Buildings

• Meeting House (valuation:  insured value building and contents. Account 1402)

• Carriage House (parish hall) (valuation:  insured value building and contents. Account 1403)

• Manse (parsonage) (valuation:  insured value building, contents tenant. Account 1404)

Building values are based on our property insurance policy coverage. 

The Bookkeeper's annual year-end update of the General Ledger is based on the insurance information provided by the Treasurer.  

• Subtract the new policy coverage amount from the old amount; this is the amount of asset Valuation Change (accounts 4905-4907)

• Make the General Ledger entries as indicated in the example.

Both endowments are administered by the Presbyterian Foundation.  Their Market Value has little influence on the church's regular operation.  While the Endowment prepares quarterly reports, OSHPC normally updates the Market Value of the endowments annually (based on the fourth-quarter reports).

The Bookkeeper posts the year-end update based on information obtained from the Treasurer:

• Take the old market values found in the General Ledger and subtract them from the new values found in the Foundation Report.  This becomes the Asset Change (accounts 4910 & 4911).  Post as in the following example, keeping the sign (rarely, the market value of the endowments may decrease).