Winthrop University Foundation

“The form 990 is completed following receipt of the independent auditor's report and audited financial statements, reviewed by the audit committee and operations committee with the auditor and delivered electronically to all winthrop university foundation board members prior to filing with the irs.”

“The foundation's conflict of interest policy is distributed annually at the first board meeting of the year and as part of the new board member orientation. Each board director completes a questionnaire to establish their independence and determine if a conflict exists. This document is reviewed by the executive director of the foundation and kept on file. Members of the board of directors are mandated to disclose potential conflicts of interest and recuse themselves from any action. Such action is documented in the official board minutes.”

“Staff salaries and benefits comprising total compensation are reviewed annually as part of the regular budgeting forecast by the operations committee and the board of directors. The executive director is responsible for annual evaluation of staff including self-appraisal as well as performance review by the immediate supervisor. Comparable position salary ranges for all positions from similar sized nonprofit organizations are reviewed annualy to establish reasonableness. Sources for comparable data are from professional organizations serving higher education foundations including council for advancement and support education(case), association of governing boarb (agb) and guidestar.”

“See answer to form 990,part vi, line 15a”

“The winthrop university foundation's governing documents are available on the organization's wesbite at www.wufoundation.com. Additionally, the irs form 990 is also available upon request at the foundation office.”

“To support and enhance winthrop university by encouraging alumni and friends to provide private funds and other resources for the university's benefit, to manage those assets, and to provide volunteer leadership in support of the university's objectives.”

“Provision for pledge discounts 4,614 increase in cash surrender value of life insurance policy 1,244 change in value of split interest agreements 148,647 reimbursement of legal fees 60,036 provision for doubtful pledges -27,617 rounding 1 investment management fees shown net of investment earning -177,656 investment management fees shown net of earnings on f/s 177,656”

“Net assets released from restrictions 16,595 rounding 4”