Taylor University Foundation Inc

“The Board of Trustees of Taylor University appoints the Board of Directors of the William Taylor Foundation. An appointed director may be removed by vote of the Board of Trustees of Taylor University.”

“The power to make, alter, amend, or repeal the Bylaws of the Foundation is vested in the Board of Directors of the Foundation; provided, however, that for any such change or amendment to become effective it must be approved by a majority of the Board of Trustees of Taylor University.”

“The Foundation's independent certified public accounting firm prepared the Form 990, it was reviewed by the Executive Director, and finally it was presented to the Foundation's Board of Directors for review prior to filing. The Foundation utilized this process to ensure that its Form 990 received substantive review by directors and professionals with specific knowledge of the Foundation's activities and extensive financial, accounting and tax expertise.”

“The Foundation has adopted a conflict of interest policy that requires directors, officers and key employees to submit an annual conflict of interest disclosure. The annual disclosure requires directors, officers and key employees to disclose, in writing, any known financial interest that the individual (together with family members) has in any business entity that transacts business with the Organization. In addition, directors, officers and key employees 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 the Organization, 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 chairperson. In addition, the executive staff 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 the Organization.”

“Executive Compensation: The Foundation leases all employees from Taylor University. The University has adopted an Executive Compensation and Intermediate Sanctions Policy that ensures that all compensation arrangements with related parties are evaluated and entered at arms' length and that any compensation that is paid to a related party is reasonable and reflects fair market value. The Policy encourages the application of the rebuttable presumption standard of Code Section 4958 and the related Treasury Regulations by (a) excluding any interested party from the decision making process; (b) requiring disinterested Board or committee members to obtain and rely upon comparability data when setting the proposed compensation terms; (c) requiring approval of the transaction in advance by disinterested trustees or committee members; and (d) requiring contemporaneous documentation (i.e., minutes) reflecting the decision and the process by which it was made. In the case of the President's compensation, the Executive Committee (composed entirely of independent members of the University Board of Trustees), is responsible for ensuring that the process outlined above is applied.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request, either as printed or an electronic copy, for the same period of disclosure as set forth by IRC section 6104(d).”

“Trust Distributions and Fees -173,606. Annuity and Trust Revaluations -426,612.”

“Compensation, and Other Benefits - William Taylor Foundation does not itself have any employees, so line 5 is reported as '0'. However, during the fiscal year ended 5/31/20, the Foundation did reimburse Taylor University for services provided by one University employee who serves as an officer of the Foundation. Form 990 Part V, Line 2a, Part VII, Column (D), and Form 990 Part IX, Line 5, Officer Compensation - Although the William Taylor Foundation does not itself have any employees, during the fiscal year ended 5/31/20, the Foundation did reimburse Taylor University for services provided by one University employee who serves as an officer of the Foundation. Form 990 Part VI, Section B, Line 13: Whistleblower Policy - The Foundation leases employees from Taylor University. The University has a whistleblower policy applicable to these employees.”