Normandale Lutheran Church Foundation

“The foundation's executive committee consists of three or more directors as determined by the board of directors. During the intervals between meetings of the board of directors, such executive committee shall advise and aid the officers of the corporation in all matters concerning the business and affairs of the corporation and, generally, perform such duties and exercise such powers as may be directed or delegated by the board of directors from time to time. The board of directors may, by unanimous affirmative action of the entire board, delegate to such executive committee authority to exercise all the powers of the board of directors, except the power to amend the bylaws, while the board of directors is not in session. Vacancies in the membership of the executive committee shall be filled by the board of directors at a regular meeting or at a special meeting called for that purpose.”

“The foundation's members are confirmed members and/or pastors of the normandale evangelical lutheran church of edina.”

“The foundation's members elect the board of directors. In addition to the elected directors, the following individuals serve as ex-officio voting members of the board of directors: the senior pastor of the church (of, if more than one the senior pastor designated by the church council to serve as a director), the president of the church council, the church administrator, the chair of the church's stewardship committee, the church director of stewardship and development, and the immediate past president of the foundation if his/her term as a director has expired.”

“The foundation's members each have one vote upon each question or determination which is, by the articles of incorporation or the bylaws, vested in or subject to the approval of the members.”

“The form 990 is prepared by an independent accounting firm and is reviewed by the foundation administrator prior to filing.”

“The foundation does not make its governing documents, conflict of interest policy or financial statements available to the public.”

“The foundation is included in the consolidated audit of its supported organization, normandale lutheran church. The church prepares its consolidated financial statements on a modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. The church capitalizes and depreciates its property and equipment, capitalizes and amortizes loan origination fees and records its investments at fair value. These are generally accepted modifications of the cash basis of accounting. All other items of income and expense are recorded on a cash basis.”