The University of Toledo Foundation

“The university of toledo foundation is the sole member of the university of toledo foundation real estate corporation.”

“The university of toledo foundation approves the election of all board members of the university of toledo foundation real estate corporation.”

“The university of toledo foundation board of directors approves all actions of the university of toledo foundation real estate corporation board of directors.”

“The organization does not have any committees that have authority to act on behalf of the governing body.”

“Management presents the board of trustees - finance and audit committee with the final form 990 along with a list of management assertions regarding the completeness and accuracy of the form and the existence of the policies and procedures documented in form 990. The finance and audit committee is charged to provide the review and approval function of form 990 for the board of trustees. A final copy of form 990 is provided to each member of the board of trustees for comment before filing.”

“On an annual basis, the members of the board of trustees for the university of toledo foundation real estate corp are required to complete trustee disclosure statements which affirms each member received a copy of the conflict of interest policy, has read and understands the policy, and agrees to comply with the policy. Trustees are required to disclose any family and business relationships, financial interest, and the status of their independence. Trustees are also requested by the board or committee chair to disclose any actual or possible conflicts before voting on matters related to awarding business with the foundation. All disclosure statements are reviewed by the committee of trustees and maintained by the president of the foundation to determine existence of a conflict. Any disclosed or identified actual or possible conflicts are discussed with the chair of the board of trustees and may be presented to the executive committee for discussion and resolution. Any financial interests disclosed prior to action being taken at a meeting shall be discussed with the interested person. The remaining trustees or committee members shall determine if a conflict exists by vote and the results will be recorded in the minutes. The chair or committee may appoint a disinterested person or committee to investigate alternatives to the arrangement in question. The board or committee will exercise due diligence and determine if more advantageous arrangements can be reasonably made that would not be a conflict of interest. If a more advantageous option is not reasonably attainable, the board or committee will determine by a majority vote if the arrangement in question is in the best interest of the foundation and if it is fair and reasonable. Members that fail to disclose actual or possible conflicts of interest will be afforded the opportunity to explain the alleged failure to disclose. The board or committee may conduct further investigation if warranted. The board or committee will then determine whether a failure to disclose an actual or possible conflict of interst results in disciplinary and corrective action.”

“The university of toledo foundation real estate's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“The process for overseeing and selecting an independent accountant has not changed from the prior year.”