Missouri Western State University

“The foundation's executive committee is charged with exercising general authority on behalf of the board as necessary and appropriate on matters that cannot or should not be delayed until the next regularly scheduled board meeting, or until a special meeting of the full board should be called. The chairperson shall appoint all committee members, and is required to serve as chairperson of the executive committee. The executive committee shall have no authority to dispose of real property or other capital assets; elect board directors or officers; approve an annual operating budget; or amend these bylaws.”

“The form 990 is prepared by an independent accounting firm. Prior to finalizing, the form 990 is provided to the foundation's governing body for review and comment.”

“The conflict of interest policy is reviewed with board members at the time they are nominated to the board of directors and the policy is reviewed on an annual basis for any changes. Members of the board of directors are obligated to self-report any conflict or potential conflict to the executive director, the board chairperson and any applicable committee chairperson. The executive director, the board chairperson and any applicable committee chairperson then determine if a conflict of interest exists. If it is determined that a conflict does exist the individual in conflict will recuse them self from any discussion or vote on the matter in conflict.”

“Compensation for top management and other key officials of the foundation is processed through the missouri western state university payroll system. Missouri western state university is a related party. The compensation is based on current market conditions and reviewed by human resources at the university on an annual basis. This review includes, but is not limited to established university pay classifications and salary ranges.”

“The foundation makes its governing documents, financial statements, and conflict of interest policy available to the public upon request.”

“Uncollectible pledges -37,534. Change in beneficial interest in trusts 189,345.”

“The foundation has a committee that assumes responsibility for audit oversight and the selection of an independent accountant. The process is consistent with what has been in place in prior periods.”