Womans Missionary Union Auxiliary to Sc Baptist Convention

“Proposed amendments to the bylaws were presented and voted on and approved in October 2018 by the organization's policy committee to our Executive Board, as well as in March 2019 during an annual meeting during the business session. The main change is to reduce the size of the Executive Board. It will be comprised of 1 vice-president and 1 regional member from each of the 11 regions - 25 members in total including the president, recording secretary, and executive director-treasurer. Overall term limits were removed and board members must retain 2 years off of the board after 4 years of consecutive service.”

“Each woman who participates in her local chapter of WMU is considered to be a member. Members attend the annual meeting and approve the slate of board members for the upcoming year by voting "yes or "no" when each candidate's name is called. Members cannot add names to the list of board candidates, nor do they approve major decisions made by the board. There is only one class of membership.”

“See narrative for Form 990, Part VI, Section A, Line 6.”

“The organization does not have any committees who has authortiy to act on behalf of the governing body. Therefore, this line was answered "no" in accordance with the instructions.”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by the organization's top management. The reviewed Form 990 is then provided to the board of directors prior to filing with the IRS.”

“The conflict of interest policy is monitored annually by requiring all organization staff and board members to complete and sign the conflict of interest questionnaire. The Accountant and Human Resource Director annually reviews the questionnaires and alerts the Executive Director-Treasurer if there are any issues. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“Line 15a - The Board annually sets the Executive Director's salary using prior year compensation as a guide. The Executive Director's salary was originally determined by reviewing a salary range study that was prepared for the South Carolina Baptist Convention more than five years ago. The independent board of directors reviews and approves the Executive Director's compensation annually and the deliberations are recorded in the corporate minutes. Line 15b - The organization does not compensate any other officers or key employees. Therefore, this line was answered "no" in accordance with the instructions.”

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

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 12/31/2018. To date, Form 990 and its associated schedules have not been updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ 5,509,048 Line 29 - Net assets with donor restrictions $ 403,374 ----------- Total net assets $ 5,912,422”

“Change in Value of Perpetual Trust Held By Others -23,553. Change in Value of Post-Retirement Benefit Obligation 84,110.”

“This process has not changed since the prior year. The organization has a finance committee that assumes responsibility for oversight of the audit of its financial statements. The organization is an auxiliary of South Carolina Baptist Convention, which who selects the independent accountant for the organization.”