg, PA.
The Savings account balance is deposited in the Mellon Bank in Stroudsburg, PA
The financial statements were audited by Donald Bilby of Hazelton, PA
Report of the
Board of Victory Valley Camp
"Do not fear, for I am with you; Do not anxiously look about you; for I am your God. I will strengthen you, surely I will help you, Surely I will uphold you with My righteous right hand." Isa. 41:10 (NASB)
I am reminded as I prepare this report that there really are only two ways to look at life-- through the eyes of man or through the eyes of our Sovereign, mighty God. God allows circumstances to change and brings both good and calamity, and yet the promise that we need not fear or be anxious about anything because God is God is still truer than ever. Praise the Lord!
As we look at the year in review for Victory Valley Camp, we continue to be reminded and encouraged that we need not fear or be anxious about anything-- the loss of a building, the lack of funds for a property purchase, or the awesome responsibility of almost 900 campers on our grounds for the summer. God is still God and His promises can still be counted on!
God is still faithfully ministering to summer staff, children and teens, and retreat groups through our most capable full-time staff members, Phil Atkins and Donna Bauer, and their families. The fall of 1996 brought a change in housing for Phil and his family as they moved into the house on the property (7572 Sigmund Rd.) which God provided this year. God has been faithfully working through many in our denomination from the Board of Directors to the Board of Fellowship Homes to many individuals who gave to make this purchase happen! We especially want to thank God for His provision through the gifts given through the matching fund drive for the new property purchase and want to thank those of you who sacrificially gave to make this possible. Also, we praise God for those who gave to make beginning repairs and ending purchase costs possible too! God has seen fit to allow the re-building of Victory Hall this year as well and one exciting note to make is that it was first used by the youth of our church for the November Thanksgiving Rally!
To go along with the many improvements made to our physical plant, God's hand was evident in the lives of staff and campers this past summer. Our 61-member summer staff ministered to 853 campers. 72 of these campers come to us from the "Jews for Jesus" group which has been bringing children for the past 6 years. Throughout the summer, we keep track of those children who have professed faith in Christ for the first time. 21 children trusted Christ as Savior and Lord of their lives this summer! Praise God! Also, 15 children expressed a commitment to profess Christ to others through their lifestyle today and future vocation! These are the kinds of things that we count when looking to see that the summer was a success. One other special program note is that our Outpost Camping ministry was 93% full this summer with 183 children and teens attending.
The "Victory Interested Person" program continues to be a vital part of camp ministry and support throughout the year. We once again want to thank those who continue to give of their time and money to help keep Victory Valley operating.
Camper fees will increase this year from $169 to $175. These fees still do not cover the actual cost of a week per camper; therefore, we cordially request each church to prayerfully evaluate its giving to the camp again this year. We want to remind the churches that those who contribute 1% of their total budget are eligible to receive a $17.50 discount for all summer campers and a 10% discount for all retreat groups from that church who come to Victory Valley.
The 1996 financial report reviewed by Ellis L. Hostetter will follow this report.
The Board of Victory Valley Camp held four regularly-scheduled meetings since the 113th Annual Conference. In addition to the meetings of the full Board many additional hours were spent by individuals of the Board in service on committees and in fulfillment of other camp-related responsibilities. The Board is divided into six sub-committees: Executive, Program and Staff, Buildings and Grounds, Development, Finance, and Strategic Planning Committee.
