Liberty Lutheran Foundation

“The foundation delegates its administrative and management functions to its parent organization (a not-for-profit corporation) under the affiliate agreement dated january 1, 2001. In accordance with announcement 2001-33, total fees incurred for these services for the reporting year were $120,250, and were reported on form 990, page 10, part ix, line 11a.”

“The corporation shall have one member. The sole member shall be liberty lutheran services.”

“The executive committee of the board of directors of the member shall serve as the board; provided that the member may in its discretion appoint up to six (6) additional directors, who may but need not be members of the board of directors of the member (the "appointed directors"). If at any time the executive committee of the member is not constituted, the member shall appoint the directors, from among the members of its board of directors, for such terms as the member determines.”

“The approval of the member shall be required for any of the following actions by the corporation: any merger, dissolution, or liquidation of the corporation; any amendments to the articles of incorporation or bylaws of the corporation; the sale, pledge, lease (but only a lease from the corporation of substantially all of the corporation's real property), or other transfer of the assets of the corporation other than transactions occurring in the ordinary course of business; the adoption of the corporation's annual capital and operating budgets; the issuance or assumption of any indebtedness in excess of fifty thousand dollars ($50,000) by the corporation; the execution of any contract providing for the management of the corporation; and any material change to the business or programs of the corporation.”

“No review will be conducted by the governing board. However, the final form 990 is reviewed in detail for accuracy and signed by the chief financial officer of liberty lutheran services (parent organization).”

“Every year the conflict of interest policy is reviewed with the board and senior level staff. They are required to complete a conflict of interest disclosure. The corporate compliance officer reviews all potential staff conflicts. The executive committee of the board reviews all board conflicts. When a conflict of interest arises, the board shall permit the interested person to make a presentation at the board meeting and after the presentation, the interested person leaves and the board votes on an arrangement that results in the conflict of interest. If appropriate, a non-interested person or committee investigates alternatives to the proposed arrangement. After exercising due diligence, the board will determine if a more advantageous arrangement with reasonable efforts from a person or entity would not give rise to a conflict of interest. If a more advantageous arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the board will determine by majority vote the arrangement in the corporation's best interest and for its benefit, and/or it is reasonable and fair to the corporation.”

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

“Transfer to affiliates -1,410,552. Change in beneficial interest in charitable remainder trusts 7,167. Change in beneficial interest in perpetual trusts 1,862.”