<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000916490
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0
000 J000000 A
001 A000000 THE TIMOTHY PLAN
001 B000000 811-8228
001 C000000 8008467526
002 A000000 1304 WEST FAIRBANKS AVENUE
002 B000000 WINTER PARK
002 C000000 FL
002 D010000 32789
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008 A00AA02 SYSTEMATIC FINANCIAL MANAGEMENT, L.P.
008 B00AA02 S
008 C00AA02 801-18299
008 D01AA02 FORT LEE
008 D02AA02 NJ
008 D03AA02 07027
010 A00AA01 FPS SERVICES, INC
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010 C01AA01 KING OF PRUSSIA
<PAGE> PAGE 2
010 C02AA01 PA
010 C03AA01 19406
011 A00AA01 FPS BROKER SERVICES, INC.
011 B00AA01 8-41540
011 C01AA01 KING OF PRUSSSIA
011 C02AA01 PA
011 C03AA01 19406
012 A00AA01 FPS SERVICES, INC.
012 B00AA01 84-932
012 C01AA01 KING OF PRUSSIA
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013 A00AA01 TAIT WELLER & BAKER
013 B01AA01 PHILADELPHIA
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015 A00AA01 THE BANK OF NEW YORK
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020 A000001 INVESTMENT MANAGEMENT & RESEARCH, INC.
020 B000001 59-1531281
020 C000001 29
020 A000002 SOUTHWEST SECURITIES
020 B000002 75-1382137
020 C000002 2
020 A000003 BEAR STEARNS & CO.
020 B000003 13-3299429
020 C000003 1
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022 A000001 INVESTMENT MANAGEMENT & RESEARCH, INC.
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022 C000001 3084
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022 A000002 BANK OF NEW YORK
022 B000002 13-4941102
<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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SIGNATURE GRETCHEN B. ZEPERNICK
TITLE CORP COMPLIANCE ADMN
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000916490
<NAME> THE TIMOTHY PLAN
<SERIES>
<NUMBER> 1
<NAME> INSTITUTIONAL CLASS
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<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 10727008
<INVESTMENTS-AT-VALUE> 11646681
<RECEIVABLES> 26800
<ASSETS-OTHER> 356
<OTHER-ITEMS-ASSETS> 60658
<TOTAL-ASSETS> 11734495
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<ACCUMULATED-NII-CURRENT> (5680)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 201664
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<SHARES-REINVESTED> 5687
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<INVESTMENTS-AT-VALUE> 11646681
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<SHARES-REINVESTED> 2022
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</TABLE>
Exhibit 99
[LETTERHEAD TAIT, WELLER & BAKER]
Certified Public Accountants
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ON INTERNAL CONTROL
STRUCTURE
Shareholders and Board of Trustees
The Timothy Plan
Winter Park, Florida
In planning and performing our audit of the financial statements of The
Timothy Plan for the year ended December 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control structure.
The management of the Trust is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of
the objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition, and that transactions are
executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses, as
defined above, as of December 31, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission, and should not be used for any other
purpose.
TAIT, WELLER & BAKER
Philadelphia Pennsylvania
January 17, 1997
