Stony Brook Foundation Realty Inc

“Form 990, Part VI, Section A, Line 1a Pursuant to the organization's bylaws, the board delegates authority to the Executive Committee of the Board to exercise the powers of the Board in between Board meetings. All actions taken by the Executive Committee shall be reported to the Board the next time a meeting is convened. Amendment to Bylaws Form 990, Part VI, Section A, Line 4 Stony Brook Foundation Realty, Inc. amended its bylaws in August of 2018 to bring the organization in compliance with the New York Non-Profit Corporation law. Realty made the following significant amendments to its bylaws: -Clarified that Stony Brook Universitys Chairman of the Board and President serve on the Realty Board as Ex-Officio Members; -Clarified that no Stony Brook Foundation Realty employee may serve as Chairman of the Board; -Clarified that no officers of the Board of Directors members will be compensated in their capacities as Officers; -Revised the Organizations conflict of interest policy (which is part of the bylaws) to more accurately define what actions constitute a conflict of interest; updated review procedures, and eliminated redundant provisions. 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 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. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 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 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.”

“FORM 990, PART VI, SECTION B, LINE 15 Stony brook Foundation Realty, Inc. does not pay any compensation to the individuals reported on Form 990, Part VII or Schedule J and so it does not undertake any procedures to determine executive compensation. The Compensation of both Samuel Stanley Jr. and Dexter Bailey is paid by Stony Brook Foundation Realty's supported organization, the Stony Brook Foundation, Inc. THE PROCESS FOR DETERMINING their COMPENSATION IS DISCLOSED ON THE FORM 990 OF THE RELATED ORGANIZATION THAT PAYS their 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. RESONSIBILITY FOR OVERSIGHT OF THE AUDIT FORM 990, PART XII, LINE 2C In July of 2017, Stony Brook Foundation Realty established an audit committee of the Board of Directors to oversee the financial statement audit. No changes to the composition of the Audit Committee, or the process of reviewing the financial statements, have been made in the current year.”