ࡱ>  1bjbjR>R> '0T_0T_z 8LVctbbbbbbb$dgb"bcdbb^b]?`8b&c0Vc`hULhpbhb(bbVch X L:   Presbyterian Church (U.S.A.) CAPITAL ASSETS POLICY AND GUIDELINES Mission Support Services March 1995 CAPITAL ASSET POLICY AND GUIDELINES TABLE OF CONTENTS Policy 4 Guidelines 5 1. Introduction 5 2. Capital Asset Definition 5 3. Capital Asset 5 3.1 Asset Categories 5 3.2 Significant-Value Criteria 6 3.3 Maintenance and Modifications 6 3.4 Fully Depreciated Assets 6 Determining Value of Capital Assets 6 4.1 Purchased Capital Assets 6 4.2 Donated Capital Assets 7 Depreciation of Capital Assets 7 Items Previously Expended Transitional Policy 8 The Capital Assets Master File 8 Recording Additions, Retirements, Losses and Transfers 8 8.1 Additions 8 8.2 Retirements 8 8.3 Losses 8 8.4 Transfers 9 Accounting for Improvements 9 How Capital Assets will be Identified 9 10.1 Asset Tags 9 10.2 The Capital Assets Master File 9 Reports Available From Asset Master Files 10 Review and Reconciliation The Assets Master File 10 12.1 Physical Inventory 10 Funding Capital Asset Acquisitions 10 13.1 Unified Programs 10 13.2 Non-Mission Entities/Programs: 11 Annual Expenditure Limit 11 14.1 The Maximum Allowable 11 14.2 Exceptions to the Limit 11 Capital Budget Committee 12 Placement Classification and Priority Criteria 12 Classification: 12 Priority 12 Capital Budget Development Process 12 Capital Budget Request Forms 12 MSS, Controllers Area, Capital Asset Coordinator 13 The Capital Budget Committee (CBC) 13 The Controllers Area, Capital Asset Coordinator 13 The Mission Support Services Committee 13 Emergency Needs 13 Procedures 13 Expenditure Request Process 13 Emergency Expenditures Request Process 14 Exception Process 14 Requisition Voucher Purchase Process 14 Fixed Asset Purchases: 14 Office of the Controller 15 Purchase Process 15 The Controllers Area, Capital Asset Coordinator 15 Once the Order is Placed 16 All Items other than Computer Equipment 16 All Computer Equipment 16 All Invoices 16 Information Verification 16 Process for Disposal or Transfer of Capital Assets 16 Disposal by Transfer, Trade, Sale, Donation, Scrap 16 Surplus Furniture and Equipment 17 Lost or Stolen or Damaged Assets 17 Guidelines for Disposal of Fixed Assets 18 Guidelines for Disposal of Capital Assets 18 The Capital Asset Committee, Disposal Approval 18 Disposal of a Fixed Asset 18 Trading of Fixed Assets 19 Junking of Fixed Assets 19 Appendix A (See Attached Forms) 20 CAPITAL ASSET POLICY AND GUIDELINES POLICY In order to maintain prudent stewardship of assets of The Presbyterian Church (U.S.A.) (the Church), to protect the Churchs legal interest and to clarify the proper processing of all Capital Assets (property, plant and equipment), these policies and guidelines are to be reviewed and followed when Capital Asset transactions are incurred on behalf of the Church. It is the policy of the Church that all additions of Capital assets should be properly authorized. Expenditures for tangible assets used actively in Mission operations that benefit a period exceeding one fiscal year should be capitalized. Accurate records should be maintained of each acquisition and disposal of property, plant and equipment as to the cost, accumulated depreciation and reserve funding. GUIDELINES 1. Introduction This Capital Assets Policy affirms a commitment to manage the Churchs resources in ways that permit their most effective and appropriate mission use in keeping with the Book of Order provision (G-8.0201) that all property is held in trust for the use and benefit of the Presbyterian Church (USA). 2. Capital Asset Definition Capital Assets (fixed assets) for the Presbyterian Church (USA) are defined as those: That PC(USA) has title to. That are used for ingoing PC(USA) mission activity. That are tangible. That have a useful life longer than one year. That have a significant value. An asset being held for investment is not a Capital Asset. For example, a building donated expressly for the purpose of having the proceeds of its sale donated to PC(USA), is not a Capital Asset; it will be classified as an investment in real estate. 3. Capital Asset 3.1 Asset Categories For identification of capital assets and depreciation purposes the Church defines assets by the following categories: 1. Equipment - personal computers, mainframes, lap-tops, printers, typewriters, cameras, TVs other electric office equipment, telephone systems, media equipment, etc. 2. Furniture & Fixtures - office and warehouse furnishings, desks, chairs, tables, cabinets, carpeting, window coverings, etc. 3. Cubicles - panels, attached work surfaces, desks and overhead cabinets. Vehicles - cars, vans, trucks, farm and ranch equipment, tools, etc. 5. Building Equipment U heating, air conditioning, elevators, electrical, etc. 6. Building  - includes building and improvements 7. Software & Software Development - purchases of computer software and internal development of software 8. Miscellaneous - includes art, mineral and oil leases, books, historical artifacts, etc. Significant Value Criteria The value of $100 has been adopted as the