Michigan State University Foundation

“Delegation of authority according to the organization's by-laws, a six-member executive committee, consisting of the chairperson of the board, the vice chairperson, the president, the secretary, the treasurer, and executive director to achieve a membership of six. During the intervals between meetings of the board, the executive committee shall have and may exercise on behalf of the board all of the authority of the board in respect to the management of the foundation. The executive committee shall oversee budgetary and fiscal policy and make recommendations to the board regarding the general fiscal policy of the foundation. The executive committee shall report its acts to the board at the next regularly scheduled meeting of the board.”

“Business relationships certain listed officers and board members also serve as officers and board members of a related entity.”

“Organization's process to review form 990 the form 990 was prepared by a national independent accounting firm in conjunction with the organization's internal finance department. A draft of the return is reviewed by the director of finance, executive director, and internal accounting personnel. Following the review and approval the form 990 was provided to each of the other voting members of the board of directors prior to the filing.”

“Enforcement of conflicts policy: conflict of interest statement is signed by each board member at the start of each new calendar year. If the board member is not able to sign or if they disclose that there is a conflict, this is discussed with the governing board.”

“Compensation process for top official upon hiring the executive director, the foundation utilizes independent consultants and the foundation's compensation committee to prepare a written offer of employment letter. In addition, compensation of the executive director is reviewed by the compensation committee each year and compensation is adjusted accordingly. Compensation process for officers compensation of the foundation's management team and remaining staff is reviewed and approved as a salary line item by the board of directors during the annual (june) budgeting process and is documented in the board meeting minutes. Annually, salaries are reviewed by the executive director and chief financial officer with local and national comparatives to job descriptions found on the internet and within the msu structure.”

“AVAILABLE UPON REQUEST.”

“Gain/loss in subsidiary 7,907,672. Capital contribution - mi rise 5,851,901. Capital contributions - investment holdings 2,700,000. Adjustment to value of annuities payable 651,650. Capital contribution - spartan innovations 200,000. Provision for noncollectible receivables 72,360.”