Terms of the Articles of Incorporation
Once a threshold of $300,000 in assets is reached, five percent of the three-year average of the total Foundation assets will be dispersed each year to the Lutheran School Association of Evansville for its general support and growth.
Upon dissolution of the Evansville Lutheran School Foundation, Inc. and following payment of all outstanding liabilities and obligations, all remaining assets held shall be distributed to Lutheran Church – Missouri Synod organizations existing for educational purposes that qualify as exempt organizations under Section 501(c)(3) of the Internal Revenue Code as the Board determines, subject to the limitations set forth in I.C. 23-17-22-5. Preference shall be given to Lutheran Church – Missouri Synod grade schools and high schools in the local area, region, and state in that order.
111 East Virginia Street • Evansville, Indiana • (812) 424-7252