Study Abroad Foundation Inc

“Form 990, Part VI, Lines 15a & 15b have been answered "no"due to the short period return reporting, where compensation is not required to be disclosed in Part VII.”

“The organization has a sole corporate member, Institute for the International Education of Students ("IES"), as of the acquisition date of 11/30/15.”

“Effective December 1, 2015, all Members of the SAF Board of Directors shall be nominated and appointed by the Board of Directors of Institute for the International Education of Students ("IES"), sole corporate member, subject to the requirements of the organization's Articles of Incorporation.”

“The organization does not have any committees with authority to act on behalf of the governing body, and therefore this question has been answered "no" in accordance with the instructions.”

“The appropriate members of saf's management review the full form 990. Subsequent to this review, a full copy of the form 990 is distributed to each member of the board of directors prior to filing with the irs.”

“The Organization regularly and consistently monitors and enforces the conflict of interest policy by annually querying each officer, director, and key employee regarding any new relationships or changes in existing relationships that could violate the Organization's policy. The board members, principal officers, to disclose direct or indirect financial interest. Under this policy, the chairperson of the Board may, if appropriate, appoint a disinterested person or committee to investigate alternatives to transactions where a conflict of interest exists. Voting members of the Board who receive compensation, directly or indirectly, are precluded from voting on matters pertaining to that member's compensation. The policy also calls for a period review that examines whether compensation and benefits are reasonable, and whether partnerships and arrangements with management organizations reflect reasonable investment or payments for goods and services, further charitable purposes and do not result in inurement, impermissible private benefit or in an excess benefit transaction. In March 2016, this policy was expanded. All staff and key employees, including the President, were required to complete annual conflict of interest and conflict of commitment reports. This process was overseen by the Vice President, with the Chair of the Board of Directors responsible for reviewing conflicts of interest for the President and Vice President. Where conflicts are identified, the Vice President or the Board Chairperson will implement necessary monitoring of the relevant conflict of interest, including but not limited to the employee recusing him/herself from negotiations and/or decisions regarding relationships with business partners.”

“The Organization makes its governing documents, conflict of interest and other policies and annual financial statements available to the public upon request.”

“This Short- Year program service revenue represents the 5 months of July 2016 - November 2016. Compared to the Prior Year this short-year is approximately 80% of last fiscal year (12 months) due to the timing of the revenue flow. A majority of the organization's activities are for the arrangement of goods and services such as tuition, housing and related university charges, SAF acts as an agent rather than a principal, the principal service providers are the universities. A total of approximately $8.4 million in agency related fees were collected for the short-year.”

“This Short-Year program service expenses compared to the Prior Year is lower as a result of excluding 'agency' expenses from this category per guidance from recent accounting standards updates to "Revenue from Contracts with Customers". A majority of the organization's activities are for the arrangement of goods and services such as tuition, housing and related university charges, SAF acts as an agent rather than a principal, the principal service providers are the universities. A total of approximately $7.7 million in agency related expenses were billed to SAF in the Short-Year.”

“The filing organization ceased operations as part of a merger approved by the state. Activities going forward are carried on by the successor organization - see schedule n for additional details.”

“Transfer of net assets to sole corporate number as part of merger - 958276;”

“The $109,000 represents all compensation and travel expenses paid to Mr. John Belcher a Japan resident, for his activities in East Asia and the Pacific as an officer SAF.”