United Lutheran Seminary Endowment Foundation

“The executive committee has authority to act on behalf of the governing body. Any actions taken are reported to the full board at the next meeting.”

“Leslie hobbs, director and rev roland hobbs, director, have a family relationship.”

“The sole member of the organization is the united lutheran seminary.”

“The united lutheran seminary appoints the board members for the organization.”

“The sole member of the corporation, united lutheran seminary, shall have the rights set forth in the nonprofit corporation law of 1988, as amended, except as provided otherwise in the articles of incorporation or bylaws of the corporation. The interest of the sole member shall be non-assignable. In addition to all of the matters required by law or by other provisions of these bylaws to be approved by the sole member of the corporation, the sole member may initiate and implement any proposal with respect to any of the following, and if any proposal with respect to any of the following is otherwise initiated, it shall not become effective unless approved by the sole member of the corporation. * the election or removal at any time and without cause of any director of the corporation; * any alteration, amendment or repeal of or to the articles of incorporation or bylaws of the corporation; * any unbudgeted borrowing, encumbrancing of assets, or any capital expenditures in excess of such amount as the sole member may designate from time to time, or any other action not in the ordinary course of the corporation's activities; * approval of the corporation's strategic plans; and * approval of the sale, purchase, lease or encumbrance with debt in any way, of real property of the corporation in excess of such amount as the sole member may designate from time to time.”

“A detailed review of form 990 is performed by the treasurer of the corporation prior to the form being filed. Copies of the 990 are distributed electronically to all members of the board before the return is filed.”

“The corporation has a conflict of interest certification that all board members must sign annually. These are monitored by the chair of the board and reviewed annually. If a conflict arises it is brought to the board chair and discussed. A determination is then made as to whether or not the board member has a conflict that requires removing the board member from his or her position. The policy also explicitly states that family and business relationships with interested persons must be reported.”

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