Schedule of Future Dates - The dates for the 1997 program are as follows:
December 6 VIP Christmas Banquet
Camp Outpost Village
June 22-June 28 ages 8-12 ages 10-12
June 29-July 5 ages 8-12 ages 10-12
July 6-12 ages 8-12 ages 8-10
July 13-19 ages 8-12 ages 10-12
July 20-26 ages 8-12 ages 10-12
July 27-August 2 ages 12-14 ages 12-14
August 3-9 ages 12-14 ages 12-14
August 10-16 ages 14-18
Try-A-Venture
July 13-18 Ages 15-18(BP&C)
July 20-25 Ages 12-14(BP&C)
July 27-August 1 Ages 15-18(WV)
Financial Report
Balance Sheet
December 31, 1996
ASSETS
Cash in Bank $ 5,521
Cash - Money Market 9,625
Swimming Pool 38,832
Fixed Assets 101,552
Real Estate 367,826
Victory Hall 217,118
Total Assets $ 740,474
LIABILITIES AND NET WORTH
Liabilities
Payroll Taxes Payable $ 1,636
Loan - Ambassador Bank 134,758
Loan - Fellowship Manor 99,035
Restricted Funds 11,738
Total Liabilities $ 247,167
Net Worth
Excess Revenues over Expenses $ 44,648
Fund Balance, January 1, 1996 448,659
Total Net Worth 493,307
Total Liabilities and Net Worth $ 740,474
Note 1 - Excess revenues over expenses and transfers to net worth are comprised of the following items:
Increase in Operating Cash$ 853.50
Transfers & Use of Restricted Funds:
Capital Expenditures:
Housing 31,378.65
Victory Hall 1,380.39
Dept Service:
Principal Payments 11,035.68
Total $ 44,648.22
Income and Expense Statement
For the Year Ended December 31, 1996
1996 Budget
INCOME
Camper Fees:
Summer $ 131,830.56 $ 137,615.00
Winter 12,743.00 11,025.00
Total Camper Fees $ 144,573.56 $ 148,640.00
Church Support 28,889.00 30,000.00
Donations:
Camper Offering $ 546.96 $ 350.00
Project 3,821.91 500.00
VIP 18,323.10 11,500.00
Total Donations 22,691.97 12,350.00
Interest 2,015.99 .00
Program Income:
Crafts $ 249.27 $ 200.00
Dry Goods 3,030.77 3,000.00
Horsemanship 7,117.00 10,710.00
Snack Shack 9,473.33 5,500.00
Total Program Income 19,870.37 19,410.00
Rental:
Retreat $ 34,567.10 $ 42,000.00
Specialty 1,307.35 1,000.00
Total Rental 35,874.45 43,000.00
Restricted Cash 27,472.69 .00
Total Income $ 281,388.03 $ 253,400.00
Expenses
Administrative:
Continued Education $ 40.00 $ 300.00
Director’s Salary 23,695.99 25,296.00
Dues 1,047.00 860.00
Health Insurance 6,354.20 8,820.00
Insurance 14,856.50 15,700.00
Office Salaries 3,684.30 4,500.00
Office Supplies 4,778.41 4,400.00
Payroll Taxes 2,197.43 1,936.00
Promo/Advertise 8,730.25 3,100.00
Retirement 1,334.00 759.00
Telephone 2,081.87 1,800.00
Travel 117.00 400.00
Total Administrative $ 68,916.95 $ 67,871.00
Building / Ground:
Cleaning Supplies $ 1,181.50 $ 2,225.00
Maintenance and Repair 25,579.94 20,000.00
Payroll Tax 205.08 1,080.00
Pool 1,637.37 3,000.00
Real Estate Tax 3,046.88 1,200.00
Salaries 2,808.00 14,100.00
Utilities 18,911.45 17,000.00
Waste Disposal 1,207.33 1,600.00
Total Building / Ground $ 54,577.55 $ 60,205.00
Total Payroll Program”
Assistant Director’s Salary $ 19,059.80 $ 19,060.00
Continued Education .00 600.00
Crafts 661.00 500.00
Dry Goods 981.75 2,500.00
Educational material 1,837.89 2,200.00
Food 21,011.49 24,000.00
Health Insurance 3,552.80 3,600.00
Horsemanship 5,586.09 6,000.00
Medical Supplies 1,820.44 300.00
Payroll Tax 3,363.84 1,722.00
Recreational Supplies 8,137.40 6,000.00
Retirement 1,034.00 572.00
Salaries 23,875.00 25,500.00
Snack Shack 7,491.86 4,000.00
Travel .00 100.00
Total Program $ 98,413.36 $ 96,654.00
X Capital Expense:
Housing $ 31,378.65 $ .00
Victory Hall 1,380.39 .00
Total X Capital Expense $ 32,759.04 $ .00
X Debt Service:
Interest $ 14,831.95 $ 10,098.86
Principal 11,035.68 18,571.14
Total X Debt Service 25,867.63 28,670.00
Total Expenses 280,534.53 253,400.00
Excess of Income Over Expenditures $ 853.50 $ .00
Transfers and use of Restricted Funds 43,794.72 .00
To Net Worth$ 44,648.22 .
