Midwestern University Foundation

“Description of classes of members or stockholders the sole member of the corporation is midwestern university, an illinois not-for-profit corporation.”

“Description of classes of persons and the nature of their rights the president shall be appointed by the corporate member; the corporate member elects/approves directors.”

“Description of classes of persons, decisions requiring approval & type of voting rights the board of directors shall not exercise the following powers without the approval of the corporate member: (i) amendment, restatement, or repeal of these bylaws or the articles of incorporation of the corporation. (ii) any merger, consolidation or voluntary dissolution, or the creation of any subsidiary or affiliate, of the corporation. (iii) the sale or transfer of any of the assets or property of the corporation having a reasonable value in excess of $25,000 except for the transfer of assets or property to the corporate member. (iv) the expenditure, whether by way of purchase, lease, mortgage or otherwise of more than the amount specified from time to time by resolution of the corporate member, or the entering into or execution of an agreement or contract (or any amendment of such) which, during its term obligates or may obligate the corporation to expend in excess of said specified amount except with respect to such expenditures or transactions previously approved by the corporate member as part of any capital or operational budget or plan. (v) any borrowing, regardless of the amount involved, either secured or unsecured, whether in the nature of a mortgage, pledge, assignment or lien on or against all or any portion of the corporation's real property, assets or other property, or in any other form. (vi) approval of all annual and long-term capital and operational budgets or programs and all changes to or actions that may have a substantial impact upon such budgets or programs. (vii) any guaranty of the debtor obligation of another. (viii) selection or change in the corporation's outside auditors, legal counselor insurance programs or arrangements.”

“Describe the process used by management &/or governing body to review 990 the 990 is prepared and reviewed prior to filing by management of the foundation along with the advice of the university's auditors, attorneys and tax advisors.”

“Conflicts of interest policy midwestern university has a written conflict of interest policy approved by the board of trustees. For the university and all of its related organizations, all officers, trustees, key employees and other certain faculty and staff are annually required to complete a conflict of interest questionnaire and disclose all conflicts of interest. Questionnaires are returned to the president of the university, for review and annual approval. A committee of the board of trustees reviews and resolves any potential conflicts of interests reported on the questionnaires involving a trustee, officer, or certain key employees. The president, as designee of the board committee, reviews and resolves matters involving other individuals who receive the questionnaires. Procedures for addressing actual or possible conflicts are set forth in the board approved conflicts of interest policy statement. Records of any proceedings are kept, and annual reports of the activities, reviews and resolutions regarding conflicts of interest are made to the board of trustees.”

“Whistleblower policy the university has a board of trustee approved written whistleblower policy in place and has implemented policies and procedures encouraging employees to come forward (whether through an open door policy or a confidential phone line in the president and ceo offices) with information on various improper activities, specifies that the individuals will be protected from retaliation, identifies staff and management personnel to whom such information can be reported, and assures that such information will be reviewed and acted upon by management as appropriate.”

“Document retention and destruction policy midwestern university has a board of trustee approved written document retention and destruction policy.”

“Offices & positions for which process was used & year process was begun midwestern university adopted a comprehensive executive compensation review system in 1995 and has followed the policy throughout the years. The policies and practices have ensured a consistent methodology for all academic deans and officers of the university and the executive compensation committee of the board of trustees (the "compensation committee"). The compensation committee is composed of trustees without a conflict of interest with respect to compensation arrangements which it approves. The compensation committee chair engages an outside compensation consultant to benchmark the salaries and benefits of the administrative personnel of midwestern university. Merit increases are awarded based on comprehensive written performance appraisals, external market and comparability data and internal equity. The compensation committee reviews all performance appraisal forms, including a comprehensive review of the performance of the president, chief executive officer that is distributed to every member of the board of trustees, and collected and evaluted by the chairman of the board. The compensation committee meets at least twice a year. One meeting is held exclusively to review the pertinent data and president's performance and may include the external consultant during the meeting. The president is not included in this meeting. Minutes of all compensation committee meetings are written and maintained in the office of the president ceo.”