significant-value for identification and record keeping for all assets. The value of $5,000 has been adopted as the significant-value for capital budgeting, capital funding, and depreciation records. The value will be determined by adding up all the components of a single asset. Thus, a personal computer cost would include: the cost of the CPU, monitor, keyboard, mouse, and internal or external add ons. 3.3 Maintenance and Modifications Maintenance or modifications which extend the useful life of an asset will be capitalized. For example if a major component (i.e. Units of the A9 Mainframe were upgraded to the A12 Mainframe) of an asset is replaced or upgraded and its replacement or upgrade extend the life of the previous component the new addition will be capitalized. 3.4 Fully Depreciated Assets Fully depreciated assets that have outlived their estimated useful life based on the formula (see Sec. 5) will be recorded on the fixed asset system at the initial cost. An adjustment will be made to reflect the current value of the asset based on estimated useful life. This will provide the fixed assets database with consistent information regarding all assets of PC(USA), as well as a basis for future replacement planning. 4. Determining Value of Capital Assets 4.1 Purchased Capital Assets The value of capital assets acquired will be recorded and maintained at cost. Associated costs of acquiring a capital asset (transportation, installation, architects and engineers fees, construction and supervision costs, software development costs, etc.) will be included in the value of the asset. The cost records will be retained on the books until the asset is disposed of or retired. When disposed of or retired the records will be retained in an inactive category for informational purposes. 4.2. Donated Capital Assets The value of fixed assets acquired by donation will be recorded and maintained at their value at the time of acquisition. Cost records for donated capital assets will be retained on the books until the asset is disposed of or retired. In the case of gifts or contributions, the items will be recorded at the appraised or reasonable value at the time received. When cost figures are not available, estimated costs may be used. Like items in similar condition can be valued equally. For example: two desk of approximately the same age and condition for which the value of one can be ascertained can be assigned the same value. 5. Depreciation of Capital Assets The recording of depreciation of capital assets is an important basis for replacement planning. Reports on remaining useful life will be used by management, to plan for the retirement of capital assets. Actual replacement funding of capital assets is a financing decision, which will not affect the current costs of providing the program or support services; and therefore, must be made by the General Assembly Council of the Church. Depreciation is to be computed on a straight-line basis using the estimated useful life in the following categories and depending on the specific capital asset: 1.) Equipment 5 years to 12 years 2.) Furnishings 10 years 3.) Cubicles 20 years 4.) Vehicles 3 years to 5 years 5.) Bldg Equipment 20 years to 30 years 6.) Building 20 years to 50 years 7.) Software 5 years to 12 years 8.) Miscellaneous Variable 6. Items Previously Expended Transitional Policy Capital assets, which were previously expended in a prior-year budget, will be entered on the capital assets system at cost. The net book value will be carried on the books of PC (USA) through an adjustment to account for accumulated depreciation to date. Desks, chairs, file cabinets, cubicles, carpet etc. purchased in bulk for the move to 100 Witherspoon have been capitalized and are defined as Standard Office Furniture. 7. The Capital Asset Master File The master file for the capital assets system will be maintained by Mission Support Services. This facilitates collection of data and centralizes the financial reporting function. The Controllers Area, Capital Asset Coordinator will perform this function. 8. Recording Additions, Retirements, Losses And Transfers All additions, retirements, losses or transfers of capital assets will be handled as follows: 8.1 Additions by purchase, gift, contribution or other manner will be assigned a value, asset number, location and responsible party. The remaining detail required by the capital asset master file will be recorded by the receiving party or responsible person. The appropriate form will specify each of these items as required or optional. Complete this form and forward it to the Mission Support Services, Capital Asset Coordinator. 8.2 Retirements of capital assets must be reflected by adjustments to the capital assets records on the database. Adjustments to the database will reflect the residual value (if any), original value, asset number, location and responsible party. The responsible party will approve the retirement transaction. 