7th Regular Convention July 6, 2015 Central Illinois District Church Extension Fund. Agenda

Transcription

1 7th Regular Convention July 6, 2015 Central Illinois District Church Extension Fund Agenda Call to Order President Kim Kleinschmidt Opening Prayer Rev. Charles Olander Minutes of the 6th Regular Convention Pres. Kim Kleinschmidt Report of the President Pres. Kleinschmidt Resolutions Pres. Kleinschmidt Slate of candidates and elections Pres. Kleinschmidt Executive Director Report Dave Rohe Goldhammer Award Presentation Dave Rohe Additional Floor Action Pres. Kleinschmidt Installation of the Board CID President Mark Miller Resolution to Adjourn Pres. Kleinschmidt Closing Prayer Rev. Steph Gillet 2015 Convention Section G Church Extension Fund Page G-1

2 6th Regular Convention July 9, 2012 Central Illinois District Church Extension Fund Minutes The 6th Regular Convention of the Central Illinois District Church Extension Fund was called to order at 2:00 p.m. by President Kim Kleinschmidt. Rev. Gillet then had an opening prayer. The minutes of the 5 th Regular Convention, from 2009, were reported approved by the CEF Board of Trustees at their August 2009 meeting, as authorized by the CEF in convention, July President Kleinschmidt then gave his report on the past triennium with an emphasis on the strength and stability of the Fund as well as other items in his letter printed in the Convention Manual. Resolution , concerning changes to the Extension Fund Bylaws was then presented for adoption. Following brief discussion, the resolution was passed by electronic vote. The slate of candidates for election to the Board of Trustees was presented. Following presentation of the slate, the following persons were elected to the board: Kim Kleinschmidt, President; Rev. Charles Olander, Vice President; Cheryl Martin, Secretary/Treasurer; Rev. Steph Gillet, Clergy Trustee; Danny Magelitz, Lay Trustee, Kevin Schultz, Lay Trustee; and Herb Krueger, Lay Trustee. Executive Director Dave Rohe then gave his presentation to the convention. He stressed the continued favorable standing with both the CEF Policy, NASSA Guidelines and the LCMS Board For Church Extension Guidelines. He stressed the strength of the Fund particularly as it pertains to these difficult economic time. Following his address, Director Rohe then presented the David Goldhammer Award for Outstanding Service to Church Extension to Mr. Merle Glick, from Pekin, Illinois. Mr. Glick received the award for his untiring work for the fund during its infancy in the early 1960s. A motion from the floor was then made and passed to allow the incoming Board to approve the minutes of the 6th Regular Convention, at its first regularly scheduled meeting. District President, Rev. David Bueltmann, then installed the Board into office. Following the installation, a motion was made, seconded and passed to adjourn. The Convention closed with a prayer by Rev. Olander. Respectfully submitted David H. Rohe, Acting Secretary 2015 Convention Section G Church Extension Fund Page G-2

3 CENTRAL ILLINOIS DISTRICT - CHURCH EXTENSION FUNDS, INC. BOARD OF TRUSTEES Mr. Kim Kleinschmidt - President Rev. Charles Olander - Vice President Mrs. Cheryl Martin - Secretary/Treasurer Mr. Kevin Schultz - Trustee Rev. Stephen Gillet - Trustee Mr. Danny Magelitz - Trustee Mr. Herb Krueger - Trustee 2015 Convention Section G Church Extension Fund Page G-3

