Alpha Kappa Psi Foundation Inc

“In august of 2023, the foundation changed its policy covering how members of the governing body are elected. The governing body is now appointed by the board of trustees and will hereby be known as the executive committee. To qualify as a trustee, one must give a minimum of $2,400/annually ($1,200 annually if under 10 years out of school) or has reached a lifetime giving total of $24,000. The board of trustees are composed of any qualified trustee who commits to give an additional $2,600 or commit to and complete 24 donor outreach communications (approx. 30 mins each) annually. The board of trustees serve as ambassadors of the foundation promoting and advocating for the foundation within alpha kappa psi membership and the general public. The executive committee is responsible for overseeing and enhancing the alpha kappa psi foundation endowment and ensuring that all funding is appropriately utilized, managed, distributed. Additionally, all executive committee members are responsible for supporting donor stewardship, fundraising activities, and special events. Members of the executive committee will be appointed to a 3-year term by the board of trustees, with the ability to serve 2 consecutive terms. Elections of officers will be held annually. All executive committee members are appointed from the current group of the board of trustees and are expected to maintain the same giving level required of a board of trustee member. The executive committee shall consist of at minimum 3 members, the chair, vice chair, and treasurer, and a maximum of 5 members as approved by the board of trustees.”

“The form 990 is reviewed by the audit committee and is then submitted to the board prior to filing.”

“Board members submit signed conflict of interest disclosures at least annually. Any conflicts are adddressed on a case-by-case basis and promptly resolved.”

“Compensation for the foundation's chief operating officer is determined by the chief executive officer.”

“Alpha kappa psi foundation makes its governing documents and financial statements available to interested parties upon written request.”

“During the 2023 tax year, the foundation stopped publishing the diary, the magazine which provides resources for enhancing the educational experience of future business leaders. The program is currently on hiatus.”

“The organization has an audit committee that is responsible for overseeing the audit and selecting an independent accountant.”