8.3 Losses of capital assets must be reflected by adjustments to the capital assets records on the database. Adjustments to the database will reflect the residual value (if any), original assigned value, asset number, location and responsible party. The responsible party will report and approve the loss transaction. 8.4 Transfers of capital assets to any unit other than the one for which it was originally intended must be reflected by adjustments to the capital assets records of the database. Location of the capital asset does not indicate ownership. All capital assets are owned by PC (USA). Adjustments to the database will transfer the residual value (if any), original assigned value, asset number, location and responsible person to the new unit and responsible person. The responsible parties will approve the transfer transaction. 9. Accounting For Improvements Additions to capital assets, which extend the life or service potential of the capital asset are to be capitalized. Improvements, major repairs or partial replacement of furniture, fixtures or equipment which extend useful life or increase the asset potential are to be capitalized. 10. How Capital Assets Will Be Identified 10.1 Asset tags will be attached to each capital asset owned by PC(USA). The tag will have the assigned asset number from the master asset file. 10.2 The capital assets master file will contain the following information about the assets where available and possible. An individual unique asset number Category code Location code: by division, office and room number Person with custody or office of asset location Date of acquisition Description, model or type and manufacturer Cost Vendor number, PO, and invoice number Fund from which the asset was purchased Method of acquisition purchase, gift, leased Estimated life Date, method, and authorization of disposal Maintenance and warranty information 11. Reports Available From Asset Master Files Asset addition report Asset retirement report Depreciation report Asset transfer report Insurance valuation report Asset maintenance report Leased assets 12. Review And Reconciliation The Asset Master File 12.1 Physical Inventory A physical inventory of all assets will be taken annually. The duty to conduct this inventory is that of the Controllers Area, Capital Assets Coordinator. The resulting report of physical inventory will be reconciled to the fixed assets master file. Differences from the prior years records will be resolved, i.e., if it is discovered that certain assets are missing, an investigation will be conducted to locate them. If they cannot be located, the asset record must be reduced by the book value of the missing assets, and the subsidiary records adjusted accordingly. Reconciliation of the fixed assets database to the general ledger fixed assets accounts will be completed after the annual physical inventory. 13. Funding Capital Asset Acquisitions The Capital Reserve Fund will be established and used to fund purchases of all capital assets with a total purchase value per item or unit of $5000 or more. 13.1 Unified Programs: The Capital Reserve Fund will be funded each year by a contribution from Unified or Unrestricted Funds. Interest earned by the Capital Reserve Fund and gain or loss on the disposal of a capital asset shall accrue to the Capital Reserve Fund. The maximum annual contribution will be calculated by the actual cost of each asset in each category listed in the inventory, and dividing that amount by the assigned life of that category. Once the reserve fund has received an amount equal to the total cost of an asset, no further charges shall be made for that asset. The interest earned and the gain or loss on disposal shall be considered in determining the annual contribution to the reserve fund. Mission Support Services staff will calculate and report to the Mission Support Services Committee the amount needed in the Capital Reserve Fund from the Unified or Unrestricted Funds which will be used to approve the Capital Budget of all capital purchased of $5000 or more. Since the responsibility for capital purchases has been transferred to the Capital Reserve Fund, Unified budget entities will no longer have a capital purchases budget. 13.2 Non-Mission Entities/Programs: Non-Mission entities whose rent includes an amount for replacement of Standard Office Furnishings must follow these procedures in replacing said Standard Office Furnishings. Items in addition to standard furnishings are the responsibility of that entity. 14. Annual Expenditure Limit 14.1 The maximum allowable for capital asset expenditures in a given year, for each category shall be computed as follows: Equipment 20 % of gross asset value within each category. Furniture & Fixtures 10% of gross asset value within each category. Cubicles 5 % of gross asset value within each category. Vehicles 33 1/3 % of gross asset value within each category. Building Equipment 5 % of gross asset value within each category. Building at 100 Witherspoon Capital improvements and replacements of major building systems such as roof, plumbing and other major once in a decade items shall be funded through the Capital Reserve Fund. Software and Software Development 20 % of gross asset value within each category. 