LCMS Commission on Constitutional Matters — Minutes St. Louis, Missouri — January 19-20, 1996, Page 9

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h. The synodical Board of Directors shall assure itself that accounting, budgeting and
financial policies for all corporations and legal entities comply with generally accepted
accounting standards as prescribed by the Financial Accounting Standards Board and the
American Institute of Certified Public Accountants. (Refinement of 1989 Bylaw 3.187.a and
b)
i. The synodical Board of Directors shall assure itself that audits are provided by internal
auditors or independent certified public accountants for all corporations and legal entities of
the Synod and all its institutions and districts and shall receive copies of the audit reports
and interim financial statements. (Refinements of 1989 Bylaw 3.187, c and 3.189, e)
j. The synodical Board shall assure itself that the operating budget and the audited financial
statements for Synod wide corporate and legal entities are presented to the national
convention. (Refinement of 1989 Bylaw 3.187,b)
k. The synodical Board of Directors shall be accountable to the national convention of the
Synod for the discharge of its duties. (1989 Bylaw 3.183, d)
6. That 1989 Bylaw 3.188 with some refinements as noted replace 1992 Bylaw 3.192.
3.192 Powers and Duties with Respect to the Property of the Synod
The Board of Directors, except as otherwise provided in these Bylaws, shall have such
authority and responsibility with respect to the property of the Synod as is generally vested in
and imposed upon the board of directors of a corporation. The Board of Directors (1) shall,
however, delegate to District boards of directors the authority to buy, sell, and encumber real
and personal property in the ordinary course of performing the functions which the District
carries on for the Synod, consistent, however, with general policies (which shall be applicable
to all Districts) established from time to time by the Synod in convention, and (2) may
delegate to any agency engaged in furthering the objectives of the Synod powers and duties
with respect to property for which such agency has direct supervisory responsibility. Such
delegation of powers and duties shall be in writing and shall be subject to change at any time
by the Board of Directors of The Lutheran Church-Missouri Synod as provided in the
document(s) by which such delegation was made. For the purposes of this section, 3.193,
a. "Synod" includes every agency engaged in furthering the objectives of the Synod;
b. "agency engaged in furthering the objectives of the Synod" is any instrumentality other
than a congregation, whether or not separately incorporated, which the Synod or one of its
agencies has caused to be formed to further the Synod's objectives, and includes without
limitation each board, commission, seminary, college, and District, and Concordia Publishing
House, Concordia Historical Institute, The Lutheran Church-Missouri Synod Foundation, the
Lutheran Church Extension Fund-Missouri Synod, Concordia University System and The
Worker Benefit Plans.
c. "property of the Synod" includes all property, real or personal, tangible or intangible, and
wherever situated (whether in the United States or elsewhere), and regardless of whether title
to such property is held in the name of the Synod or its nominee or one of its agencies,
provided, however, such shall not include any assets of the Lutheran Church Extension FundMissouri Synod, and provided further that property held by an agency in a fiduciary capacity
(including, for the purposes of example, the pension, retirement, and welfare funds