4 Church Extension Fund, Nominations CEF President (One person to be elected) Mr. Kevin Schultz, Good Shepherd, Sherman C: Chairman Board of Elders, Good Shepherd; former Chairman of Congregation D: CEF, 2009-present O: Hickory Point Bank, Senior Vice President Commercial Banking Trustee, Village of Sherman, Illinois, 1997-present; Springfield Chamber of Commerce; American Business Club of Springfield. * I have 30 years of experience lending and providing Cash Management Services to commercial clients. This background will provide additional input as the Church Extension Fund evaluates loan requests. CEF Vice President (One person to be elected) Mr. Kim Kleinschmidt, Zion Lincoln C: Good Shepherd Lutheran Church, Minier, President 1980s; Trinity Lutheran Church, Arenzville, Elder ; Zion Lutheran Church, Lincoln, President D: CEF President 2006 to present O: Villa Grove Chamber of Commerce, President 1992; Treasurer ; Illinois Bankers Association board of Directors * I have 38 years of banking experience, with 22 years serving as a community bank CEO CEF Secretary/Treasurer (One person to be elected) Cheryl Martin, Zion Mt. Pulaski D: Trustee, CEF Board of Trustees, 2006 to present; Secretary/Treasurer, 2006 to present O: Greater Springfield Chamber of Commerce, Secretary/Treasurer of the Board of Directors; Partner, Kerber, Eck & Braeckel LLP, a regional accounting firm, CPA licensed in Illinois and Missouri; CEF (Certified Fraud Examiner) CEF Board of Trustees--Minister of Religion, Ordained or Commissioned (Two persons to be elected) Rev. Stephen Gillet, St. Paul, Wheeler/St. John Dieterich C: Pastor, St. Paul Wheeler/St. John Dieterich 1999-present Hope Lutheran Church, Tonasket, WA D: CID CEF 2006-present 2015 Convention Section G Church Extension Fund Page G-4

5 O: Family Life Pregnancy Center, Effingham, , 2013-present, Board member 2004-present Illinois State Police Chaplain, District 12, 2003-present * I believe supporting our district with our total stewardship is important, allowing congregations to have a way to borrow money for expansion is very important. Helping find the best candidates to serve offices is important for the future of the district. * I will use my abilities to serve Christ and pray that I am effective in His work. I don't know everything, but am willing to learn. Rev. Terrence E. O'Brien, St. Paul, Pana C: Pastor, St. Paul since July 19, 2009 to present (seminary graduation 2009); Trinity Lutheran Church Springfield, Illinois, Asst. Secretary, Chairman, Trinity Athletic Committee; Living Word Lutheran Church, Woodlands, Texas, Assimilation Team. D: District Endowment Fund Board, 2012-present O: Prior to entering Seminary (Fort Wayne) I was employed for 33 years by The Franklin Life Insurance Company (later American General Life) in a management position for advertising, promotions and public relations. I also served as a Board member, Loan Officer and Publicity Director of the Franklin Life Employees Credit Union for approximately ten years (exact dates unknown a and 1990s). At that time the Credit Union had approximately 1000 members and assets in excess of $2 million dollars. I served on a three-person loan committee and was responsible for reviewing and approving/denying all loan applications submitted to the Credit Union. During these years I had extensive experience with management of loan activities in a successful institution. Other past volunteer activities included serving in multiple roles for the United Way and membership in Springfield Chamber of Commerce committees. Rev. Terry Strom, Trinity Urbana C: Congregations served: Trinity Urbana, October 2006 to present; Trinity Cissna Park, Illinois, April 1997 to October 2006; El Buen, McAllen, Texas, July 1995 to April Treasurer, Peace Lutheran Church, D: CID-CEF Special Loan Committee Circuit Counselor, Danville Circuit, Circuit Counselor, Champaign Circuit, Various Floor Committees for CID Conventions LWML CID pastoral Counselor, 4 years LWML Zone Pastoral Counselor Pastoral Delegate LCMS Convention, 2004 & 2010 O: Vice President, Board of Directors, Prairieview Lutheran Nursing Home, 6 years. Treasurer, Cissna Park Community Library Board, 8 years. Chairman, Citizen's Advisory Council of Cissna Park School, 4 years. Mentor, Urbana School District, 5 years. * I have been a member of the CID all but 2 years of my life when I served the congregation in McAllen, Texas. I am a second career pastor. My first career was in the accounting field. My last job before entering the ministry was as 2015 Convention Section G Church Extension Fund Page G-5

