The University of Akron Foundation

“Business relationship - philip a. Lloyd & john c. Blickle; business relationship - solomon h. Jones, mark r. Belgya & susan wagstaff; business relationship - steven r. Brubaker & craig s. Taylor”

“A complete copy of the form 990 was sent to the foundation's executive committee in electronic form prior to filing.”

“Annually, the directors and officers of the foundation complete a conflict of interest questionnaire. The questionnaire is designed to bring to light any interests that could give rise to conflicts. The executive director of the foundation reviews the questionnaires and is charged with informing the board of potential conflicts. Board members recuse themselves from voting when they have a conflict.”

“The foundation governing documents, conflict of interest policy, and financial statements are available for inspection upon written request.”

“The executive committee of the foundation, between meetings of the board of directors, has all the authority of the board of directors in the management of the foundation, except as such authority is limited by statute or resolution of the board of directors. According to the foundation's code of regulations, the board of directors shall appoint an executive committee consisting of the president of the university of akron (ua), the senior development officer of ua, the chief academic officer of ua, the chief financial officer of ua, the president, vice president, secretary, treasurer and executive director of the foundation, and not less than two other voting directors who are members of the community at large, and who are not full-time employees of ua or its governing board. During fiscal 2016, all members of the executive committee members were voting members except for the executive director, treasurer, and assistant treasurer of the foundation, who are non-voting members. Each voting member of the executive committee is also a voting member of the foundation's board of directors.”

“The foundation has no employees, thus eliminating the need for a whistle-blower policy.”

“The foundation's records are maintained by employees of the university of akron who follow the university's document retention and destruction policy.”

“The foundation does not compensate its executive director, officers or key employees so no process is required.”

“Consultant to develop and improve business opportunities”

“The term for officers and directors for the university of akron foundation runs from october to october. As a result, there could be more than one individual that served in any particular officer position during the fiscal year.”

“The foundation's pooled endowment is invested in a partnership rather than directly in stocks and bonds. See schedule d, part vii.”

“The foundation does not have a separate committee for audit oversight. However, audit results were reviewed with the foundation board of directors. Additionally, since it is a component unit of the university of akron, the university's board of trustees and audit committee participate in the foundation's financial statement audit. The foundation's independent auditor is selected in conjunction with the university of akron, which is through the ohio auditor of state's bid process.”