LCMS Convention Workbook St. Louis, Missouri — 1998, Page 71

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SYNODICAL REPORTS 71

planned program to lend $10,000,000 at zero percent interest
to the Synod’s seminaries and colleges to complete much-
needed deferred maintenance and improvements.

Joined with the LCMS Foundation in the purchase of an of-
fice building at 10733 Sunset Office Drive (directly across
from the LCMS International Center) which not only pro-
vides LCEF and the LCMS Foundation the additional space
they needed, but also freed up space needed by other program
units in the International Center. The move was completed in
November 1997.

The following map shows the 26 Districts (shaded areas) that
have joined LCEF as of February 1998:

Future Plans

We expect to study, develop, and implement a number of new

programs and services as we look to the future. These programs in-

clude the following:

¢ Continue to work on the development of a strategic plan,
LCEF in the “year 2020."

Continue the development of a variety of new products de-
signed to encourage new investors, particularly the younger
generations. Such products might include share drafts, debit
cards, the ability to pay regular monthly bills, and in the years
ahead, smart cards.

Continue with plans to offer housing loans to the professional
church workers.

Continue to monitor the possibility and potential of offering
investments via the Internet.

Taken steps to insure that suppliers will have all LCEF com-
puter systems fully tested and functioning to be “year 2000”
compliant well before the deadline.

Explore the possibility of offering Seminary Student Loans
through an individual’s home congregation or mentoring con-
gregation.

Implement a preapproved loan program for congregations.
Upgrade the current automated 24 hour voice response sys-
tem to provide better service to investors and congregational
representatives.

Continue working with a coalition of the LCMS Stewardship
Department, the LCMS Foundation, and the Concordia Plans
to pilot test a Personal Stewardship Training seminar for pro-
fessional church workers.

Continue to help the Pastoral Leadership Institute in its start-
up phase. The goal of the institute is to implement an in-ser-
vice training program for pastors desiring to develop leader-
ship skills helpful in pastoring large and/or growing LCMS
churches.

Articles of Incorporation and Bylaw Changes

The synodical Handbook calls for LCEF to report any amend-
ments to the Articles of Incorporation and Bylaws to the synodical
convention. During the past triennium, the following changes were
made:

Article Four of the Articles of Incorporation was amended to
add a new paragraph, d, and to amend paragraph c to read:

c. provide leadership in advance site acquisition for further expansion;

and

d. provide services in support of church development and ministries

Article Six of the Articles of Incorporation was amended to
change the reference to “Section 501(c)(3) of the Internal Revenue
Code of 1954” to “Section 501(c)(3) of the Internal Revenue Code
of 1986” and to change the reference to “Chapter 355 of the Re-
vised Statutes of Missouri of 1959” to “The Missouri Nonprofit
Corporation Act.”

Article Nine of the Articles of Incorporation was amended to
read:

Written notice of the proposed amendment shall be given to the

Members no fewer than ten, nor more than sixty, days prior to the meet-

ing at which such amendment(s) shall be considered.

Section 2 of Article V of the bylaws of the Corporation was
amended to read:

Section 2. The books of the LCEF shall be open for inspection at
all reasonable hours to any individual or committee authorized by reso-
lution of the Members. In addition, disclosure of the financial books
and records of the corporation shall be made to member congregations
of The Lutheran Church—Missouri Synod in accordance with the fol-
lowing provisions:

a. The following information shall not be disclosed:

(1) Information which would violate the expected confidentiality
of donors, investors, or borrowers.

(2) Personnel files or other information that would violate the ex-
pected confidentiality of officers and employees.

(3) Information which relates to in-process negotiations of finan-
cial matters.

(4) Information, the disclosure of which, would breach a legal
obligation of LCEF or affect pending litigation or claims against
LCEF.

(5) Information which is preliminary in nature or otherwise has not
been finalized in its form and content.

b. LCEF shall share, upon request, the quarterly financial statements
as reported to its Board of Directors.

c. Requests for detailed financial information or the inspection of fi-
nancial records shall be made in writing to the Board of Directors
by a member congregation of Synod and shall state the records de-
sired and the time period to be covered. Any inspection of financial
records shall be done by a member(s) of the congregation or its
stated authorized agent at a mutually agreeable time and place.

d. All information produced for normal publication or distribution shall
be provided free of charge. All requests for information involving
research or compilation shall be billed to the member congregation
requesting the information on the basis of actual costs.

e. The Board of Directors may decline to provide the information re-
quested if the Board can demonstrate by clear and convincing evi-
dence that the member's request is with the specific intent to cause
harm to LCEF or with the sole intent of deliberately and significantly
disrupting the operations and affairs of LCEF or one of its entities
or agencies.

f. Any declination to provide information or limit inspection shall be
explained in writing.

g. Challenges to any board decisions declining to provide information
or to limit inspection shal! be reviewed under the synodical dispute
resolution process.

The last sentence of Article VI of the Bylaws was amended to

read:
Written notice of the proposed amendment(s) shall be given to the
members no fewer than ten, nor more than sixty, days prior to the meet-
ing at which such amendment(s) shall be considered.

Article Eight, Paragraph c, of the Articles of Incorporation was
amended to read:

Additional Members at Large in such number shall be determined
according to a ratio of 1 Member at Large to 10 District Members. Any
fraction derived by application of the formula shall be disregarded.
Members at Large are to be appointed by the Board of Directors of The
Lutheran Church—Missouri Synod to serve for three-year terms with a
maximum limitation of three successive terms that an individual can
serve. No more than one-third (1/3) of the Voting Members at Large
may be members of the Board of Directors of The Lutheran Church—
Missouri Synod at any given time.

Board for Church Extension
The LCEF Board of Directors also functions as the Board for