Keene Endowment Association

“The KEA updated its Investment Policy guidelines & bylaws in June 2023 included the following changes: * Effective as of July 1, 2023, no new accounts will be created in the Income Only Fund. New gifts may only be made into existing Income Only endowments. * Section VI. Stewardship Support Agreement was created to provide financial support to KSC in the areas of administrative support, fundraising, gift processing and stewardship. The KEA bylaws with the 1995 agreement with USNH were adopted on September 8, 2022, including the following changes: * Defines KEA as an foundation affiliated with UNSH and subject to USNH Board of Trustees' policy BOT III.C, Foundations Established for the Benefit of USNH or its Component Institutions. * States KEA is governed by a board of trustees, of which shall include the four (4) ex-officio trustees. * Removes language regarding the ability of the Chairman of the USNH Board of Trustees to appoint a 3rd member of the USNH Board of Trustees to the KEA Board of Trustees. * Removes language regarding USNH having ultimate control over the activities of KEA. * Removes language referencing the length of the terms of the KEA elected trustees. This language was in conflict with the current and proposed by-laws. * USNH grants KEA authority to use the name, seal, words, phrases, and symbols associated with KEA. * USNH retains the right to terminate this agreement and KEA's affiliation with KSC. Upon termination, KEA will distribute all assets of KEA to KSC.”

“KEA is an organization affiliated with Keene State College ("KSC") with all the rights, privileges, responsibilities, and obligations of a foundation affiliated with USNH. The KEA Board of Trustees shall include the following ex-officio trustees: President of KSC, KSC Alumni Trustee to the USNH Board of Trustees, KSC Vice President of Finance and Administration, and KSC Vice President of Advancement.”

“KEA is an affiliated organization of the University System of New Hampshire (USNH). An Ex-Officio voting Board Member of KEA is also a Trustee on USNH Board. As such, the KEA is subject to the provisions, terms, and conditions of the USNH Board of Trustees' policy. The USNH Board, through its Audit Committee, assumes responsibility for oversight of the audit of USNH consolidated financial statements which includes KEA as an affiliated organization. KEA shall submit to the USNH Board of Trustees for review and approval the articles of incorporation, bylaws, or any other documents which provide for the establishment and structure of KEA and any amendments to any of those documents. No adoption or approval of any such document by KEA shall be effective unless and until approved by the USNH Board of Trustees. The USNH Board of Trustees retains the authority to terminate the Amended Agreement and the KEA's affiliation with KSC by vote of two-thirds of the members of the USNH Board of Trustees.”

“The Form 990 is sent to the Trustees for review and signature by the Board President before filing.”

“Board Members are required to complete an annual statement of conflict of interest. The Executive Committee of KEA regularly monitors and enforces compliance by reviewing the statements and taking appropriate disciplinary and corrective actions, as necessary.”

“Providing copies upon request.”