6 vice-president/comptroller for 150 million dollar credit union (7 years). We must be cautious during these difficult financial times and as many churches are shrinking in size yet we need to look for new ways to help fund the mission. If elected, I will serve with love, wisdom and faith provided by the grace of God. CEF Board Trustees (Two persons to be elected) Mr. Dale Wolff, Immanuel Lutheran Church, Altamont, Illinois C: President and Elder, Immanuel Altamont: Altamont Lutheran Interparish School Board, President. D: CID Educational Endowment Committee; Lutheran Church of Venezuela, Agriculturalist. O: Effingham County, Asst. States Attorney, ; Effingham Title Company, Owner and title examiner, ; Illinois Land Title Association, State President; Effingham Chamber of Commerce, former President; Effingham County Vision 2020 Facilitator/Trainer; St. Anthony Hospital, Review/Ethics Committee; Illinois Supreme Court, Committee on Character and fitness for the Fifth Judicial District, ; currently serve as Ombudsman for the Judges of the Fourth Judicial Circuit of Illinois. Currently employed as an attorney for the law firm of McDivitt, Osteen, Chojnicki and Dean with offices in Effingham and Altamont Convention Section G Church Extension Fund Page G-6

7 Church Extension Fund, Resolutions Resolution 15-CEF-01 To Recognize Rev. Charles Olander WHEREAS, Rev. Charles Olander has faithfully served the Central Illinois District Church Extension Fund for the past twelve years as Trustee and Vice President; and WHEREAS, Rev. Charles Olander s services were valuable to the Fund as it progressed through these difficult economic times; and WHEREAS, Rev. Charles Olander has reached term limits; therefore be it Resolved, that the Central Illinois District Church Extension Fund in convention recognize and thank Rev. Charles Olander for his faithful service to the Extension Fund. And be it finally Resolved, that the Central Illinois District Church Extension Fund present to Rev. Charles Olander a plaque recognizing his outstanding service to the District and the Fund. CEF Resolution 15-CEF-02 To Recognize Mr. Danny Magelitz WHEREAS, Danny Magelitz has faithfully served the Central Illinois District Church Extension Fund for the past twelve years as Trustee, and WHEREAS, Danny Magelitz s services were valuable to the Fund as it progressed through these difficult economic times, and WHEREAS, Danny Magelitz has reached term limits, therefore be it Resolved, that the Central Illinois District Church Extension Fund in convention recognize and thank Danny Magelitz for his faithful service to the Extension Fund, and be it finally Resolved, that the Central Illinois District Church Extension Fund present to Danny Magelitz a plaque recognizing his outstanding service to the District and the Fund Convention Section G Church Extension Fund Page G-7

8 Church Extension Fund, Bylaw Revision BYLAWS CENTRAL ILLINOIS DISTRICT CHURCH EXTENSION FUND INC. ARTICLE I - NAME, DURATION, REGISTERED OFFICE, AND AGENT A. The name of the corporation shall be the CENTRAL ILLINOIS DISTRICT CHURCH EXTENSION FUND, INC., a Not For Profit Corporation. B. The period of duration of the corporation is perpetual. C. The address of the registered office of the corporation is 1850 North Grand Avenue West, Springfield, Illinois D. The registered agent of the corporation shall be the Executive Director of the Central Illinois District Church Extension Fund. ARTICLE II - OBJECTIVES The purpose of this corporation is to aid the member congregations and agencies of the Central Illinois District ( District ) of the Lutheran Church Missouri Synod ( LCMS ) ( Synod ) to finance or to refinance the acquisition of land; the purchase, erection and improvement of facilities; and for their operational needs, for effective programs of ministry, witness, outreach, and service for the expansion of God's Kingdom in the Central Illinois District of the Lutheran Church Missouri Synod. The Constitution of the Lutheran Church Missouri Synod and the applicable provision of Bylaws governing the Central Illinois District will govern this corporation. ARTICLE III - MEMBERSHIP The membership of the Church Extension Fund ( CEF ) shall be the member congregations of the Central Illinois District of the Lutheran Church Missouri Synod, under the Constitution of the Lutheran Church Missouri Synod MEMBERSHIP RECEPTION Reception of congregations into membership of the Synod in the Central Illinois District constitutes reception into membership in the Church Extension Fund CONVENTION ACCREDITING OF DELEGATES A convention shall be held triennially to conduct necessary business. Accredited delegates of the Church Extension Fund in convention shall be the accredited delegates of the District in convention. Delegates are elected by each parish and consist of one Pastor and one layman. ARTICLE IV - POWERS The Church Extension Fund shall have legal powers to buy, sell, receive by gift, hold, manage, control, mortgage, lease, loan or otherwise receive and dispose of real and personal property and franchises hereafter acquired by this corporation on behalf of the mission, ministry and work of the District and its member congregations. CEF shall have the power to participate by either buying or selling all or a portion of loans with the other CEF districts and/or the Lutheran Church Extension Fund, St. Louis Convention Section G Church Extension Fund Page G-8

