Missouri Baptist Foundation

“On september 20, 2016, the missouri supreme court left undisturbed a final judgement by the court of appeals that restored the missouri baptist foundation's (mbf) former articles of agreement giving the missouri baptist convention (mbc) the right to approve all charter changes and the right to elect and remove the board of trustees of mbf, among other rights. Thus mbc is a controlling entity, and the mbf is a controlled entity, as defined on schedule r instructions for form 990. In october 2016, the mbf governing documents were formally amended as required by the courts, restoring a 75 year old relationship with the missouri baptist convention. The amended and restated mbf charter designates the missouri baptist convention as the "sole member" of the corporation, with the right to elect mbf trustees and to approve mbf charter changes, among other rights. These amendments were approved by the convention at its annual meeting in october 2017. In a cooperative transition, the mbc-elected board of trustees assumed office at the beginning of the 2017 fiscal year.”

“See part vi, section a, line 1 explanation listed previously on schedule o.”

“During fiscal year 2024, the organization amended its bylaws. Significant changes from this amendment are as follows: (1) the inclusion of a provision for digital voting by board trustees under special circumstances where a meeting cannot be reasonably called. Voting in this circumstance requires a quorum of three-fourths of the board trustees, compared to a simple majority quorum for regular meetings. (2) setting the number of board trustees at 12. The previous version of the bylaws did not prescribe a set number of trustees.”

“See part vi, section a, line 1 explanation listed previously on schedule o.”

“See part vi, section a, line 1 explanation listed previously on schedule o.”

“See part vi, section a, line 1 explanation listed previously on schedule o.”

“The form 990 is prepared by an independent accounting firm based on the audited financial statements and information provided by the accounting department of the organization. A draft of form 990 is internally reviewed by management, and then presented to the board prior to filing.”

“The board chair annually communicates the requirement of board members being independent in judgment and decision-making. Oversight is monitored by both staff and board members on an ongoing basis as part of regularly scheduled committee meetings and frequent review of prepared minutes to those meetings.”

“To ensure top management and all staff salaries, including other officers' salaries are reasonable, the organization's board establishes the compensation using an employee compensation committee. The committee uses compensation comparability studies, salary ranges, and overall budget management considerations to establish compensation. After careful study, the committee recommends to the full board the annual salary for the president and other staff salaries on an annual basis.”

“Financial statements are made available for public inspection upon request, but governing documents and conflict of interest policy are not.”

“Transfer to trusts administered for others -13,052.”

“The audit oversight and processes have not changed from the prior year.”