Bethel University Foundation

“The executive committee includes one member of the board who is not a staff member, together with the chairman, vice-chairman, executive director and the chairman of the investment committee. At least one member of the executive committee should be a member of the board of trustees of bethel university. The executive committee has power and authority between board meetings as are delegated to it by the board of governors.”

“According to the foundation's bylaws, bethel university retains the right to approve or remove members of the foundation's board of governors.”

“Amendments to the foundation's governing documents require approval by the board of trustees of bethel university.”

“The audit committee reviews and approves the public inspection copy of the form 990 before it is given to the board and filed with the irs.”

“Annual disclosure form is completed by board and staff as required by the conflict of interest policy. If an individual believes she/he has detected a conflict of interest situation, the activity should be disclosed to the appropriate supervisory level above the individual involved in the potential conflict situation. The supervisory personnel should then discuss the situation with the involved individual recommending the individual complete the conflict of interest questionnaire to assist in determining the nature of the situation. It should then be discussed with the appropriate persons.”

“Bethel university foundation does not compensate any individuals. The organization relied on bethel university in setting the compensation for those individuals. Bethel university used multiple methods to estimate the top management officials' compensation.”

“The foundation's governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

“The organization is reporting in the form 990 three employees who devote time to the foundation affairs. These individuals are compensated by bethel university and w-2s are issued by the university. All payroll tax filings are prepared by the university. For the purpose of part ix, these individuals are reported as compensation in the return.”

“Change in value of split interest agreements -553,335.”

“Bethel university provided certain support services to the foundation including providing office space and associated expenses at no cost. Employees of the foundation also participate in bethel's insurance and health benefit plans. These operating costs were paid by bethel and have been reflected in support and revenue and operating expenses. The value of such services to the foundation is $422,324 for bethel's fiscal year ended may 31, 2018.”