9 ARTICLE V - ADMINISTRATION 5.01 OFFICERS The elective officers of the Church Extension Fund shall be the following: a President, a Vice-President and a Secretary-Treasurer BOARD AND COMMITTEES The board and committees of the Church Extension Fund to be elected or appointed shall be the following: A. Elected by the Delegate Convention of the Church Extension Fund. A Board of Trustees (7 members) B. Appointed by the Board of Trustees. 1. The Audit Committee. 2. The Church Extension Fund Special Loan Committee. 3. The Nominating Committee 5.03 TERM OF OFFICE A. The term of office for all officers and members of the Board of Trustees and all committees shall be three years. B. Newly elected officers and members of the Board of Trustees and committees shall assume office within 45 days after their election or appointment SUCCESSIVE TERMS A. All officers and members of the Board of Trustees and all committees shall be limited to four successive terms. B. Any officer or member of a board or committee, who is ineligible for re-election or reappointment, may be elected or appointed to any other position, or to the same office, board or committee after an interval of three years VACANCIES A. Any vacancy occurring in any elective office, board or committee shall be filled by appointment of the President with the approval of the Board of Trustees in the respective classification of Minister of Religion - Ordained or Commissioned, or layman. B. The member thus appointed shall serve out the term of the person succeeded. If the unexpired term is less than 1 1/2 years, it shall not prevent re-election for four successive terms thereafter ELECTIONS A. The offices of the Board of Trustees shall be filled in the following manner by the Church Extension Fund in convention. The President The Vice-President The Secretary-Treasurer Four board of Trustee Members 2015 Convention Section G Church Extension Fund Page G-9

10 Of the seven members, at least two (2) shall be Ministers of Religion, Ordained or Commissioned SUNDRY REGULATIONS A. The fiscal year of the Church Extension Fund shall end on December 31. B. The Board of Trustees and the appointed committees shall conduct their business in accordance with Robert s Rules of Order Newly Revised. C. All officers, boards and committees and personnel shall surrender all official records and equipment in their custody to their successors at the time their successor assumes the office they vacate. D. The Board of Trustees and all Committees shall be accountable to the Church Extension Fund in convention THE PRESIDENT OF THE CHURCH EXTENSION FUND-DUTIES A. The President shall make an official report to the Church Extension Fund at its convention. B. The President shall be an ex-officio member of all committees of the Church Extension Fund as may be appointed, except the Audit and Special Loan and Nominating Committees. C. All legal documents are to be signed by the President, Secretary-Treasurer or the Executive Director as authorized by the Board of Trustees. D. The President shall perform all additional duties which the Church Extension Fund in convention places upon him under its resolutions IF THE PRESIDENT IS UNABLE TO SERVE A. In the event the President is unable to serve for any reason, or he vacates the office, the Vice- President shall serve as Acting President until the election at the next regular convention. B. In the event the Vice-President is unable to serve as Acting President, the Secretary-Treasurer shall serve in such capacity THE VICE-PRESIDENT DUTIES A. When the office of the President is vacated for any reason stated, the Vice-President shall assume the duties and responsibilities set forth in paragraphs 5.08(A) through (D) of these Bylaws. B. The Vice-President shall, upon request of the President, or as specially directed by the Church Extension Fund Bylaws, convention resolutions and the Board of Trustees, as in these Bylaws authorized, advise, assist, or represent the President. C. The Vice-President shall perform the duties of the President in the event the President becomes incapacitated or the President's office is vacated by death, resignation, or removal for cause THE SECRETARY-TREASURER-QUALIFICATIONS The Secretary-Treasurer shall be a layperson, qualified in accounting and good business practices THE SECRETARY-TREASURER DUTIES 2015 Convention Section G Church Extension Fund Page G-10

