Butler Foundation

“Form 990, part vi, section b, line 11b butler foundation's board of directors has formally delegated authority for the review of its form 990 to the butler university audit committee. In addition, butler's outside accounting firm reviewed the form 990 prior to filing. Butler utilized this process to ensure that its form 990 received substantive review by directors and professionals with specific knowledge of butler's activities and extensive financial, accounting and tax expertise.”

“Form 990, part vi, section b, line 12c butler foundation has adopted a conflict of interest policy that requires directors and officers to submit an annual conflict of interest disclosure. The annual disclosure requires directors and officers to disclose, in writing, any known financial interest that the individual (together with family members) has in any business entity that transacts business with butler foundation. In addition, directors and officers are required to immediately disclose any possible conflict of interest that arises mid-year in relation to a proposed transaction. The conflict of interest policy requires that any individual with a conflict be recused from the decision-making process, that independent directors or committee members determine that the proposed transaction is in the best interests of butler foundation, and the transaction must be approved by a vote of the independent directors or committee members without the participation of any interested individual. The annual conflict disclosure statements are submitted to, and reviewed by, the audit committee, composed of independent outside directors. In addition, the executive staff of butler university is responsible for monitoring any possible conflict transactions that arise and managing them to ensure that all transactions represent arms' length, fair market value terms for the benefit of butler foundation.”

“Form 990, part vi, section c, line 19 the organization's governing documents and financial statements (filed on a consolidated basis with bulter university) are available to the public upon request. The organization makes the form 990 available upon request at the university's business office. The form 990 is also available at www.guidestar.org.”