LCMS Convention Workbook St. Louis, Missouri — 1981, Page 27

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MISSIONS 27

management of the fund. LCEF has registered or filed its
offering circular in all 50 states. An investor thus has oppor-
tunity to receive significant information about LCEF prior to
making any investment.

When in 1978 the Church Extension activities of the Synod
were incorporated, provision was made for Districts to merge
their Church Extension programs into LCEF. The first District
joined in October 1980. Bt the time of this convention five more
Districts will have brought their activities into LCEF. Several
other Districts have begun the process.

There are many benefits for participating Districts. We list
a number of these: The process of filing and registering, the
preparation of the offering circular (a requirement for all
Districts) and gaining approval to issue notes and certificates
in the various states will be accomplished by the LCEF for
participating Districts and will eliminate much duplication of
time, money, and effort by both District staff people, lawyers,
accountants, and auditors. Economy will also be effected
through the central use of the computer; the standardization of
forms; and uniform rates, policies, and practices in the opera-
tion of the total Church Extension program.

Districts that join LCEF will have the responsibility to
promote the fund within the District, will have total responsi-
bility for allocating all funds within their District, and will
service existing loans. Through our toll-free number (800-325-
7046) investors can get information about Church Extension
and their specific investment.

The bylaws of LCEF give the formula for the number of
Members to be elected from the participating Districts and
from the Synod. For every 10 Members representing Districts, 1
Member is appointed by the synodical Board of Directors in
addition to the President of the Synod (or his designate) and
the Treasurer of the Synod. The Members in the annual
meeting elect the board of directors, which also serves as the
synodical Church Extension board until all Districts join
LCEF. Consequently, the synodical convention no longer
elects members of the Board for Church Extension.

Through the advancesite program LCEF purchases sites
for potential use in 5 to 10 years. This program on both the
national and District basis has been acclaimed by other church
bodies as truly outstanding. LCEF presently owns 82 such
sites in 12 states. LCEF keeps the respective District informed
since it is the District that usually has the responsibility for
initiating new ministries. As funds become available LCEF
hopes to expand this advance-site program.

As of our last audited report, 482 loans were being serviced
by the LCEF. Loans involving mission congregations totaled
326. Loans to self-supporting congregations numbered 146.
LCEF funds are being utilized in 32 of the 38 synodical
Districts for a current loan total of $43,749,262. There were also
10 loans undergirding the work in foreign fields.

Specialized-Ministry Loans are available to Districts to
support building programs for ministries having no income or
a low-income potential. These funds carry no interest charge,
but a1% service fee. With the help of these funds Districts are
often able to initiate some of these special ministries.

Many LCEF dollars are loaned to Districts to help subsi-
dized ministries which District Church Extensions cannot
service. And many self-supporting congregations throughout
our Synod apply to LCEF for loans. The needs far exceed the
dollars available.

Among policy changes made during the biennium, one
important policy to assist congregations during construction is
to provide funds for construction loans to those congregations

that have a permanent loan approved. The construction loan
may be made either through the respective District with LCEF
funds or from LCEF directly.

Another policy change involves the requirement that con-
gregations that have loans from LCEF must reach a certain
amount in supporting investments before a letter of commit-
ment is issued. Many members of congregations that have
loans approved are willing to invest a portion of their savings,
especially when they see this investment serving their own
congregation.

In the Loan Support program. Districts, seminaries,
colleges, and agencies of our Synod are encouraged to place
their excess funds for a one., three-, or five-year term according
to published interest rates. Short-term funds—30 days more
orless—are also important in the total LCEF investment
portfolio. The monthly rate for the short term is determined by
a formula involving the average of four different current
commercial rates.

Assembling many dollars from many sources in our church
and managing those dollars for the benefit of our church
according to carefully defined policies and with the profes-
sional expertise of accountants and legal counsel remain the
purpose and responsibility of LCEF.

A promotional program, “Carpenters for Christ,” has been
prepared for use by congregations, Districts, and LCEF. It is
our hope and prayer that this promotion will result in an ever-
increasing number of our members who get acquainted with
Church Extension either at the District or in the synodical
program. Our long-range goal is to develop a fund large enough
to supply all the internal financing needs of our church, A new
Flexible Investment Certificate is now available; it requires a
minimum investment of $25, with additional investments in
any amount. The holder of the certificate may withdraw any
amount at any time. What an opportunity this presents to
thousands, ves, hundreds of thousands of members of our
church to begin a savings program. And in that plan of savings
for a vacation, acar, or other special needs, they have the joy of
knowing that the dollars invested are earning a good rate of
interest and are serving the church.

A Special Congregation Certificate requiring a $5,000
minimum investment and paying 7"; is now also offered.
Congregations that have special] funds, whether for a parking
lot, cemetery, organ, school needs, etc., are encouraged to place
those funds at this special interest rate. These dollars will also
help the total Church Extension ministry. Is it too much to
dream and plan that Church Extension will grow to the point
where there will be enough funds to serve the capital needs of
all of our congregations? And what about serving the capital
needs of our colleges and seminaries? And dare we dream that
under God we can participate in initiating some kind of
revolving Church Extension Fund for the capital needs in our
sister churches, in the foreign fields? If those who conceived
Church Extension and began its work some 80 years ago could
see the growth ofthe fund and the financial statement from the
last fiscal year, they likely would stand in awe but with deep
appreciation to God. Let us also be bold and dream great
dreams; let us be bold and share the good word about the work
of Church Extension; let us be bold and pledge our support for
this very important facet of the work of the Lord.

LCEF Board of Directors
Board for Church Extension
D. D. Claussen, Chairman
Arthur C. Haake, President