San Francisco State University Foundation

“Grant thornton forwards the completed form 990 to the director of finance and administration of university corporation for review. Upon review, the director of finance and administration of the university corporation, san francisco state forwards the form 990 to the treasurer of the foundation for review. The treasurer then reviews and forwards the form 990 to the executive committee of the foundation board for its review prior to filing. Board members are encouraged to review the form 990 and to forward any questions to the treasurer. After the questions are addressed, the return is finalized and filed with the irs.”

“At the annual meeting of the board, directors review the foundation's conflict of interest (coi) policy and sign the policy statement. All members of the board, including university employees sitting on the board, are required to submit a completed coi statement. An annual compliance report is provided to the university's cfo. Any potential conflicts are brought to the attention of the foundation's president and foundation general counsel for advice. If a conflict is deemed to exist, the audit committee places the matter on the regular board meeting for an open session discussion for the director, whose conduct is at issue to explain. The board will vote on the matter and the board member having the conflict must recuse him/herself from any voting or decision-making that involves said board member. Possible actions to rectify the situation include, but not limited to, validation of the transaction, validation of the transaction with conditions, censure or removal of the director, or rescission of the transaction.”

“The organization does not provide any compensation to the individuals listed on part vii of the form 990. All compensation paid to these individuals is paid by a related organization, san francisco state university (sfsu). The process used to determine compensation for these individuals is determined by sfsu.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public on the organization's website and upon request for the same period of the time set forth in i.r.c. Section 6104(d). The foundation's form 990 is also available on guidestar.org, a third-party website.”

“The foundation does not have any direct employees. The employees working for the foundation are paid by sfsu. The foundation reimburses sfsu for the cost of university staff working for the foundation.”

“Due to the covid-19 global pandemic, the financial markets have experienced significant volatility. Contribution revenue decreased in fy 19-20 which is typical during times of economic crisis. Investment income was down in fy 19-20, directly related to the covid-19 crisis. The specific impact of covid-19 on these two revenue sources in not readily determinable as of june 30, 2020.”