Sdsu Foundation Veba Trust for Post Retirement Healthcare Benefits

“Decisions of governing body approval by members or shareholders all substantive actions of the trustees are subject to approval by the board of directors of sdsu research foundation. Contemporaneous minutes are maintained for the board and all of its committees. In 2017, a veba trust oversight committee was formed comprised of six members - the executive director, the cfo, and employees from the human resources and finance departments of sdsu research foundation. The oversight committee provides administrative duties such as confirming that plan operations are being carried out as prescribed and adopting any necessary amendments or restatement to the plan. Additionally, the responsibilities for oversight of the trust's audit have been performed by the audit committee of sdsu research foundation and oversight of the trust's investments have been performed by the finance and investment committee of sdsu research foundation.”

“Form 990 review process grant thornton llp and the trustee's finance staff work together to gather the required tax information necessary to complete the tax returns. The initial draft return is reviewed by grant thornton and the trustee's finance staff. After the return is discussed and reviewed, recommended changes are reflected on the return. The return is then distributed to the veba trust oversight committee prior to the return being filed with the internal revenue service.”

“Explanation of monitoring and enforcement of conflicts although there is not a separate conflict of interest policy for the veba trust, the conflict of interest policies of sdsu research foundation are followed. Sdsu research foundation requires each interested party (including the trustees of the veba trust) to disclose annually interests that could give rise to conflicts. Sdsu research foundation also monitors compliance with its conflict of interest policy through its purchasing and sponsored research development departments. Sdsu research foundation staff reviews contracts and requisitions for potential conflicts. Many of its internal processing documents include affirmations regarding lack of conflicts. The board of directors is authorized to take whatever action it deems necessary to resolve potential or actual conflicts including: (1) prohibiting the interested party from discussions or decisions regarding the conflict of interest; (2) modifying or redefining the duties and responsibilities of the interested party; or (3) requiring the resignation of the interested party. The organization also follows the written whistleblower and document retention policies of sdsu research foundation.”

“Other organization documents publicly available form 990 and the audited financial statements of the trust are available upon request. The requested documents can be delivered electronically or in printed form at the request of the recipient. No charge for copying has ever been imposed.”

“Per the december 31, 2023, actuarial valuation, the foundation did not need to make a contribution to the veba trust for the fiscal year ending june 30, 2024. Instead, the foundation was eligible to and did request a refund. This actuarial calculated negative contribution was driven by the implicit subsidy, which is the "age-adjusted premiums noted in the gasb 75 implementation guide.”

“Decrease in total other post employment benefit liability 73,038.”