wfn.org | Board of Pension Writes Down Building's Value

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TITLE:	Board of Pension Writes Down Building's Value

CONTACT: 	Tim Tanton
(10-71B){159}
		Nashville, Tenn. (615) 742-5473	      March 18, 1998

Board of Pension writes down
value of its building

	EVANSTON, Ill. (UMNS) -- The United Methodist Church's Board of
Pension and Health Benefits has announced a permanent reduction in the
book value of its headquarters building at 1201 Davis St.
	Recent professional appraisals of the building, reflecting
market activity for similar properties in Evanston, showed a decline in
its market value. As a result, the building's value has been written
down by $5.9 million, and the property is worth $4.65 million.
Before the adjustment, the board's 1997 operating expenses were $28.2
million -- 4 percent below the agency's budget for that year. After the
adjustment, the agency's operating expenses are $34.1 million, which
puts it at 14 percent over budget, according to Eileen Kane, director of
the treasury.
The write-down of the building wasn't a budgeted item, and the expense
will be covered by reserve funds, Kane explained.
"The impact to any participants or the plans that we administer would be
negligible at best, given the fact that this write-down is less than
one-half of 1 percent of the reserve," she said.
	The board develops and administers pension, health and
disability programs for United Methodist clergy, lay employees, church
workers and their families. With assets of more than $10 billion, the
United Methodist pension fund is among the 100 largest in the United
States.
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