Us Sciences Po Foundation

“Under the conflict of interest policy, the foundation will not make any loan of money or property to, or guarantee the obligation of, any director or officer provided, however, that the foundation may advance money to a director or officer of this foundation for expenses that may reasonably be expected to benefit the foundation. Except as provided below, the board of directors cannot approve a contract or transaction to which the foundation is a party and i in which one or more of the directors or officers has a significant financial interest, ii to which one or more of the directors or officers is a party, or iii to which any other foundation, firm, association or other entity in which one or more of the directors or officers are directors or officers or have a substantial financial interest, is a party. However, the board of directors may approve such a contract or transaction as listed above if, and only if, prior to consummating the transaction, or any part thereof, the interested party has disclosed to the board of directors in good faith the material facts as to his or her interest in such transaction, and the board of directors thereafter determines that i the foundation would enter into the transaction for its own benefit ii the transaction is fair and reasonable to the foundation iii after reasonable investigation, the board of directors determines that it could not have obtained an arrangement that is more advantageous to the foundation with reasonable effort under the circumstances.”

“And iv such transaction does not cause an excess benefit transaction under internal revenue code section 4958. Such determination must be made by the board of directors, in good faith, with knowledge of the material facts concerning the transaction and the partys interest in the transaction, by a vote of a majority of the directors then in office, without counting the vote of any interested director of directors, even though the disinterested directors be less than a quorum, and in accordance with any regulations under code section 4958”

“The board of directors used data based on a review of similar organizations to determine a reasonable compensation for the executive director. The organization held a board meeting in 2014 to approve the executive director and their compensation.”

“The organization makes its form 990 and form 1023 available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation, form 990, form 1023, and by-laws are also available upon written request, on our website or by calling the organization directly.”

“Donation from Mc Millan is for sponsoring several scholarships programme for Sub-Saharan African students that study in Sciences Po School.”