Collection › LCMS Convention Workbook (St. Louis, Missouri) › 1981 · 54th Convention › Page 71
LCMS Convention Workbook St. Louis, Missouri — 1981, Page 71

Scan: The Lutheran Church—Missouri Synod
Transcription machine transcription, uncorrected

TASK FORCE

2. The Board of Directors and the responsible
officers of the Synod are empowered to do all things
necessary to effect such capital-fund borrowings if
and when required, including the pledging of real and
other property belonging to the Synod in order to
secure loans to obtain the necessary funds.

3. The borrowed capital funds shall not be used
for any operating expenditures and shall be subject to
provision for amortization.

2.85 Financial Duties

a. Accounting Procedures

1. The Board of Directors shall establish and
prescribe uniform accounting procedures and sys-
tems, financial reporting, and budgeting classifica-
tions in and for all boards, commissions, agencies,
and institutions of the Synod. Such procedures and
systems shall apply to all operations, including
Church Extension, Worker Benefit Plans, and all
specific funds. The Board of Directors shall, through
the Accounting Department, receive from all agen-
cies, institutions, boards, and commissions periodic
financial statements, consolidated balance sheets,
and operating statements.

2. Districts shall to the extent possible publish
their quarterly and annual reports in the Synod’s
standard reporting format and transmit to the
Synod’s Accounting Department such reports for use
in preparing consolidated financial statements. Dis-
tricts shall be encouraged to use the Synod’s pro-
cedures as described in paragraph 1 above.

3. The Board of Directors shall provide an Ac-
counting Department which shall, in accordance
with policies and procedures established by the board,
maintain on behalf of the Treasurer (cf. Art. XI, E, of
the Synod’s Constitution, “Duties of the Treasurer’)
all accounting records for all fund classifications of
the Synod (exclusive of the Districts, except where
legally required), including the general ledgers, which
may feasibly and conveniently be maintained in a
centralized Accounting Department of the Synod;
prepare checks for all disbursements supported by
approved vouchers for signature of the Treasurer;
serve as custodian of payroll and accounting records;
and prepare, publish, or disseminate in consultation
with the Treasurer financial statements and reports,
including regular fiscal reports to the Board of
Directors.

2.90 Other Duties

a. The Board of Directors shall provide adequate
blanket fidelity bonds. The persons to be covered and
the amount of the bonds shall be determined by the
Board of Directors. The premiums shall be paid by the
Synod.

2.85

c. Audit Procedures

1. The Board of Directors shall assure itself that
audits are provided by internal auditors or indepen-
dent certified public accountants for all boards,
commissions, and agencies of the Synod and all its
institutions, and in all the synodical Districts, for all
operations, including Church Extension, Worker
Benefit Plans, and all specific funds, and through the
Internal Audit Department shall receive copies of
such audits.

2.85 c

2. The Board of Directors shall provide an Internal
Audit Department which shall, in accordance with
policies and procedures established by the board,
conduct or arrange for audits for the units described
in paragraph 1 above, all audits to be conducted in
accordance with generally accepted auditing
standards.

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f. provide through the Treasurer cash manage-
ment services for the Synod and its Districts, colleges,
seminaries, and other agencies, paying interest to
such units for temporary investments and charging
interest for temporary loans, and establish the neces-
sary policies for such services;

g. provide appropriate fidelity bonding for all
boards, commissions, Districts, seminaries, and other
agencies of the Synod;

h. establish and prescribe uniform accounting
procedures and systems, financial reporting and
budgeting classifications for all boards, commissions,
Districts, colleges, seminaries, and other agencies of
the Synod, and through the Treasurer receive from all
such units periodic financial and operating state-
ments. The Treasurer shall combine all such state
ments for reporting purposes to the extent required by
general accounting principles;

i. engage independent certified public accountants
to audit the Synod and all of its colleges, seminaries,
and other agencies; provide an internal audit de
partment to coordinate, complement, and supplement
the outside auditors and through the Internal Audit
Department coordinate the District audits, including
assisting Districts in the engagement of independent
certified public accountants; and through an audit
committee of the board comprised of nonemployee
members of the board review all internal and outside
audits;