Lutheran Senior Services Endowment Fund

“The organization delegates management duties including supervising personnel, operations, and budgeting to lutheran senior services, the parent company.”

“The powers and duties of the board of directors hereinbefore set forth shall not authorize or empower the board of directors to approve the merger, dissolution, or sale or disposition of all or substantially all of the assets of the corporation without the prior written consent of the board of directors of lutheran senior services. No amendment to thes by-laws may be adopted without the prior written consent of the board of directors of lutheran senior services.”

“The governing body is provided a copy of the form 990 for review prior to filing. Approval of the form 990 is delegated to the audit committee of the governing body prior to filing.”

“All directors, officers and key employees will disclose a conflict of interest on the "conflict of interest form" in the following situations and in other circumstances which he/she thinks might cause a conflict between his/her personal interests and his/her fiduciary duty: financial interests, inside information, conflicting interest other than financial, gifts and favors. The following lss employees are required to sign a "conflict of interest form" annually: president, chief operating officer, chief financial officer/treasurer, vice president of construction and it, vice president of human resources, all directors, administrators and assistant administrators. The corporate compliance officer follows up with any conflicts of interests and documents the resolutions of the conflicts. These forms are kept by the corporate compliance office.”

“The filing organization did not compensate any officers, directors or key employees. The compensation process used by the parent organization, lutheran senior services, is as follows: the board of directors established a separate compensation committee charged with performing an annual performance review of the ceo and reviewing the ceo's compensation package. The compensation committee engaged a third-party global human capital consulting firm to: (1) develop an annual ceo performance review process, including a new evaluation form, and (2) develop a compensation package based on its knowledge of similarly sized non-profit organizations in order to ensure that the compensation paid to the ceo is reasonable. All members of the board complete an annual evaluation, which the compensation committee summarizes and reviews. The compensation committee then makes a recommendation to the full board of directors for any compensation adjustments.”

“Although not a requirement, the organization provides photocopies of its governing documents, conflict of interest policy, financial statements and other documents to all who request one or more of the items.”

“Lutheran senior services is a large complex organization that is comprised of 12 separate legal entities, each of which files its own tax return. Due to the requirements for completing these 990's (which are filed by 10 of the 12 lss entities), some of the information contained within the form, such as revenue and expenses, is related only to that particular entity. However, some of the information, such as executive compensation, relates to the entire organization. To help make this information more meaningful, the following paragraph provides a summary of the overall operations of lss. Lutheran senior services is a not for profit organization owned by 104 lutheran churches and was initially founded in 1858. Lutheran senior services operates nine senior living communities serving over 3,000 older adults, eight affordable housing communities serving over 570 older adults and a variety of in home services programs serving over 5,000 older adults. In 2023, lss had total operating income of approximately $237,000,000, provided approximately $9,269,000 in benevolent care, had nearly 44,800 volunteer hours and employed 15 chaplains.”

“Valuation adjustment to gift annuities -1,150,020.”

“The organization has an audit committee that is responsible for the oversight of the audit. This process is consistent with the prior years.”

“The organization's payroll is processed with lutheran senior services, the parent company. Forms w-3 and w-2 were not issued by lutheran senior services endowment fund as of december 31, 2023. The organization did pay the salaries, employment taxes, and employee benefits for the organization's employees. Lutheran senior services endowment fund had 9 full time employees dedicated to its operations on december 31, 2023.”

“The form 8282's were issued by lutheran senior services, the parent organization, for administrative convenience.”

“The form 8283's were issued by lutheran senior services, the parent organization, for administrative convenience.”