Stony Brook Foundation Realty Inc

“FORM 990, PART VII, Section B The organization paid $350,896 for construction services in calendar year 2015; these amounts were capitalized for tax purposes and accordingly are not reflected on the Part IX functional expense schedule. Family or Business Relationships FORM 990, PART VI, Section A, LINE 2 MEMBERS OF THE BOARD, Cary F. Staller, Esq. and Erwin Staller have a family relationship. SIGNIFICANT CHANGES TO GOVERNING DOCUMENTS FORM 990, PART VI, Section A, LINE 4 SBFR amended and restated its bylaws on May 12, 2016. The bylaws were amended and restated to more clearly state the rights of Stony Brook Foundation, Inc. as SBFRs sole corporate member and supported organization in triennially electing the board of directors. The bylaws now expressly provide for an audit committee, comprised of independent directors, which will perform oversight functions in accordance with the New York Not-for-Profit Corporation Law. The bylaws now include SBFRs conflict of interest policy. The bylaws no longer require 10 days notice of the intention to adopt new bylaws at any meeting of the board of directors. Members or Stockholders Form 990, Part VI, Section A, Line 6 Stony Brook Foundation Realty, Inc.'s sole corporate member is the Stony Brook Foundation, Inc. Members or Stockholders who may elect Form 990, Part VI, Section A, Line 7a The Stony Brook Foundation Realty, Inc.s directors will be elected triennially by the member. Each of the Chair of the Board of Trustees of the Foundation and the President of the University will serve as an ex-officio director of the Board and will be entitled to vote. Each of the Executive Director of the Corporation and the Executive Director of the Foundation will serve as a guest member of the Board, will be entitled to attend and participate in Board meetings, but will not be entitled to vote.”

“FORM 990, PART VI, SECTION B, LINE 11 The Form 990 was prepared by an independent accounting firm in conjunction with the organization's financial department. A copy of the draft form 990 was circulated to ALL MEMBERS OF THE BOARD in either paper or electronic form for discussion and comment. Each board member was provided ample opportunity to comment on the information contained in the 990 prior to its filing with the Internal Revenue Service.”

“FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE BOARD FORMALLY adopted its own conflict of interest policy in may of 2016. Enforcement of Conflict of interest policy Pursuant to the ORGANIZATION's bylaws (ARTICLE VII), all members of the Board of Directors, officers and key employees are required to complete an annual Conflict of Interest Disclosure Statement. The Internal Revenue Service requires that the organization disclose relationships among current and certain former members of the Board of Directors, officers, certain employees, family members, certain independent contractors and entities in which these individuals have an ownership interest. The Annual Conflict of Interest Disclosure Statement requires each board MEMBER, officer and key employee of the ORGANIZATION to disclose in writing the existence of any potential conflicts of interest, to certify compliance with the conflict of interest policy and to agree to abide by it. The signed STATMENTS shall be maintained by the Secretary of the Corporation. If an individual becomes aware that he or she may be involved in a potentially conflicted transaction, he or she will immediately disclose the existence and material facts of his or her interest in the conflicted transaction to the Secretary of the Corporation or the board of directors, as applicable. Board discussions pertaining to the conflict (and its resolution) are documented in the Board Minutes.”

“Part VI, Lines 13/14 In May 2016, the organization formally adopted a whistleblower policy and a records retention policy.”

“Form 990, Part VI, Section B, Line 15 Stony Brook Foundation Realty, Inc. does not compensate the officer, Dexter A. Bailey, Jr., reported on this Form 990 and so it does not undertake any procedures to determine his compensation. The process for determining his compensation is disclosed on the Form 990 of the related organization that pays his compensation.”

“FORM 990, PART VI, SECTION C, LINE 19 Stony Brook Foundation Realty, Inc. makes its Form 990 available to the public by retaining a copy at its place of business. The Form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion. Organization's financial statements audited by independent accountant Form 990, Part XII, Line 2c Stony Brook Foundation Realty, inc. does not receive its own standalone financial statements, but is included in the financials of its supported organization, Stony Brook Foundation, Inc. The Foundation has a committee that assumes responsibility for oversight of the audit of Realty's financial information.”