Journal of the Central Texas Conference, First Annual Session, Methodist Episcopal Church South Page: 37
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CENTRAL TEXAS CONFERENCE JOURNAL.
several annual Conferences on the basis fixed by the Board of Apportionment.
The amount apportioned to our Conference is $3,680.
In view of the issues raised concerning the ownership and control of our
educational institutions, your Board created at the last session of the North-
west Texas Conference at Stamford, a committee whose duty it was made to
secure an accurate statement of the financial status of all our schools within
the bounds of the Conference. Because the information contained in their
report as made to this body is to be of permanent value to thte Church, we
desire to present it herewith and ask that the editor of our Conference Journal
incorporate it, without omissions, in the published Journal. The report
reads as follows:
To the President and Members of the Central Texas Conference.
Dear Fathers and Brethren: We, your committee appointed at the last
session of your Conference to examine into the Ownership, Control, and Finan-
cial Status of our institutions of learning, report as follows:
We first sought to get a legal opinion from first-class corporation lawyers
on the question of ownership and control, but this plan we were unable to
carry out. A series of questions bearing upon the points inquired of was
then addressed to the President of each school, and upon their answers we
base our report as follows:
This is an incorporated institution with property deeded to the Polytechnic
College of the Methodist Episcopal Church, South, for educational purposes.
The deed does not contain the "Trust Clause." Control is vested in the
Board of Trustees for the use and benefit of the Church. The original Trus-
tees were constituted by the Northwest Texas Conference. Vacancies in the
Board are filled on nomination and election of the Board itself subject to the
confirmation of the patronizing Conference, according to the Board's own
"By-Laws." But at a recent meeting of the Board, October 10, 1910, the fol-
lowing resolution was passed:
Resolved, That it is the sense of this Board that Section 2, Article 4, of the
By-laws be changed at the next annual meeting of the Board so as to read as
"All vacancies in the Board of Trustees shall be filled by the patronizing
Conference or Conferences on nomination of the Boards of Education of such
Should this resolution be passed and become law, the method of election
will then be the same as in the case of our central institution at Georgetown,
the only difference being that the by-laws determine the method of election
in the one case, charter requirements in the other.
Property valuations are as follows: Buildings, $155,000; grounds, $125,000;
apparatus, library, etc., $33,000; productive endowment, $73,000. Total school
valuations, $386,000. Income from endowment, $6,500. estimated tuition from
college and preparatory schools this year, $12 000; from Conference collec-
tions, estimated, $3,800. Total estimated income for current year not in-
cluding school of ine arts, $22,300. Indebtedness for improvements, $50,000;
indebtedness for running expenses, at present nothing; by next June it will
be approximately, $7,000. Practically all of the debt for improvements is
covered by subscription notes; debt for running expenses is not provided for.
There is a mortgage for $35,000 on the property. They have $50,132 in un-
paid subscriptions, about $40,000 of which they think is good.
This is an incorporated institution, with property deeded to the Trustees
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Methodist Episcopal Church, South. Journal of the Central Texas Conference, First Annual Session, Methodist Episcopal Church South, periodical, November 1910; Waco, Texas. (texashistory.unt.edu/ark:/67531/metapth49824/m1/37/: accessed September 19, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Archives of the Central Texas Conference United Methodist Church.