Note 1 - see Note 1 on balance sheet for explanation of “To Net Worth.”
Note 2 - The cash in Bank - Money Market is the monies being held for capital expenditures.
Note 3 - The Restricted Funds are the contributions received from churches and development funds less the monies disbursed to reduce notes payable and monies spent on capital expenditures.
Board of Victory Valley: William G. Schlonecker, Chairman; Clyde D. Bomgardner Jr., Secretary; Steven D. Schlegel, Treasurer; Carl J. Fischer, Jr.; Jonathan D. Reynolds; David N. Schoen; John C. Vandegriff; Timothy D. Weaber; and David L. Weller.
Report of the
Board of Pensions
The Board of Pensions recommends the following resolutions be adopted by the 114th Annual Conference of the Bible Fellowship Church:
Whereas, the MRF annuity rate for 1997 was $190.00 per year of service, and
Whereas, partial cost of living adjustments are part of the long-term phaseout strategy of the MRF, therefore be it
Resolved, that the MRF annuity rate for calendar year 1998 be $194 per year of service.
Financial Statement
Balance Sheet Year Ended December 31, 1996
12/31/96 12/31/95
ASSETS
Cash: Corestates Bank $ 15,714.17 $ 14,725.83
Vanguard Treasury Reserves 23,839.21 41,602.28
Vanguard Discount Brokerage 199,688.85 241,693.56
(Treasury Notes)
Mutual Funds 97,389.86 80,858.71
(5 different funds)
Receivables 27,834.75 15,979.63
Total Assets $ 364,466.84 $ 394,860.01
LIABILITIES 0.00 0.00
NET ASSETS $ 364,466.84 $ 394,860.01
Footnotes:
(1) Receivables represent the amount owed to the MRF for the 4th calendar quarter ending Dec. 31, 1996, which was not “Due” until Jan. 31, 1997, plus any past due amounts from the 3rd calendar quarter, plus $14,000 from the Administrative Budget.
Income Statement
Fiscal Year Ended December 31, 1996
FYE 12/31/96 FYE 12/31/95
(12 Months) (12 Months) INCOME
Administrative Budget $ 14,000.00 $ 27,000.00
Contributions from Churches 61,475.87(1) 70,158.84
Payments from Board of Missions 5,900.39(2)
Trust Fund Gain / (Loss) 29,179.49(3) 44,917.60
Increase (Decrease) in Receivables 11,855.12 12,629.46
Total Income $ 122,410.87 $ 154,705.90
EXPENSES
Retirement Payments:
Regular $ 138,322.44(4) $ 129,713.56
For Board of Missions 4,078.76(3)
Administrative Expenses 491.43(5) 938.21
MAF payments to Vanguard 9,911.41(6) 16,702.29
Total Expenses $ 152,804.04 $ 147,354.06
Increase / (Decrease) to MRF $ (30,393.17)(7) $ (18,757.25)
Footnotes:
1. This reflects membership contributions for balances due for 1995, and contributions during 1996.
2. As a service to the Board of Missions, the Board of Pensions makes payments to retired ordained missionaries. The amount received was for 1996, plus 5 months of 1997.
(3) Trust Fund Gain/(Loss) includes interest, dividends and realized/unrealized capital gains and losses.
(4) This is the total of the MRF annuity payments made to retirees for the year.
(5) Administrative Expenses are paid directly from the Board of Pensions account.
(6) This represents additional “cash outs” that could not previously be completed ($9,122.21), plus the processing by the BOP of some MAF payments that churches errantly mailed to MRF ($789.20).
(7) This represents net increase or (decrease) in the MRF Account Balance for the 12 months. The balance is expected to decrease annually, as illustrated on the Long-Term Projection graph included in this year’s Report Book.
Audited by: Wendy Lee Alderfer, Asset Planning Services, Harleysville, PA.