14.2 Exceptions to the limit will be decided by the approved budget procedures. 15. Capital Budget Committee The Capital Budget Committee (CBC) will be established. The CBC is composed of one representative each from the Controllers Area, the Divisions, OIS, Property Services, and the Accounting Department. The Capital Budget Committee will be responsible for review of, and asset purchase priority placement in the capital asset budget. 16. Placement Classification And Priority Criteria The following criteria will be used to classify the fixed assets as to their priority placement for acquisition: 16.1 Classification: Replacement - an asset of the same general type and grade as the asset being retired Upgrade an asset of a significantly more expensive or sophisticated type or grade than the asset being retired Addition an asset of a new type, which is not replacing any other assets 16.2 Priority: Asset is essential to the operation of the unit and not purchasing would impair the units ability to function. Asset is to be used for new special project and not purchasing it would impair the units ability to begin work. Asset is replacing an outdated but functional asset which would eventually break down and create an emergency. Asset would improve the efficiency of staff; not purchasing, would inhibit staffs development of capabilities. Asset is an upgrade and beneficial to entity, but would not impair or prevent the flow or quality of work. 17. Capital Budget Development Process 17.1 Capital Budget Request Forms (see Appendix A) will originate with divisions. The forms will be prepared and submitted by September 1st of each year to the Controllers Area, Capital Asset Coordinator. The forms are for all Capital asset items of $5,000 or more. 17.2 MSS, Controllers Area, Capital Asset Coordinator will review the Capital Budget Request Forms for completeness, assign a preliminary order based on the Placement Classification and Priority Criteria (see Section 16) of each funding Category (Sections 3.1 & 5) and submit the forms to the Capital Budget Committee. 17.3 The Capital Budget Committee (CBC) will review all Capital Budget Request Forms submitted. The CBC will approve the requests on an item-by-item basis by classification and criteria order. The final recommendations of the committee will be returned to the Controllers Area, Capital Asset Coordinator. 17.4 The Controllers Area, Capital Asset Coordinator will compile all Capital Budget Request forms into a single display, and submit as the Proposed Capital Budget to the Corporate Administrative Services Committee for approval. 17.5 The Mission Support Services Committee will make the final recommendation as to the priority of needs and how they can be funded using the Placement Classification and Priority Criteria (Section 16) based on the approved recommendations submitted by the Capital Budget Committee. 17.6 Emergency Needs: The Corporate Administrative Services Committee shall include a category for emergency needs equal to 10% of the approved budget for each classification to cover emergency request. The Corporate Administrative Services Committee may also approve requested changes to the original capital budget throughout the fiscal year within expenditure limits for the year. PROCEDURES 18. Expenditure Request Process All fixed assets with a total purchase value per item of $5,000 or more will be purchased and paid upon their approval from the existing Capital Budget line. The total cost of an asset (e.g.: a PCs monitor, CPU, keyboard, mouse etc.) will be calculated as one cost. Items of equipment or furnishings with a total purchase value per item of less than $5,000 will be provided for within the Mission Budget allocation of each entity. All requests for furniture and equipment expenditures will be submitted to the MSS Controllers Area, Capital Asset Coordinator. The request will be reviewed and compared with the approved capital budget, and/or with the fixed asset inventory (to assure that no unused fixed assets are available which could suit the needs of the requesting unit) Inventory control for capital purchases will be maintained by Corporate & Administrative Services staff. 19. Emergency Expenditures Request Process Emergency Expenditures: Emergency requests for items not previously budgeted, shall be for replacement or start-up needs only. And, depending upon funds available, shall be funded upon approval of the GAC Executive Director. 20. Exception Process If an entity believes that its situation requires an exception to the procedures in this document, it must have that exception receive prior approval by the Corporate Administrative Services Committee. 21. Requisition Voucher Purchase Process When a decision is made to purchase equipment, furniture, PCs, camera equipment, etc. the following procedures will be followed. Purchase requisitions shall be submitted by all Divisions before the order is placed. 