11 A. The Secretary-Treasurer shall be responsible for recording the proceedings of all Board of Trustees meetings, sign all legal documents and instruments when necessary, and perform such other work as the Church Extension Fund may direct through its Bylaws, regulations, or resolutions. B. The Secretary-Treasurer shall be responsible for the receipt, safeguarding, and proper disbursement of Church Extension Fund funds through the establishment of appropriate procedures, systems, records, and internal controls. C. The Secretary-Treasurer shall be responsible for the establishment of one or more bank accounts as authorized by the Board of Trustees and shall establish proper safeguarding for the care and custody of securities, documents, and other legal or valuable papers in one or more safe-deposit boxes or other depository or files, as authorized by the Board of Trustees. D. The Secretary-Treasurer shall prepare such financial statements, budgets, statistics, report of repayments and related data requested by the Board of Trustees, or as appropriate in the operation of the Church Extension Fund's business. E. The Secretary-Treasurer shall be responsible for carrying out the investment policy adopted and authorized by the Board of Trustees. F. The Secretary-Treasurer shall attend the meetings of the Board of Trustees and all meetings pertaining to the financial and investment affairs of the Church Extension Fund, and provide the financial data and information, as requested. G. The Secretary-Treasurer may utilize the services of the Executive Director in carrying out these responsibilities MEMBERSHIP OF THE BOARD OF TRUSTEES A. The Board of Trustees shall be constituted, as follows: The President, the Vice-President, and the Secretary-Treasurer of the Church Extension Fund; and four trustees. Of the seven member board, at least two members must be Ministers of Religion, Ordained or Commissioned. B. The Executive Director and the President of the District or his designee shall be advisory, nonvoting members of the Board of Trustees. C. Every member of the Board shall be a member of a voting congregation of the District. When a member of the Board ceases to be a member of a voting congregation of the District or when the nature of his major duties is such that he no longer is a member of the classification from which he was elected, his membership on the Board of Trustees is automatically terminated CONFLICT OF INTEREST PROHIBITED A. No officer, director, board or committee member of the Church Extension Fund or member of any agency of the District shall use his/her position or knowledge acquired from his/her service thereon that will conflict with his personal and business interests and the interests of the Central Illinois District of the Lutheran Church Missouri Synod and the Church Extension Fund. B. No officer or member of the Church Extension Fund Board of Trustees or any committee member shall enter into gainful business directly or indirectly, with any board or committee on which he serves. C. No officer or member of the Church Extension Fund Board of Trustees or Audit Committee may serve on the CEF Special Loan Committee or the Board of Directors of the District Convention Section G Church Extension Fund Page G-11

12 5.15 ADDITIONAL COMMITTEES The Board of Trustees may appoint additional committees and personnel as may be needed from time to time, to carry out the objectives of the Church Extension Fund. All such appointments shall terminate at the will of the Board of Trustees MEETINGS A. The Board of Trustees shall meet at least four times a year and additionally at the call of the President of the Church Extension Fund, or three members of the Board of Trustees. A majority of the Board members shall constitute a quorum. All expenses incurred shall be paid by the Church Extension Fund. B. The Secretary-Treasurer shall be responsible for accurate minutes of each meeting of the Board of Trustees. Copies of the minutes shall be sent to all regular and advisory members of the Board and to the Audit Committee following each meeting of the Board of Trustees FINANCIAL DUTIES OF THE BOARD A. The Board shall bond or insure the officers and such employees of the Church Extension Fund as it deems advisable. B. The President, Vice-President, Secretary-Treasurer and Executive Director are the authorized signatories, as each may be directed by the Board of Trustees, for all financial, legal and contractual matters of the Church Extension Fund, pursuant to a written resolution of the Board of Trustees authorizing the transaction and naming those authorized to sign. C. The Board of Trustees shall approve the budget for the next fiscal year at its final meeting of the current fiscal year POWERS AND DUTIES OF THE BOARD OF TRUSTEES WITH RESPECT TO THE PROPERTY OF THE CHURCH EXTENSION FUND A. The Board of Trustees shall have the power to transact the business of the Church Extension Fund between conventions, always, however, subject to the Bylaws and policies of the Church Extension Fund. B. The Church Extension Fund is hereby empowered to hold, purchase, and sell property, real and personal, make loans, hold, and give and take mortgages Convention Section G Church Extension Fund Page G-12

