Concordia University Foundation

“According to concordia university foundation's bylaws, "the board of regents of concordia university chicago shall be representative of the corporate member." furthermore it states, "directors of the corporation shall be elected by the corporate member."”

“Action by the board of directors upon any of the following shall be considered authorized and effective only upon approval of the corporate member: (a) approval of any changes in philosophy, mission or primary objectives of the corporation, (b) amendment or restatement of the articles of incorporation of the corporation, (c) amendment or restatement of the corporation's bylaws, d) the merger, consolidation, or dissolution of the corporation, (e) the sale or other disposition of all or substantially all of the assets of the corporation, (f) the purchase, sale, lease, gift, pledge, or mortgage of any real property or interest therein of any asset of the corporation with a value in excess of $150,000 not previously approved in the annual budget, except for authorized transactions in pursuit of actively managing the corporation's portfolio of investments, (g) adoption of the annual budget of the corporation after of the board of directors, (h) any substantial change in policy concerning the corporation's compensation, fringe benefits, or personnel policies and (i) selection of the corporation's auditors.”

“To prepare the 990, the university controller provided the necessary information to the university's auditor, sikich. Sikich prepared the first draft and sent it to the controller for review, along with a list of questions. The controller and cfo reviewed the draft and responded to the questions. Sikich then provided a final draft to the controller which was then sent to the board of regents' finance committee. The committee was authorized, through board resolution, to act on behalf of the entire board to review and approved the irs form 990. During this review, members of the committee were able to provide questions or comments to the cfo and controller, if any. If needed, the 990 was amended. The committee then voted to approved the filing of the irs form 990 through resolution. After this vote, the irs form 990 was sent to the entire board of regents. The final, approved, irs form 990 was then filed. While not anticipated, if a question or concern is expressed by a member of the board of regents at an upcoming board meeting which results in a need to correct the already filed return, the controller will work with sikich to file an amended return.as complete and is filed with the irs.”

“Annually, board members are required to complete conflict of interest questionnaires. Additionally, all officers and key employees are regularly required to self-report and disclose any such conflicts on an ongoing basis.”

“In addition to providing all the documents upon request, concordia university foundation posts its financial statements and irs form 990 on concordia university's website. (http:/www.cuchicago.edu.aboutconcordia/ourmission/financialinformation/)”