Lovers Lane United Methodist Church

“The form 990 is prepared by a third party cpa who provides the form to the foundation for review. The foundation's executive director and the finance director of the church review the return and provide for any changes to the initial preparation of the return. After their review, the return is sent electronically to the board for its review. Due to donor wishes, the board is only provided a public inspection copy of the form 990 to review. When the return is approved by the foundation's executive director and the finance director for filing, the cpa firm processes the return. Finally, the foundation electronically signs the return, and the cpa e- files the return with the internal revenue service.”

“Each director, principal officer, or any member with governing board delegated powers, must disclose any existence of a financial interest to the board of directors or executive committee. The board or executive committee will meet to discuss and vote to decide if a conflict of interest exist. The person with the potential conflict is to be recused from involvement in any discussion or decision for determining if the conflict exists.”

“The compensation reported in parts vii and ix for the officer was paid to llumc as reimbursement for the compensation paid to the foundation's executive director by the church. The foundation determines compensation using outside compensation surveys. The compensation is approved by the foundation's appropriate committee independent of personnel being compensated.”

“The organization does not compensate any other officers or key employees.”

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

“The lovers lane united methodist church foundation (the "foundation") exists solely to support lovers lane united methodist church (the "church") and its ministries ("ministries"), through the receipt of contributions to one or more endowment funds held by the foundation, which are invested and the income and gains from such investments are used to make distributions to the church, its ministries or individuals served by the church or its ministries. 2024 was a great year for the foundation. Total assets remain at the highest levels (more than 26m). Our distributions or grants to the church and its ministries have grown from approximately 440,000 in 2019 to almost 1 million in 2024. Below are examples of how the foundation has supported our church with grants in 2024 (rounded to nearest approximate number): facilities 521,000 church interest carry 88,000 walnut hill church 37,000 benevolence 26,000 12th step ministry 18,000 artreach gallery 13,000 deaf ministries 12,000 children ministries 3,000 12 step house of hope 100,000 kenya missions/scholarships 84,000 church tech upgrades 28,000 lecture series 30,000 family ministries 14,000 music ministry 13,000 mission/outreach/care 6,000 prison ministry 2,500 as of 12-31-2024 the foundation's endowment funds totaled more than 20m. Additionally, the foundation holds and invests funds on behalf of the church and its 501(c)(3) subsidiaries, totaling more than 6 million. The foundation is more than just a series of endowment trusts -- it is literally the foundation upon which much of the finances of our church and its ministries depend. Our congregation has made the church part of their lives -- the foundation is their opportunity to make the church part of their legacy.”

“The compensation reported on parts vii and ix for the executive director was paid to the church as reimbursement for the compensation paid to the executive director by lovers lane united methodist church. As such, the filing organization does not have a requirement to file forms 941, 944, or w-3 to report the compensation as shown in parts vii and ix.”