13 C. In the purchase of property at a cost in excess of $750,000, such purchase must be approved by the delegates of the Church Extension Fund in convention, or by the approval of 2/3 of the members of the Church Extension Fund Special Loan Committee OTHER BOARD DUTIES A. The Board of Trustees shall be accountable to the delegate convention of the Church Extension Fund and shall present a complete report of its actions at each CEF convention. Appeals of any decision of the Board of Trustees, may be taken to the Church Extension Fund in convention and the action of the convention on such appeal shall be final. B. No action shall be taken by the Trustees which is contrary to or in conflict with the Constitution and Bylaws of the Central Illinois District or the Lutheran Church Missouri Synod EXECUTIVE DIRECTOR A. The Board of Trustees shall appoint the Executive Director who will serve as directed by the Board of Trustees and these Bylaws. B. DUTIES 1. PROPERTY MANAGEMENT: The Executive Director shall periodically inspect all property of the Church Extension Fund, or the property on which it holds a mortgage or is under contract and shall recommend to the Board of Trustees items in need of repair and maintenance, and recommend and obtain its authorization thereon. A property maintenance manager may be appointed to assist the Executive Director, to work under his supervision, when deemed necessary by the Board of Trustees. 2. LEGAL RESPONSIBILITIES: The Executive Director shall supervise the safekeeping of the deeds, notes, mortgages, abstracts and title policies, and related papers and records on all Church Extension Fund owned or mortgaged property. He shall be responsible to the Board of Trustees in negotiating and finalizing all purchases of property and mortgage loans authorized by the Board of Trustees and is authorized to retain legal counsel, appraisers, engineers and other expert assistance required. The Executive Director may also sign contracts, deeds, notes and mortgages, and such documents as may be required, as authorized by the Board of Trustees. 3. LOAN MAINTENANCE: The Executive Director shall keep a current file on each Church Extension Fund loan and shall be responsible for the servicing of all mortgage loans, including receipt of payments thereon and the enforcement of payment. 4. INSURANCE MANAGEMENT: The Executive Director shall be held responsible for seeing that all property owned, controlled, and on which Church Extension Fund holds a mortgage, is adequately insured. To that end, he shall investigate and determine the amount of insurance required, the available market for the coverage required, the premiums therefore, and thereby provide the Board of Trustees with a full report on coverage required on each property, the availability of the coverage, both as to fire and extended coverage and personal injury and property damage and other insurance which may be required to adequately protect the Church Extension Fund against loss. 5. OTHER PROPERTY MANAGEMENT: The Executive Director shall make certain that the property taxes are paid, if any and that exemptions are applied for when eligible under Illinois law. 6. OFFICE MANAGEMENT: The Executive Director shall serve as office manager for the Church Extension Fund office and shall, from time to time, recommend to the Board of 2012 Convention Section G Church Extension Fund Page G-13

