LCMS Convention Proceedings St. Louis, Missouri — 1981, Page 218

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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