Financial Accountability

Lutheran Services in America’s fiscal year is July 1 – June 30. The Lutheran Services in America budget is approved by the members at the Annual Meeting. Lutheran Services in America uses the accrual accounting method. Financial reports are provided to the Treasurer and the entire Board of Directors at least four times per year.

Annual Audit

The Audit Committee of Lutheran Services in America’s Board of Directors is responsible for selecting a CPA firm to audit Lutheran Services in America financial records annually. The Audit Committee supervises the preparation of the audit and presents it to the Board for approval.

Form 990

As shown in its IRS Determination Letter, Lutheran Services in America is exempt from Federal income taxation as a public charity under Section 501(c)(3) of the Internal Revenue Cost. Lutheran Services in America’s form 990 is professionally prepared and reviewed by both the Audit Committee and the members of the Board of Directors before it is filed with the IRS.

Investments

Investment of Lutheran Services in America funds is based on an investment policy approved by Lutheran Services in America’s Board of Directors. Investments are supervised by the Audit Committee of the Board. To the extent possible, short- and mid-term investments are placed with the ELCA Mission Investment Fund and the LCMS Lutheran Church Extension. Long-term investments are held in a balanced mutual fund.

Ethics, Transparency and Accountability

Lutheran Services in America places a high value on ethics, transparency and accountability. As a result, Lutheran Services in America:

  • Works with Independent Sector, the Council on Accreditation and other organizations to promote good practice within the nonprofit community.
  • Educates Lutheran Services in America member organizations regarding sound practices, the value of external accreditation and the need for ethical, transparent systems that complement community benefit.
  • Provides conflict of interest and whistleblower provisions. Lutheran Services in America’s Board of Directors and Staff complete a Conflict of Interest Questionnaire annually. Any person – internal to Lutheran Services in America or external – may report a concern about Lutheran Services in America’s operations, financial management, or other subjects through a third-party system which is designed to protect the identity of the reporter and facilitate open and effective investigation of allegations. A statement on reporting improper conduct is accessible on the Lutheran Services in America website. Reports can be made here.

Statement on Reporting Improper Conduct