Denver Scholarship Foundation

“A certain founding director of the Foundation, or any individual he designates in writing as his successor, appoints one director of the organization. The term of the appointed director is for two years, and only this certain founding director can remove the appointed director with or without cause.”

“Any amendment to the bylaws that would change, alter, or impact the power of a certain founding director or his successor to appoint or remove the appointed director is subject to written approval of this certain founding director or his successor.”

“The Form 990 is reviewed in detail by the Finance & Investment Committee and then provided to the full board of directors prior to filing with the Internal Revenue Service.”

“An annual conflict of interest questionnaire is completed by all officers, directors and key employees. The Nominations & Governance Committee reviews the completed forms each year and notes any conflicts that would require special treatment in decisions.”

“The compensation of the Executive Director and other officers of the organization is determined annually by the Executive Committee after giving consideration to local market conditions, the general economy, performance, and compensation for similar positions in other organizations of similar size.”

“Documents are available upon request at the organization's offices.”

“In accordance with the instructions to Form 990, Section A, Part VII, Compensation of Officers, Directors,Trustees, Key Employees, Highest Compensated Employees, and Independent Contractors, the compensation reported is that for the calendar year ending with or within the organzation's tax year. This is not the compensation for the fiscal year.”

“In accordance with the Form 990 instructions, the Foundation does not include in reported revenue any unrealized gains or losses on investments carried at fair value. The net decrease in the unrealized appreciation on investments for the years ended June 30, 2018 and June 30, 2017 totaled ($2,159,683) and ($234,779), respectively. See also schedule D for the reconciliation of revenue and expense per the audited financial statements to revenue and expenses per the Form 990.”

“There were no changes in the audit oversight process during the year.”

“This amount represents the decrease in the unrealized market appreciation from June 30, 2017 to June 30, 2018.”