Cal State Fullerton Philanthropic Foundation

“Subject to the approval of the president of csuf, the board of governors shall be appointed as follows: the president of csuf shall serve as an ex-officio governor with voting privileges. The vice president of university advancement for csuf who shall serve as the executive director shall serve as an ex-officio governor with voting privileges. Additionally the president of csuf shall appoint one faculty member, one student, and one alumni association representative to be governors with voting privileges, each appointed to a one year term. The faculty, student, and alumni association governors may be reappointed from year to year as determined by the president of csuf.”

“The board of governors shall not make any loan of money or property to or guarantee the obligation of any governor or officer unless approved by the attorney general.”

“The form 990 is reviewed by the audit committee prior to its presentation to the board of governors. Representatives from the preparer are available during this presentation. At the committee level, there is an opportunity for questions,comments, and suggested revisions. Any changes to the form 990 are communicated to the preparer of the form 990 and revisions are made as soon as possible to ensure the form 990 is filed with the internal revenue service on a timely basis. Before the return is filed, a final copy of the form is forwarded to the entire board of governors.”

“All members of the csfpf board of governors are required to complete on an annual basis a conflict of interest disclosure form. If a conflict of interest is deemed to exist, it shall be reported to the audit committee. The audit committee shall devise and recommend to the board a proposed resolution of, or course of action with respect to, the conflict of interest. The board shall then by majority vote (not including the vote of any governor with a conflict of interest) take action regarding the matter. Such action may include, but is not limited to, validation of the transaction pursuant to education code 89907, if available, validation of the transaction with conditions, censure or removal of the governor, rescission of the transaction, or any other action deemed appropriate by the board. Members of the governing board shall recuse themselves from the vote on any matter that involves an actual or potential conflict of interest involving that governor or that the governor recognizes to involve the possible appearance of impropriety involving such governor or a member of his immediate family.”

“The application for tax-exempt status, determination letter, articles of incorporation, by-laws, and form 990 are available for public inspection upon request at the foundation's main office.”

“There is not a compensation determination process in place as the philanthropic foundation does not compensate any insiders.”

“Csu philanthropic foundation employees' salaries and wages are paid under the university's ein. The salary expenses in part ix represent reimbursements for services provided by university employees.”

“Charitable remainder trusts -155,909. Custodial account for the arboretum -2,012,906. Allowance for doubtful accounts 34,700.”

“The foundation's consolidated financial statements for the year ended june 30, 2014 have been restated due to the foundation incorrectly recording transactions with the fullerton arboretum (the arboretum), an auxiliary on the campus of the university. The foundation is deemed as an agency for the arboretum and, therefore, transactions recording revenue and expenses related to the arboretum have been restated. As a result, cash and investments held for the arboretum and previously reported on the foundation's consolidated statement of financial position are now offset with an offsetting payable due to the arboretum.”