Report of the Board of Directors, Bible Fellowship Church
The Board of Directors of the Bible Fellowship Church met at four regular meetings throughout the year. A joint meeting was requested by the Stewardship Council to consider a Memorandum of Understanding and Investment Management Agreement with Mennonite Foundation, Inc.
Another special meeting included the Board of Directors of the Bible Fellowship Church, Board of Missions, Ministerial Relations Committee and Representatives from Presbyterian Ministers’ Fund to review the Ministers’ Retirement Fund, to consider Group and Individual Disability Plans and to consider Financial Planning for the Bible Fellowship Church, Churches and/or Pastors. The results of the above meeting included a resolution for the Board of Directors to provide a census and all assets of the Ministers’ Retirement Fund to Presbyterian Ministers’ Fund for review and preparation of a Pension Plan and/or Disability proposal for the Bible Fellowship Church. This was done and may produce some substantive proposals in the future.
Counsel and/or financial arrangements were duly taken care of for various churches and ministries as follows:
- Pinebrook Junior College. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . refinancing
- Wappingers Falls, NY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . land acquisition and mortgage
- Newark, NJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . property appraisal
- Holmes, NY. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . finance review
- Howell, NJ. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . title transfer – completed
- Sinking Spring. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . corrective deed – completed
- Camden, DE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . title transfer request
- Mt. Pocono. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . land acquisition and mortgage request
- Victory Valley. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . loan for pool refurbishing
- Fellowship Manor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . additional loan agreement of $300,000 with Merchants Bank of Allentown, PA
- Stewardship Council. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . approved Memorandum of Understanding and Investment
Management Agreement with Mennonite Foundation, Inc.
The funds held by the Board of Directors of the Bible Fellowship Church are deposited with the Farmers First Bank of Lititz, Pennsylvania. The accounts were audited by Walter A. Davis.
We recommend the Annual Conference adopt the following:
1. That payments from the Ministers’ Retirement Fund beginning October 1, 1989 be at the rate of $156.00 per year of service up to 40 years of service for which the retiree is eligible.
2. That the Administrative Budget for 1989-90 be approved for the year beginning October 1, 1989.
3. That the proposed Administrative Budget for 1990-91 be approved for circulation and solicitation of pledges, which are to be made by April 15, 1990.
4. The rate of mileage reimbursement remain at $0.18 per mile.
5. That the Ministers’ Retirement Fund percentage of contribution be established at 3% (second reading, page 14, 1988 Yearbook).
6. That each church be requested to provided its directory and mailing list and periodic additions to create a mailing list for each agency to use no more than three times in two years to inform all our people of its ministry and to seek to recruit their interest in that agency. (see page 26 – “Agency Recommendation to Annual Conference”)
7. The following recommendation is presented:
Whereas, the Board of Directors of the Bible Fellowship Church Home petitioned the Board of Directors of the Bible Fellowship Church to obtain a loan from the Merchants Bank, Allentown, PA to the maximum amount of three hundred thousand dollars, ($300,000.00) to provide working capital for Fellowship Manor, and
Whereas, Merchants Bank, Allentown, PA granted the loan on June 29, 1989 with the stipulation that one hundred thousand dollars, ($100,000.00) be paid on the principal at the end of each of the three years. The interest rate of 12% per annum. If the Board of the Home is not able to meet the schedule of payments, the Bible Fellowship Church, Inc. guarantees payment according to the above terms, therefore, be it
Resolved, that the 106th Annual Conference meeting at Pinebrook Bible Conference ratify the action taken by the Board of Directors of the Bible Fellowship Church in obtaining a loan of three hundred thousand dollars, ($300,000.00) from Merchants Bank, Allentown, PA for the Board of the Home for the operation of Fellowship Manor, and further be it
Resolved, that we support the ministries of the Board of the Home, the Home in Nazareth and Fellowship Manor in Whitehall Township, with our prayers, patronage, gifts and offerings to liquidate the present indebtedness.
Board of Directors, Bible Fellowship Church: Jansen E. Hartman, President; Carl C. Cassel, Vice-President; Harvey J. Fritz, Jr., Secretary; Horace A. Kauffman, Financial Secretary; Robert W. Gehret, Treasurer; James A. Beil, Hospitalization Secretary; Bert N. Brosius; Jay H. Fasnacht; L. James Roberts, Jr.