Lutheran Services Carolinas (LSC) is pleased to announce the successful acceptance of the audit report by its Audit Committee on January 25, 2024. The findings were subsequently made public on January 26, 2024. LSC received an important unmodified “clean” opinion from its external, independent auditors.
“The business of ministry is hard work but essential to the ministry,” remarked LSC President and CEO Ted Goins. “LSC, with its 64-year strong foundation in conservative financial management, has allowed the LSC Vision and Mission to flourish. Negotiating the challenges of health and human services, government reimbursement, regulations, workforce crisis, and external conditions is especially difficult with LSC’s passion for often serving ‘the least of these’ in our society.”
The audit report highlights several key achievements:
Total Assets: The audit reveals a robust financial position with total assets exceeding $421 million, marking a remarkable growth of 10% in just one year.
Revenue: LSC reported over $190 million in total revenue for the last fiscal year.
Program Highlights: The largest senior services programs include LSC’s Medicaid-certified nursing homes and senior living communities. For child and family programs, the focus is on foster care and the New Americans Program, which serves legal refugees.
“While LSC’s revenue and size have grown, it also costs a great deal to provide our vision of Abundant Living for all people, especially in communities and programs that provide round-the-clock care,” Goins said. “As a faith-based, nonprofit organization led by a strong volunteer board of trustees, LSC remains committed to serving where the need is greatest and from a stable business foundation.”