Irvine Campus Housing Authority

“According to the Organization's bylaws, all directors of the Organization shall be appointed by the Chancellor of UCI, with the approval of the President of the University of California.”

“In accordance with the ground lease between the Organization and The Regents of the University of California and other documents, certain decisions made by the Organization acting as lessee are subject to the approval of The Regents or their delegates.”

“The Audit Committee shall have the responsibility for reviewing the Organization's Form 990 (including all pertinent Schedules) before it is filed with the Internal Revenue Service. -A draft of the Form 990 should be ready for review by the Audit Committee with sufficient time for review prior to the filing deadline. -In conducting their review of the draft of the Form 990, it is preferred that the Audit Committee shall conduct a top-level or big-picture type of review. However, if the Audit Committee desires or deems it necessary to conduct a more detailed review of the Form 990, then they should contact the preparer of the Form 990 to request copies of the relevant detailed tax return workpapers which they would like to see. -Following the review of the Form 990 by the Audit Committee, the Board receives a copy of the Form 990 prior to it being filed.”

“All directors and employees are required to sign our conflict of interest policy in July of each year.”

“Changes in salaries and other compensation for all of the Organization's senior managers are determined on an annual basis by the full Board of Directors in consultation with the Compensation and Benefits committee consisting of four Board members none of whom have any financial interest in the outcome of the determination.”

“The following documents of the Organization are available for inspection at the Organization's main office during normal business hours: Tax Exemption Application (Form 1023), Internal Revenue Service Determination Letter, Articles of Incorporation, By-Laws, and audited financial statements. -The public inspection copy of the Organization's Form 990 from the previous three years (at a minimum), will be available for inspection at the Organization's main office during normal business hours. -When responding to a public inspection request for any organizational document or Form 990 by anyone, the Organization shall fulfill such request in a timely fashion without inquiring as to the reason for the public inspection request.”

“Amount represents two notes payable to the UC regents. Such borrowings are not collateralized.”

“The Audit Committee reviews and approves all audit activity, up to and including tax returns. The Audit Committee receives, reviews, and responds to information, inquiries, and reports from the auditors and confers with them regarding the Organization's financial affairs. The Audit Committee advises the Board regarding the presentation and the acceptance of the annual audit report and Form 990.”