Augustine Institute Inc.

“The form 990 and supporting schedules is reviewed by the treasurer of the board of directors and the finance committee prior to filing. The form 990 is made available to the board of directors for their review.”

“All board members, officers, and others with decision making authority are required to complete a disclosure statement annually that lists any relationships or transactions that could pose a potential conflict. These forms are reviewed by the board of directors, or an appointed committee of the board. If any potential conflicts are noted, the board will investigate further and take appropriate action if a conflict does exist.”

“After the school year, a review is performed by the board of directors for the president, and compensation is determined at that time for the following year. A similar process is performed by the board executive and board finance committee for other officers and key employees.”

“Documents available upon request.”

“On November 19, 2015, the Institute entered into an Asset Transfer Agreement ("Agreement") with Lighthouse Catholic Media, NFP ("LCM"), an Illinois not for profit corporation dedicated to the purposes of evangelizing, catechizing, instructing and educating all people in the truth of Jesus Christ, His teachings and His Church through sales, marketing and distribution of media offerings to individuals, churches, parishes and other religious organization ("Media Business"). Under the terms of the Agreement, LCM agreed to convey certain assets of LCM used in connection with its Media Business operations on the terms set forth in the Agreement. In connection with the Agreement, inventory and other intangible assets related to LCM's ownership in Formed.org were transferred to the Institute at an estimated value of $1,299,000 ($1,139,000 of inventory and $160,000 related to Formed.org). In addition, all trademarks, patents, trade names, domain names, trade styles, service marks, logos and other source or business identifiers, and the goodwill associated therewith, used in the Media Business of LCM. No value was placed on these items as management could not determine the fair value of these assets. There was no remuneration paid for the conveyance of these assets.”

“Other: Program service expenses 1,176,253. Management and general expenses 181,828. Fundraising expenses 67,502. Total expenses 1,425,583.”

“The process for overseeing the audit has not changed from prior years.”