Tecnologico De Monterrey Foundation

“See Exhibit E, attached which is part of form 1023. Some of the Officers and Trustees are related by virtue of employment of the Initial Member of the Foundation and by family relationships. However, all officers and trustees must abide by Section 7.4 of the Bylaws, which contain a conflict of interest provision.”

“The Foundation has one Initial Member, Instituto Tecnologico Y De Estudios Superiores de Monterrey.”

“The Foundation has one Initial Member; Instituto Tecnologico y De Estudios Superiores De Monterrey, who under section 2.1 of the Bylaws, can approve terms and conditions of memberships. However, memberships may not be transferable. Further, there are no plans for additional members. The member has appointed a Board of Trustees, who make management decisions and are the governing body.”

“A copy of form 990 is provided to the Board of Trustees for their review prior to filing.”

“As provided in the Foundation Bylaws section 7.4 titled "Conflicts of Interest", there are significant provisions to assure conflicts do not occur. In particular the Board of Trustees may require as a condition to qualify as Trustee, Officer or other position, request from time to time a conflict of interest disclosure statement from such personnel.”

“See Part VI, Line 15b below.”

“The Foundation has continued operations with a combination of volunteer Board of Trustees and one paid officer. As such the decision has been made all the Trustees and Board members recieve no compensation. At such time as a determination is made to compensate, Trustees, Officers or other personnel, guidelines, analysis and approvals are in place to follow non profit industry norms. In 2016 no officer received compensation. Office staff and other personnel would be considered for payroll, if needed, on salaries equivalent to other similar tax exempt organizations.”

“Form 990, 1023 and the Bylaws of the Foundation are available by request to either the Foundation's outside Certified Public Accountant or to the Foundation Secretary.”

“As a supporting organization of a 509(a)1 and 509(a)2 organization its mission and programs for 2014 supported education for continuing professionals as well as ancillary higher education programs. However, a cut in funding is causing a reduction in programs for year end 2015; until additional funding is obtained.”