14 Trustees the required maintenance for the facilities, make his recommendation and obtain its authorization to purchase supplies, employ clerical and secretarial help. 7. ASSISTING THE SECRETARY-TREASURER: The Executive Director shall, in accord with the accounting standards established by the Board of Trustees, assist and work under the Secretary-Treasurer's supervision with respect to the receipt, custody, recording and disbursement of Church Extension Fund funds. He shall handle and supervise business matters pertaining to receipts and deposits, the issuance of receipts, check preparation and signing, preparation and signing of investment certificates and other deposits, correspondence and such other duties as may be assigned by the Secretary-Treasurer. He shall process all mortgage loan applications in accord with the established qualification and loan limits THE AUDIT COMMITTEE A. MEMBERSHIP: The Audit Committee should consist of at least three laymen who are qualified as auditors with accounting and related experience, at least one of whom shall be a certified public accountant. Nothing in these Bylaws shall prevent the Audit Committee of the Church Extension Fund from being the Audit Committee of the Central Illinois District, nor shall anything in these Bylaws require the Audit Committee of the Church Extension Fund to be the Audit Committee of the Central Illinois District. B. DUTIES: The Audit Committee should meet in mid-year with the Secretary-Treasurer and the Executive Director to review records, vouchers, instruments, cash and bank balances, notes, receivable and payable, loans and mortgages, insurance papers, and such other financial documents as bear upon the responsibilities of the Church Extension Fund to its depositors, and shall submit its report to the Board of Trustees of Church Extension Fund. C.B. OUTSIDE AUDITS: The Audit Committee should annually, or more frequently at the request of the Board of Trustees, engage a firm of Certified Public Accountants (CPA) to shall ensure a Certified Public Accountants (CPA) firm is engaged to audit the books and financial records of the Church Extension Fund and such other funds and financial records as the Audit Committee or Board in their judgment may consider appropriate. The Audit Committee shall review the audit reports as submitted by the independent CPA firm, and may prepare a report of recommendations to the Board of Trustees and the Church Extension Fund in convention. At least annually, notice shall be given to each congregation within the District that a copy of the latest audit is available from the Church Extension Fund office. Upon request from a congregation, a copy or copies of the report shall be supplied. D. BONDING: The Audit Committee should recommend to the Board the amount and form of a fidelity bond or insurance which should be maintained on the Secretary-Treasurer, Executive Director, employees and other persons who occupy a fiduciary responsibility, as may be deemed appropriate by the Board of Trustees THE CHURCH EXTENSION FUND SPECIAL LOAN COMMITTEE A. MEMBERSHIP: The CEF Special Loan Committee shall consist of seven (7) members from District congregations with expertise in real estate, banking and related areas. The Committee shall be appointed by the President of the CEF Board, subject to the approval of the Board of Trustees, within 45 days following the Church Extension Fund Convention. A majority of the committee shall constitute a quorum. B. DUTIES: The Committee is to review the loan applications which are in excess of the approved dollar limitations which have been established in the loan policy. The Committee s recommendations thereon shall be reported to the Board of Trustees for such action as it may deem appropriate Convention Section G Church Extension Fund Page G-14

15 C. REGULATIONS: No member of the Committee may be a member of any other Church Extension Fund or District Board or Committee; may vote on any loan application and/or project in which his or her congregation is involved, or in which the member has a financial interest in the project, or has, in any way, a connection with the loan application or project which can affect, or can be perceived to affect, his or her independent judgment NOMINATIONS A. The Church Extension Fund Nominations Committee may nominate two candidates each for the President, Vice-President, Secretary-Treasurer, and each of the Board positions. B. Candidates for membership on the Board should be nominated so as to give equal representation, as nearly as practicable, to the various circuits of the District. C. No two members of the same congregation or any two members of the same immediate family may be a member of the Board of Trustees at the same time. Same family would include spouse and children. D. The Nominations Committee shall present their nominees to the convention for adoption or amendment. The report shall provide pertinent information on each candidate presented. Additional nominations may be made from the floor. Nominees shall then be listed in alphabetical order for each position. Incumbents may be so designated BALLOT After adoption of the nominations by the convention, the Nominations Committee shall prepare the ballots on which the election shall proceed ORDER OF NAMES ON BALLOT The names and congregational affiliation of the candidates in all elections shall be placed on the ballot in alphabetical order for each position ELECTIONS A. The elections shall proceed as follows: The President, Vice-President, Secretary-Treasurer and then the remaining Trustees. The elections may be held concurrently. B. Tie vote: In case of a tie vote to any of the offices the names of 15 delegates shall be drawn from a container containing the names of all the accredited delegates, to vote for one of the candidates. C. Proxy: There shall be no voting by proxy for any Church Extension Fund officers, trustees, or on any action taken by the convention AMENDMENTS TO BYLAWS ARTICLE VI - AMENDMENTS TO BYLAWS Amendments may be made to the Bylaws, provided they are: A. Not contrary to the Constitution and Bylaws of the Central Illinois District or the Lutheran Church Missouri Synod; B. Presented in writing to the Church Extension Fund in convention; 2012 Convention Section G Church Extension Fund Page G-15

