The Upstate Foundation Inc.

“Three not-for-profit entities, the nursing alumni association, the college of health professionals alumni association, and the state university of new york center for professional development, use the foundation to provide bookkeeping services for their operating funds. These entities' funds include alumni event fees, training fees and related expenses and are transacted from the same bank account as that of the foundation's operating funds. Accordingly, total amounts of $318,131 and $302,354 held for these organizations at december 31, 2017 and 2016, respectively, are presented as cash held for agency accounts and due to agency accounts in the consolidated statements of financial position. As of january 1, 2015, the foundation entered into an agreement with umu to provide administrative, bookkeeping, and certain investment oversight services for the chief administrative officer (cao) fund. The cao fund is administered by the president of umu (as cao) in consultation with other members of senior umu leadership and in accordance with article xvi of the policies of the board of trustees of the state university of new york. The foundation established separate bank accounts for cao fund cash and certain investment holdings and funds are allocated at the direction of the cao fund administrators. These funds are managed under the guidelines set forth in the foundation's existing investment policies and asset allocations are reviewed by the foundation and the cao fund administrators on a periodic basis. At december 31, 2017 and 2016, the foundation maintained cash for the cao fund of $6,720,171 and $6,049,536 respectively, and also maintained investments of $58,759,005 and $49,686,844, respectively, presented as cash and investments held for agency accounts and due to agency accounts in the consolidated statements of financial position. The respective interest and dividends as well as gains and losses on investments held for agency accounts are not recognized in the foundation's statement of activities.”

“The foundation's endowments consist of approximately 200 individual funds established for a variety of purposes.”

“The foundation is organized as a public charity exempt from taxation under section 501(c)(3) of the internal revenue code. It has been determined that the foundation is not a private foundation under section 509(a)(1) of the internal revenue code. As of december 31, 2017 and 2016, the foundation did not have any unrecognized tax benefits or any related accrued interest or penalties. It is the foundation's policy to recognize any interest and penalties as expenses. The tax years open to examination by federal and new york state taxing authorities are 2014 through 2017.”