BFC Ministers’ Retirement Fund Projections
Status as of December 31, 1996
Starting Data & Assumptions
Total MRF Value $ 364,466.84
Valuation Date 12/31/96
MRF Annuity Annual Payout Rate (1997 Calendar Year) 190
MRF Annuity Annual Payout Rate (1998 Calendar Year) 194
Inflation Assumption 4.00%
Interest Assumption (Rate of Return on MRF) 7.00%
Annual Contribution Data & Assumptions
From Conference (via the Administrative Budget)
1997 $ 29,000 (approved at 1996 Annual Conf)
1998 30,000 (recommended to 1997 Annual Conf)
1999 thru 2024 31,200 (increases annually by inflation)
From Churches
Basic MRF Contribution 600.00 (increases periodically by inflation)
Per Capita until year 2014 6.00 (increases periodically by inflation)
Current BFC members 6,851 From the 1996 Yearbook (12/31/95 Data)
Assumed Membership Growth 0% per year
Number of Churches & Agencies 60
Beneficiary Assumptions
Cost of Living Adjustments (Gradual Phaseout):
Calendar Years COLA Factors Net COLA
1997 to 2000 80% 3.20%
2001 to 2005 60% 2.40%
2006 to 2010 30% 1.20%
2011 to End 0% 0.00%
Normal Retirement Age 65
Mortality Age Assumption (most critical) 83
If over age 83 now, number of years of life expectancy 5
Number of Current / Future / Total Beneficiaries 26 / 25/ 51
Projected Board of Pensions Annual Administrative Expenses $ 2,000
Ending Data
Last MRF Annuity Payout Required in 2031
MRF Ending Balance in that year 358,688
The ASSUMPTIONS shown above reflect the current strategy of the Board of Pensions. Annual adjustments will be made according to actual rates of inflation and investment return, as well as actual mortality.
Minister’s Retirement Fund Table (see page 209, 210).
Board of Pensions: David J. Watkins, Chairman; Willard E. Cassel, Secretary; Dennis M. Cahill, Jay H. Fasnacht, Frank L. Herb, Jr., Ellis Lee Hostetter, Keith E. Plows, William R. Singletary, Richard J. Volpe
Retirees
Report of the
Stewardship Council
The Council met twice during the period January 1, 1996 through December 31, 1996 to conduct Bible Fellowship Church Stewardship business.
The Council continues to oversee the Deferred Gift Annuity Fund managed by Mennonite Foundation. These programs were created to financially assist Fellowship Manor and some of our local churches. The combined market value of the funds as of December 31, 1996 was $70,104.97
The Council was able to meet its financial obligations during this past fiscal year, and has ended the year with a strong cash reserve of $3,366.58. During that period, no contributions were needed from the Administrative Budget or the agencies. The financial reports are included with this report.
Pastors and treasurers are encouraged to review the educational resource packet for BFC agencies and local churches titled, “BFC Planned Giving Programs”. These informational packets were designed to encourage donors to directly contact a BFC agency or their local church for assistance. A three-ring binder with copies of these packets was distributed to pastors at the 112th Annual Conference in April, 1995. Copies can be reproduced for distribution within the congregations on an as-needed basis.
As approved at the 112th Annual Confernce, beginning in 1996 and annually thereafter, the first Sunday in February has been designated as Stewardship Sunday. Pastors are encouraged to present a stewardship message during the morning worship service. A listing of Scripture verses pertaining to stewardship can be found in the three-ring binder mentioned above.
During the year, Jay H. Fasnacht submitted his resignation as Director of Stewardship Services due to his retirement out of state. Council is currently searching for a replacement.
Financial Report
Beginning Cash Balances (12/31/95)
Harleysville National Bank $ 3,467.72
Total Beginning Cash Balances $ 3,467.72
Receipts:
BFC Adminstrative Budget Support $ 0.00
BFC Agency Support 0.00
Donations 0.00
Checking Account Interest $ 53.17
Total Receipts $ 53.17
Expenses:
Travel Expenses 137.70
Administrative Expenses 16.61
Total Expenses $ 154.31
Ending Cash Balance (12/31/96)
Harleysville National Bank $ 3,366.58
Total Ending Balances $ 3,366.58
Audited by Wendy Lee Adlerfer, Asset Planning Services, Harleysville.
Stewardship Council Members: James G. Koch, Chairman (Member at Large): Richard J. Volpe, Secretary/Treasurer; Phil Atkins (Victory Valley Rep); James A. Beil (Fellowship Home Rep); Bert N. Brosius (Pinebrook Bible Conference Rep); Ralph Cole (Historical Society Rep); Jay H. Fasnacht, Director (Board of Directors Rep); Dana E. Weller (Board of Missions Rep); Carol Z. Snyder (Church Extension Rep); and Steve Schlegel (Member at Large)
Kenya where she supervised the operating room and maternity.
