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Transparency Portal – Finances & Reports

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Transparency Portal – Finances & Reports

Lafayette Urban Ministry is committed to steward our financial resources with utmost integrity. Because of our transparency, LUM has earned the following designations:

Guidestar
– Platinum-level participant

Charity Navigator
– Four-star rating

charitybadge

LUM follows these pillars of responsible stewardship:

Governance

LUM is governed by a Board of Directors who physically meet monthly. Additionally, the Finance Committee of the Board meets with the Executive Director and the Treasurer monthly to review the internal financial statements and budget performance for the current year to date. The LUM Finance Committee of the Board regularly reviews and update our internal controls and financial management policies. The LUM Board of Directors’ monthly board agendas and minutes are published HERE.

Financial Oversight and Transparency

LUM prepares monthly and annual financial statements that are reviewed by the Finance Committee in depth. At the close of each fiscal year, the financial statements are audited by an independent certified public accountant. See below for a list of links to view the Audited Financial Statements, IRS Form 990’s, and Annual Impact Reports.

Use of Resources and Compliance with Laws

Each year, the auditor prepares and submits the IRS Form 990. LUM complies with all state and federal laws in order to maintain tax-exempt status. Further, LUM works hard to manage resources so that a majority go to program support while making wise investments in infrastructure for the long term, and all bills are paid within 30 days of receipt.

Compensation-Setting and Related-Party Transactions

The Board of Directors sets the salary for our Executive Director. LUM board members review and sign the Conflict of Interest policy each year. Related-Party transactions require a quorum of Board members to vote on approval.

Stewardship of Charitable Gifts

LUM is committed to providing (a) truthfulness in our communication, (b) honoring the donor’s intent when a gift is given, (c) providing timely gift acknowledgements, (d) acting in the best interest of LUM givers, and (e) if LUM uses an outside stewardship resource consultant or if one member of the staff participates in fundraising, neither will directly or indirectly receive payment that is based on a percentage of charitable contributions raised.

Reports

The Lafayette Urban Ministry financial reports, annual reports, and tax information are listed below. If you have any questions or need additional information, please email or call the LUM executive director, Wes Tillett (wtillett@LUMserve.org | 765-423-2691).