“AVAILability OF GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, & FINANCIAL STATEMENTS TO THE GENERAL PUBLIC GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE NOT MADE AVAILABLE TO THE GENERAL PUBLIC. THE 990 IS AVAILABLE ON GUIDESTAR.COM AND ALSO AT EACH OF THE UNIVERSITY'S TWO CAMPUSES. THE FINANCIAL STATEMENTS AND PERTINENT OPERATING STATISTICS ARE AVAILABLE AT WWW.DACBOND.COM.”

“Year ended june 30, 2015 the employees of midwestern university foundation are included on the form 941 filed by midwestern university, fein: 36-3377698”

“Public Support Test Midwestern University Foundation (the Foundation) did not meet the Public Support Test for the 2014 tax year. The Foundation did meet the public support test for the 2013 tax year. An organization that meets the public support test for a tax year is treated as a publicly supported charity for that year and the succeeding year, regardless of its actual support for the succeeding year. The Foundation is projected to meet the public support test for the 2015 and 2016 tax years and beyond. Below is the calculation of the projected 2015 public support test and the 2016 public support test. 2015 Public Support Test ("Projected") Section A: Public Support Calendar year (or fiscal year beginning in) (a) 2011 (b) 2012 (c) 2013 (d) 2014 (e) 2015 (f) Total 2 11,228 7,866 79,535 85,129 953,889 1,137,647 Public Support 8 11,228 7,866 79,535 85,129 953,889 1,137,647 Section B: Total Support Calendar year (or fiscal year beginning in) (a) 2011 (b) 2012 (c) 2013 (d) 2014 (e) 2015 (f) Total 9 11,228 7,866 79,535 85,129 953,889 1,137,647 10a 4,524 143,904 14,103 7,662 12,113 182,306 13 Total Support (Add lines 9 and 10a) 1,319,953 Section C: Computation of Public Support Percentage 15 Public Support Percentage for 2015 (Line 8 column (f) divided by line 13 column (f)). 86.19% 16 Public Support Percentage from 2014 Schedule A, Part III, Line 15. 60.93% Section D: Computation of investment Income Percentage 17 Investment Income Percentage for 2015 (line 10a column (f) divided by line 13 column (f)). 13.07% 18 Investment Income Percentage for 2014 Schedule A, Part III, line 17 39.07% 33 1/3% support tests - 2015. If the organization did not check the box on line 14, and line 15 is more than 33 1/3 %, and line17 is not more than 33 1/3 %, check this box and stop here. The organization qualifies as a publicly supported organization. 2016 Public Support Test ("Projected") Section A: Public Support Calendar year (or fiscal year beginning in) (a) 2012 (b) 2013 (c) 2014 (d) 2015 (e) 2016 (f) Total 2 7,866 79,535 85,129 953,889 1,695,000 2,821,419 Public Support 8 7,866 79,535 85,129 953,889 1,695,000 2,821,419 Section B: Total Support Calendar year (or fiscal year beginning in) (a) 2012 (b) 2013 (c) 2014 (d) 2015 (e) 2016 (f) Total 9 7,866 79,535 85,129 953,889 1,695,000 2,821,419 10a 143,904 14,103 7,662 12,113 12,113 189,895 13 Total Support (Add lines 9 and 10a) 3,011,314 Section C: Computation of Public Support Percentage 15 Public Support Percentage for 2016 (Line 8 column (f) divided by line 13 column (f)). 93.69% 16 Public Support Percentage from 2015 Schedule A, Part III, Line 15. 86.19% Section D: Computation of investment Income Percentage 17 Investment Income Percentage for 2016 (line 10a column (f) divided by line 13 column (f)). 6.31% 18 Investment Income Percentage for 2015 Schedule A, Part III, line 17 13.07% 33 1/3% support tests - 2016. If the organization did not check the box on line 14, and line 15 is more than 33 1/3 %, and line17 is not more than 33 1/3 %, check this box and stop here. The organization qualifies as a publicly supported organization.”