Report of the
Strategic Planning Committee
The Strategic Planning Committee met five times this year to move toward integrating the specific goals and objectives of the particular churches and agencies of the Bible Fellowship Church.
As a result of the Strategic Planning Committee’s presentation to the 1996 Annual Conference, the committee specifically noted the following:
1. Denominational assistance and counsel is needed for local pastors.
2. The relationship between elders and pastors can have tremendous impact on the ministry of the local church and, hence, on the denomination.
3. A serious need exists for leadership development for both local churches and the denomination.
4. Regionalization would strengthen local fellowships as it extends the ministry of the denomination overall.
5. Some “regions” already exist in the denomination.
Much consideration has been given by the Committee regarding the regionalization of the denomination. Studies have been completed of three other denominations with similarities to the Bible Fellowship Church to determine how they function with regions. Our findings show a positive impact in all three denominations as a result of regionalization.
Without desiring to reinvent the wheel, the committee reviewed the ministry already taking place in the Bible Fellowship Church by “regions” or groups of churches. Though activity and focus varies from group to group, a significant amount of work is already being done by these groups of churches.
For example: The pastors of the Lehigh Valley Bible Fellowship Churches meet monthly for prayer and discussion as well as quarterly for a pastor/pastor’s wife luncheon. The churches share resource materials, ideas, and prayer concerns. Together they provide a corporate Good Friday service and Praise Celebration.
The pastors of the New York churches meet monthly as the “Mid-Hudson Team” with the goal of ministering to the needs of their brothers, corporately promoting the Bible Fellowship Church in the Mid-Hudson region, and being a matrix by praying, promoting, and planning for areas of church planting in that area. Promotion includes such corporate events as baptismal services, retreats, and missions conferences.
The Capital Region Consortium (eight churches from mid-Pennsylvania to Delaware) have joined together not only for fellowship and encouragement, but also specifically for the purpose of mutually supporting missionaries. A monthly prayer and interaction time has proven to be of great value to this fellowship of pastors. Plans for church planting, regional activities, and shared efforts to approve and send missionaries with primary funding from these eight churches have all proven to be of great success. The Consortium is by far the most developed region in the denomination.
Other groupings of churches exist as well. The purpose of these groupings and the extent of each group’s structure and affiliation varies, but our findings show that some regionalization is already taking place within the denomination with positive results.
After prayerfully considering our findings, we believe that regionalization of the Bible Fellowship Church would strengthen the local church, our pastors, the fellowship between churches in a given area, and the denomination as a whole. Such regionalization could promote a greater sense of belonging to a part of the Body of Christ beyond one’s own congregation, a strong base for missions outreach and church planting, a nurturing atmosphere for younger and struggling churches in a region, and a forum for greater fellowship between sister churches.
With this in mind, we submit the following resolution to the Annual Conference for its consideration:
Whereas, it is God’s will that the ministry of the Bible Fellowship Church be strengthened to more effectively minister to our nation and our world, and
Whereas, numerical growth as well as the expansion of the geographical perimeters of the Bible Fellowship Church require change in leadership structures to carry out such ministry, and
Whereas, growth and leadership potential can be enhanced by the joining of mutually-connected churches within our larger fellowship of churches, therefore, be it
Resolved, that the 114th Annual Conference of the Bible Fellowship Church direct the Strategic Planning Committee to prepare legislation for regionalization in the Bible Fellowship Church at first reading for the 115th Annual Conference.
Strategic Planning Committee: Robert A. Sloan, Chairman; Richard T. Paashaus, Secretary; Daniel P. Allen; Raymond R. Dotts; Ronald W. Reed; William R. Singletary; Richard E. Taylor
An Addition to the
Report of the Strategic Planning Committee
In response to the mandate given by this Annual Conference to study the administrative structure of the Bible Fellowship Church and bring recommendations back to the 115th Annual Conference, the Strategic Planning has developed the following three stage approach:
Stage One: Leadership Summit
The Strategic Planning Committee will meet with past and present key leaders of the denomination including some of our agency heads to discuss pertinent issues related to evaluating, streamlining, and possible restructuring of the Bible Fellowship Church administrative structure. The Strategic Planning Committee will provide participants with questions for consideration prior to the Summit and will take the input from that meeting into consideration for future planning.