21.1 Fixed Asset Purchases An asset purchase requisition An Asset Purchase Requisition Form (see Appendix A) and when applicable (trade in) an Asset Disposal/Loss Report Form (Appendix A) will be prepared along with the Purchase Requisition by the Divisions including the proper authorized signatures and budget codes. These form(s) will be submitted to the Controller. The Controllers Area, Capital Asset Coordinator will check the requisition for adequate account numbers being charged, and sufficient amount of money in the units budget to pay for the request. Items costing less than $5,000 will be checked against the units Expense Budget. Items costing more than $5,000 will be checked against the Capital Budget. 21.2 Office of the Controller The Controllers Area, Capital Asset Coordinator will check the asset listing to see if an item is available from somewhere within the PC(USA) structure and if this item will meet the requirements of the asset desired, without having to purchase a new item. If this can be accomplished, and after consultation and acceptance by the requesting unit; the requisition process will end at this point. If the asset must be purchased, and the money is to come from the Capital Reserve Fund; (items costing more than $5,000) the Controllers Area, Capital Asset Coordinator will determine the appropriate classification (replacement, upgrade, addition), check the Capital Budget to determine whether the item was previously budgeted through the Capital Budget and process according to the procedures for purchases. If the item was not previously budgeted, the Controllers Area, Capital Asset Coordinator will classify the item as to its placement under the Placement Criteria (section: 16) and submit to the Capital Budget Committee for processing and submitted to Mission Support Services Committee for final budget change approval. 22. Purchase Process 22.1 The Controllers Area, Capital Asset Coordinator will forward all orders to: OIS for Computer equipment: If the request is for computer equipment, the Controllers Area, Capital Asset Coordinator will send the purchase requisition to OIS for their verification of compatibility to the present computer system. After OIS approves, by authorized signature, the purchase requisition, it will be sent to Purchasing to have the order placed with an authorized vendor. Media Services for Media equipment: If the purchase is for media equipment, the requisition will be sent to the Media Services department for their verification of need and compatibility to the existing equipment. After Media Services approves, by authorized signature, the purchase requisition, it will be sent to Purchasing to have the order placed with an authorized vendor. Purchasing for all others: If it does not meet one of the above conditions, the requisition is sent to the Purchasing Department where a purchase order number will be assigned and a purchase order prepared order prepared and signed by a Purchasing Supervisor. The order will then be placed with an authorized vendor. 22.2 Once the order is placed; copies of the purchase order will be sent to the Receiving Department and to the Controllers Area, Capital Asset Coordinator along with whatever documentation is needed to explain the purchase action. 22.3 All items, other than computer equipment, shall be received into the building only by the Property Management. The receiving department will complete a receiving ticket and send a copy to the Controllers Areas, Capital Asset Coordinator along with copies of packing slips included with the items. 22.4 All computer equipment shall be received into the building only by the OIS Department. OIS will complete a receiving ticket when the equipment is installed and signed for by the end user. OIS will send a copy to the Controllers Area, Capital Asset Coordinator along with copies of packing slips included with the items. 22.5 All invoices shall be sent to the Controllers Area for review and processing of Capital asset purchases. Information verification: Once the invoice is received and all the information verified; the Controllers Area, Capital Asset Coordinator will verify the item with the purchasing entity, tag the item with an asset number, record purchases in the inventory file and prepare an Accounts Payable voucher and forward to the Accounts Payable Department. 23. Process for Disposal or Transfer of Capital Assets Disposal by Transfer, Trade, Sale, Donation, Scrap When a division or other PC(USA) entity decides to dispose of an asset, they will contact the Controllers Area, Capital Asset Coordinator. The Capital Asset Coordinator will develop one of several alternatives (see examples given) for the asset, as well as record the disposal in the master file. No credit or salvage value will be given to an entity for the disposal of an asset. If a salvage amount is derived, it will be credited to the Capital Asset Reserve fund. Examples: Transfer to another entity which does not have equipment and has use for it, or exchange if model is newer or of higher grade. This would be done at no charge to the receiving entity. Explore trade in value. Hopefully, this will allow the opportunity to produce a salvage value from the disposal. Sell