16 C. Adopted by the affirmative vote of a majority of the delegates present and voting RESOLUTIONS FROM MEMBER CONGREGATIONS A. Miscellaneous resolutions and appeals by member congregations or pastors, other than for mission grants, may be presented to convention upon approval by the Board of Directors. Such resolutions shall be sent to the CEF President at the CEF business office at least 90 days prior to a convention. Resolutions affecting the bylaws must pass by a majority vote. Resolutions affecting the Articles of Incorporation must pass by a 2/3 majority vote of the delegates present. B. Resolutions, in writing, may be submitted to the Chairman during the first 15 minutes of a convention by an official lay person or pastoral delegate and be considered by the convention delegates at a time deemed appropriate by the President. Written resolutions made from the floor, may be altered by the chairperson and must be approved by a 2/3 majority vote of the delegates present. Revised: July 10, 2006 July 6, 2009 July 9, Convention Section G Church Extension Fund Page G-16

17 CID CHURCH EXTENSION FUND BALANCE SHEET YEARS 2012, 2013, 2014 Account Title Assets Hickory Point Money Mkt 167, ,497 1,005,151 Hickory Point Checking Acct 1,295, , ,964 Loans Receivable 17,418,249 18,726,783 21,672,439 Accounts Receivable Accrued Interest Receivable - Loans - 8,902-15,204-23,524 Uncollectible Loan Reserve 840, , ,000 Investment - Security Bank Financial 2,100,000 1,850,000 0 Investment - HPB/Raymond James 2,250, ,000 0 LCEF Mortgage Loan Pool 1,883,000 3,069,500 4,000,000 Investment - Havana 300, , ,000 Investment - LCEF 12,826,609 12,913,714 11,664,444 Restricted Investment - LCEF 380, , ,000 LCEF - Steward Account 350, ,000 1,150,000 Accrued Interest Receivable - Investments 74,053 78,948 75,813 Prepaid Insurance 18,141 17,414 8,339 Total Current Assets $38,214,092 $38,920,110 $40,221,627 Property & Equipment Equipment 16,616 16,616 18,187 PCS Equipment 47,986 47,986 35,055 PCS Software 67,657 67,657 67,657 Accumulated Depreciation 121, , ,138 Total Property & Equipment $11,031 $13,961 $17,763 Total Assets $38,225,124 $38,934,071 $40,239,389 Liabilities & Capital Current Liabilities Backup Withholding Payable Accrued Interest Payble - Certificates 118, , ,027 Outstanding Security Bank Checks 0 1,003 1,003 Accrued Audit Fee 5,650 5,500 6,625 Mortgage Interest Rebates Payable 300, ,000 50,000 Stamps Payable 35,316 35,750 35,848 Loans Payable - Certificates 28,599,903 29,603,908 31,568,480 Loans Payable - Flex 513, , ,035 Growth Bonds Payable 84,841 90,511 87,483 Ministry Outreach Grant Payable 18,202 10,275 0 Board Grants Payable 49, ,759 99,735 Total Current Liabilities $29,725,928 $30,646,815 $32,416, Convention Section G Church Extension Fund Page G-17

18 Capital Net Assets 8,283,865 7,919,443 7,732,277 Net Income 215, ,813 90,876 Total Capital $8,499,196 $8,287,256 $7,823,153 Total Liabilities & Capital $38,225,124 $38,934,071 $40,239,389 Capital/Asset Ratio 22.23% 21.29% 19.44% 2012 Convention Section G Church Extension Fund Page G-18