Stage Two: Leadership Forum
After reviewing the findings gained in the Leadership Summit, the Strategic Planning Committee will conduct an Open Forum with all Bible Fellowship Church leaders during the 1997 Ministerial Convention, September 30 and October 1 to gain further input and to present models of possible restructuring.
Stage Three: Committee Work
During the coming church year, the committee will study and synthesize their findings and will prepare proposals relating to the possible restructuring of the administration of the Bible Fellowship Church for presentation to the 115th Annual Conference. This may include development of a model of cooperative efforts between agencies and will include the concept of regionalization.
We value the input of the members of Annual Conference as we continue our work and ask that your ideas be forwarded in writing to the committee secretary.
Strategic Planning Committee, Daniel P. Allen, Chairman; Richard T. Paashaus, Secretary; Raymond Dotts, Ronald Reed, William Singletary, Richard Taylor,Dana Weller
Report of the
Board of Publication and Printing
Now it came to pass, is the way Matthew 19 starts in the New King James Version. Jesus’ life seemed to pass by rapidly and the whole thrust of the gospel writers is to leave the impression that Jesus was passing through to a destiny selected by His Father. It was a life deserving more than passing notice, however. He passed on to us His teaching, example, sacrifice, and forgiveness. We do poorly when we take a pass at passing on the gospel.
As the Board of Publication and Printing passed through the year 1996 we took a look at our past. The December, 1996 issue of Fellowship News reviewed the thirty-five years of publishing history. An interview with the original editor, Pastor David E. Thomann, and other former editors, gave us an historical perspective. Our present editor, Carol Z. Snyder, is coming to a first-anniversary mark with a year of solid progress for Fellowship News. We have been most grateful and humbled by many of you who have taken the time to tell us of the fine job she is doing. Thank you for the encouragement. Your suggestions are always welcome.
“Go ahead and hit us” is what we want you to do. We trust you will do that on your computer and not with it. The Internet web site of the Bible Fellowship Church was started this year. Our “Web Servant”, Eric Clontz, of our Wallingford Church, has invested much time in establishing this new medium. We want to especially thank Byron Barnshaw and Jerry Moyer for all their work in this project as well. Like most of our projects, it is ongoing and will continue to be “under construction”. We will need the input of the Agencies and Churches to make this truly effective. We are finding the e-mail section to be of growing interest. If we do not have your e-mail address please be sure to give it to us. Our address is www.bfc.org. The Board will be giving more attention to the development of the web page this year. A special presentation will be made at this Annual Conference on the possibilities for your church’s involvement on the BFC website.
The new Faith & Order is proving to be quite popular. The inserts containing some corrections and new material passed by the 113th Annual Conference will be made available at this conference. If you have not seen the most recent Faith & Order be sure to obtain a copy at the Board of Publication and Printing table.
While you are at the table, check out our newest booklet - Advanced Directives. This material is from the 1996 Yearbook and should prove most helpful for those who are making critical end-of-life decisions from a Christian perspective.
Last year, the Board experimented with receiving payment for the Fellowship News at Annual Conference. This seemed to strike a receptive note with many of you and we will be doing it again this year. You should be prepared to pay for not only this, but any material you purchase, and the 1997 Yearbooks you order.
The publishing work of the Bible Fellowship Church has historically been done with financing from a kind of patchwork quilt of sources - subsidies from the BFC Board of Directors; contributions from conference agencies, boards, committees, and churches; and sales of printed materials. In order to keep expenses to the churches down, the Board has never charged the full cost of production of materials and some have been provided at no expense. An example is last year’s Yearbook - we charged $6.25, but the actual cost of producing was $8.33. The source of our dilemma is not difficult to see. A commercial venture operating on this standard would have soon gone out of business.
To ease this problem and to be more responsible, the Board is planning to do the following: (1) Obtain sponsorships for each issue of the Fellowship News and the Yearbook. This option will be pursued under strict guidelines outlined in our Policy Handbook. (2) For the first time in four years, request a contribution increase for Fellowship News (25¢ per member