the asset. Consideration will be given to congregations, employees, etc. who are willing to pay the freight and/or the repairs. (This will be coordinated through Property Management or the entitys regional offices). Donate the asset to outside entities that have requested this type of asset. Scrap the asset. Junk or sell for scrap or parts. Computers (PCs etc.) that are not cost effectively repairable, may be assigned to OIS to be used for spare parts to repair others. Surplus Furniture and Equipment Surplus furniture and/or equipment derived from the closing of an office or regional site will be held and used for: Upgrading existing equipment in other offices or units. b. Filling request for additions. In lieu of new purchase. The Controllers Area, Capital Asset Coordinator will provide a monthly report on surplus equipment to be reviewed by the Capital Budget Committee. Lost or Stolen or Damaged Assets The person involved will do the following. The order of which depends on the circumstances. Notify Division Director, Insurance/Risk Department, building or airport security and or police and obtain copies of their report. Obtain damage/repair estimate, and insurance coverage information. Fill out an Asset Disposal/Loss report attaching all back-up documentation and submit to the MSS Controllers Area, Capital Asset Coordinator. Damaged items will be kept and repaired, or disposed of according to (Section: 23.1) above. Guidelines for Disposal of Fixed Assets Purpose: to provide information for recording the disposal of Capital Assets (building equipment, cubicles, furniture/fixtures and equipment, computers and autos (fixed assets)). These guidelines do not relate to property held for investment. Guidelines for Disposal of Capital Assets In order to maintain and properly report Presbyterian Church (USA), A Corporations investment in capital assets, the Capital Asset Coordinator should be notified by the appropriate staff members when a capital asset is no longer needed or is not in existence (e.g., item has become obsolete, worn out, lack of need, theft.) The Capital Assets Disposal Form (see Appendix A) should be completed and submitted to the Capital Asset Coordinator as soon as the item is no longer needed or is no longer in existence. All assets will remain on the books until they are sold, traded, or discarded. The Capital Asset Committee, Disposal Approval The Capital Budget Committee will approve the disposal of capital assets. The Controllers Area, Capital Asset Coordinator will provide a monthly report on capital assets to be disposed of, for review by the Capital Budget Committee. Disposal of a Fixed Asset When a fixed asset item is no longer needed, the Capital Asset Disposal Form must be completed, approved by the Division Director and submitted to the Capital Asset Coordinator. The Capital Asset Coordinator will offer the asset to other mission areas for transfer on a first come, first serve basis. If a mission area requests transfer of the asset to their mission area, the transfer portion of the Capital Asset Disposal Form will be completed by the Capital Asset Coordinator. If no mission area is interested in the asset(s) for mission purposes, then the item will be added to list(s) of items to be sold, traded, donated or junked based upon their condition. Items that cannot be utilized for mission purposes or traded in on new equipment will be sold based on a sealed bid process. All items are sold as is. The buyer will pay any shipping and handling cost. A bid number will be assigned to each item that is to be sold. A listing of items to be sold will be distributed. The list will detail the bid number, asset number, description of item, minimum bid if required. The potential buyer should submit their bid by writing it in the appropriate space provided. The Bid Sheet will be attached to a letter from the Director of Mission Support Services or designee authorizing the sale. The letter will list the dates for bidding, where to inspect the items that are for sale, where bids are to be sent, method of payment, and when and where to pick up the items and any other information about the sale. Capital Asset Coordinator will record transaction in the general ledger. Trading of Fixed Assets If an item can be traded in on new equipment (and the trade was not anticipated in the budget and asset purchase request, it must be reviewed by the Corporate Budget Committee if timely or by the Director of Mission Support Services or designee if timeliness is more important, before the trade-in is authorized. Junking of Fixed Assets Computers (PCs, etc.) and equipment that are not cost effectively repairable, may be assigned to OIS or facilities Management to be used for spare parts. The Corporate Budget Committee must authorize the disposal of items to be junked. Surplus fixed assets derived from the closing of a mission office or regional site will be held and used to: Upgrade existing equipment in other mission offices or areas. Fill request for additions, lieu of new purchases. 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