Lcms National Housing Support

“The sole member of lcms national housing support corporation (nhsc) is the lutheran church missouri synod (lcms). All powers of the member, including those provided for by the nhsc bylaws, articles of incorporation, and in the laws of the state of missouri, are vested in and shall be exercised by the board of directors of the member.”

“As sole member of nhsc, lcms, has vested its powers in the board of directors of lcms. The lcms board of directors are responsible for electing at least 1/3, but less than 1/2 of the nhsc board of directors.”

“The executive committee shall have authority to act for the board of directors in all matters delegated to it by specific action or by policy of the board of directors, except as limited below. Any action taken by the executive committee pursuant to the powers granted may be accepted as a valid act of nhsc by any party dealing with the organization. The following governance decisions may not be undertaken by a committee of the board, including the executive committee: 1. Authorize distributions to directors, officers, agents or employees except in exchange for value received; 2. Approve dissolution, merger or the sale, pledge or transfer of all or substantially all of the corporation's assets; 3. Unless otherwise provided in these bylaws or the articles of incorporation, elect, appoint or remove directors or fill vacancies on the board of directors or on any of its committees; or 4. Adopt, amend or repeal the articles or bylaws.”

“The organization's form 990 is prepared by the independent accountant and is initially reviewed by the president. Questions and concerns are addressed and any required changes are made. The form 990 is then made available to the board of directors and/or the executive committee prior to filing with the irs.”

“The approved policy governance manual requires the nhsc board at its scheduled meetings to review sections of its policy on a rotating basis. An audit committee will also be responsible for monitoring compliance with policies.”

“Compensation comparables are determined by the lcms human resources department. The board approves the annual budget including salary increases.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“As of june 30, 2021, lcms national housing support corporation (nhsc) business was officially concluded and all operations and remaining equity was transferred to its related organization lutheran church - missouri synod. The nhsc board of directors concluded it was no longer financially feasible for nhsc to remain a viable entity and decided to cease operations.”

“Change in value of split interest agreements 117,239.”

“The executive committee and/or the board of directors assumes responsibility for oversight of the audit of the financial statements and the selection of the independent accountant. The process has not changed since the prior year.”