The BOD also heard updates on international mission, church-worker recruitment and the Synod’s ‘Making Disciples for Life’ initiative.
The announcement came on Feb. 10 following a resolution approved by the CUP Board of Regents on Feb. 7.
Among other business, the Board heard a report from the Synod president, elected a new BOD member, and thanked retiring CFO Jerry Wulf for his service.
Delegates of the 2019 LCMS convention adopted four final resolutions brought to the delegation by Floor Committee 9 on Structure and Governance.
Sias was re-elected as secretary of the Synod, and four members were elected to the LCMS Board of Directors.
Due to two major triennial events, the approved budget is $12 million higher in FY20 than in FY19, but the expenses for those events are essentially recovered through fees.
The move, which brings the Synod’s indebtedness to external entities to zero, will save $1.4 million a year in principal and interest payments.
Preparations for the Synod convention are proceeding on schedule, and three major Synodwide initiatives are newly underway or soon to be.
At its November meeting, the Board heard from its chairman about efforts to increase the efficiencies of corporate Synod so the church can use the savings on its “core competencies.”
Meeting in St. Louis May 18–19, the LCMS Board of Directors adopted a fiscal year 2019 operations budget of $69.4 million, a figure nearly $8 million lower than that of the current fiscal year, which ends June 30.
At its Nov. 16–17 meeting, the Synod’s Board of Directors fixed its gaze on “facing the realities” of the Synod’s finances and membership demographics.