# LCMS Convention Proceedings_St. Louis Missouri_1981_S218 # Machine transcription, uncorrected — CHI Digital Archive (demonstration) 218 RESOLUTIONS Action: Adopted (12). (The committee inserted “at least” into the first resolved.) To Clarify Policy of Synodical Spending RESOLUTION 12-11 Report 12-11 (TB pp. 164—167) WHEREAS, Resolutions passed at this convention may direct or authorize work involving the expenditure of funds in addition to budgeted work including but not limited to those outlined on pages 164—167 in Today’s Business; and WHEREAS, There may not be sufficient funds to implement the work requested by this and past conven- tions, as well as continue work authorized by past conventions; therefore be it Resolved, That each resolution adopted at this or any previous convention that does or may involve the expenditure of funds in 1981, 1982, and 1983, excluding expenditures for capital purposes for which borrowing may have been specifically authorized, and excluding the expenditures to the extent directed by Res. 6-30, shall be interpreted and carried out as being mandatory only to the extent that there are current revenues, excluding borrowed funds, available in those years for those purposes. Action: Adopted (12). (The committee added after “authorized” the words “and excluding the expenditures to the extent... Res. 6-30.”) To Update Financial Investment Structure RESOLUTION 12-12 Report 12-01 (CW, pp. 48, 94—99) WHEREAS, The Lutheran Church—Missouri Synod manages considerable sums of money under four types of investments that must be recognized in the synodical structure, namely, (1) cash flow investments, (2) trust investments, (3) pension and survivor plan investments, and (4) Church Extension investments; and WHEREAS, Major changes were approved in Church Extension at the 1979 synodical convention; and WHEREAS, Changes are desirable in the other three areas of investments to avoid duplication of research and planning; therefore be it Resolved, That the Treasurer of the Synod, as the trust officer of the Synod, be the prime liaison person between all financial boards, functioning under their appropriate policies and accountable to each such board in that capacity; and be it further Resolved, That the Board of Trustees for Trust Funds be combined under the Board of Trustees of The Lutheran Church—Missouri Synod Foundation so that the Foundation becomes the Trust Department of the Synod, thus eliminating duplication between the Foun- dation and the Board of Trustees of the Synod; and be it further Resolved, That the responsibilities for the Pension Plan for Pastors and Teachers be transferred from the Board of Trustees for Trust Funds to the Board of Managers—Worker Benefit Plans; and be it finally Resolved, That the Synod implement this resolution by adopting the following Bylaw changes: 5. The Lutheran Church—Missouri Synod Foundation 2.671 Incorporation a. The Lutheran Church—Missouri Synod Foun- dation shall be maintained and controlled by the Synod as a corporate entity organized under the laws of the State of Missouri and shall be operated by a separate Board of Trustees, responsible to the Synod, in accordance with the provisions of its articles of incorporation and corporate bylaws. b. Any amendments to the articles of incor- poration or the corporate bylaws as heretofore adopted shall be subject to approval by the voting members of the Board of Directors of the Synod serving as the Members of the Foundation. 2.673 Membership The Members of the Foundation shall be the voting members of the Board of Directors of the Synod. The Members shall appoint a Board of Trus- tees of the Foundation which shall include the Pres- ident, Secretary, and Treasurer of the Synod and at least 10 other trustees as provided in its bylaws. The principal staff person of the Department of Steward- ship and Financial Support shall be advisory to the Board of Trustees and as such shall attend the meetings of the board. 2.675 Functions a. The primary purpose of the Foundation shall be to serve as the Trust Department of the Synod. It shall manage, conserve, and be responsible for all legacies, bequests, devises, endowments, founda- tions, annuity gifts, and all other trust funds of the Synod and its Districts, colleges, seminaries, and agencies. It shall also provide such services to congre- gations, auxiliaries, listed service organizations and others under policies approved by the Board of Trustees. b. The Foundation Board of Trustees shall main- tain and publish written policies approved by the Members of the Foundation, for (1) the negotiation of any qualified deferred-gift devises by the Synod’s Department of Stewardship and Financial Support and the development staffs of the Synod’s Districts, colleges, seminaries, and agencies and (2) the accept- ance of the same by the Foundation. The Department of Stewardship and Financial Support shall be con- sulted in the development of such policies. c. The Treasurer as the trust officer of the Synod shall provide staff services to the Foundation. In this capacity he shall function under the bylaws and written policies of the Foundation as well as those of the Board of Directors of the Synod and be account- able to the same. d. The Foundation shall distribute designated funds in accordance with the contractual instructions of the donor. The distribution of undesignated funds shall be determined by the Members of the Foun- dation. e. The Foundation shall be audited annually by independent Certified Public Accountants selected