Suny New Paltz Foundation Inc

“The form 990 has been reviewed by mangement before it is sent electronically to each board director and members of the audit committee. The audit committee recommends to the full board and the full board votes to accept the form 990 prior to its submission to the irs.”

“The conflict of interest policy is applicable to all board members and officers ("interested persons") of the organization. An interested person must disclose the existence of the financial interest, or other personal interest that may give rise to a conflict of interest to the committee, and be given the opportunity to disclose all material facts to the members of the committee. The committee shall report all disclosures made hereunder to the board. Prior to a person's election and annually thereafter, each director shall sign a statement: (1) whereby such person identifies, to the best of such person's knowledge, any entity of which such person is an officer, director, trustee, member, owner, or employee and with which the foundation has a relationship, and any transaction in which the foundation is a participant and in which the person might have a conflicting interest, and (2) which affirms such person: a. Has received a copy of the conflicts of interest policy, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands the foundation is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. The secretary of the foundation will collect the conflict of interest disclosure statements and will provide a copy of the completed conflict disclosure statement to the chair of the committee. After disclosure of an interested person's financial interest or other personal interest and all material facts, and after any discussion with the interested person, the committee shall determine if a conflict of interest exists in accordance with the following: a. An interested person may make a presentation regarding the arrangement or transaction involving the possible conflict of interest to the committee meeting. An interested person is prohibited from attempting to improperly influence any committee deliberation or voting related to the transaction or arrangement involving the possible conflict of interest. The interested person must leave the meeting during the discussion of, and the vote on, any such transaction or arrangement. B. After exercising due diligence, the committee shall determine by a majority vote of the disinterested members whether a conflict of interest exists and whether the transaction or arrangement involving a possible conflict of interest is in the foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall report to the board its determination regarding the existence of a conflict of interest and shall make a recommendation as to whether the board should approve the transaction on arrangement; provided that if the transaction or arrangement involving a possible conflict of interest constitutes a related party transaction then it must be approved. Any covered personnel with any interest in a related party transaction shall make a good faith disclosure of all material facts related to such interest to the committee. The committee shall review all the material facts related to the proposed related party transaction and request any additional information that it deems necessary to complete such review. The committee shall first review the proposed related party transaction to determine whether the related party's financial interest in the transaction or arrangement is substantial (which shall be determined in accordance with any guidance issued by the office of the new york state attorney general). If the committee determines that the related party's financial interest in the proposed related party transaction is not substantial, then the committee shall share its finding with the board which may approve the proposed related party transaction if it determines that the transaction is fair, reasonable and in the best interests of the foundation. For any proposed related party transaction in which a rel”

“The foundation makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are available upon request, in the format the requester prefers (electronic, hard copy, or inspection at the suny new paltz foundation offices).”

“Consulting fees: program service expenses 333,296. Management and general expenses 29,695. Fundraising expenses 46,564. Total expenses 409,555.”

“Change in fair value of charitable gift annuities -5,274. Net asset transferred- feltsman foundation -400,525.”

“No changes from the prior year.”