Dietrich Foundation

“Eric c. Johnson and edward grefenstette have a business relationship. James rohr and thomas usher have a business relationship.”

“The foundation is administered by nine trustees. Five(5) of the nine(9) trustees are educational institution trustees appointed by the controlling supported organization as follows: two(2) by carnegie mellon university, two(2) by the university of pittsburgh, and one (1) by thiel college at the discretion of the chief executive of each institution. The remaining four(4) trustees are community trustees. In the event of a vacancy in the office of the community trustees, a majority of the community trustees remaining in office shall have the power to appoint a successor to fill the vacancy.”

“The foundation controller is responsible for gathering relevant information and preparing a draft of the annual form 990. Once the form is in draft status, it is reviewed and completed by the foundation's independent accounting firm. The draft form is then provided to the foundation's president/ceo/cio and audit committee for review and comment. A completed copy of the form is provided to the board of trustees to review prior to fiing.”

“Members of the board of trustees and key employees complete conflict of interest policy statements on an annual basis. These statements are reviewed by the foundation president/ceo/cio and maintained by his executive assistant. All trustees and key employees are required to disclose conflicts if they arise during the year.”

“The compensation committee annually reviews and recommends to the board of trustees approval of the president/ceo/cio's salary and benefits package. The compensation committee obtains analysis from an external human resources consultant who utilizes benchmarking data from organizations of similar size and nature and provides a written reasonableness opinion. The compensation committee, in consultation with the chairman of the board of trustees, conducts a performance evaluation of the president/ceo/cio. The compensation committee shares the results of this evaluation with the board of trustees and makes a recommendation to the trustees regarding annual compensation and benefits. Approval of the compensation and benefits package for the president/ceo/cio is formalized by written consent of all trustees.”

“The information is available upon request of the president/ceo/cio and/or the controller.”

“The president/ceo/cio and highly-compensated employees are employed on a full-time, 40-hour/week schedule. Due to the nature of their positions, however, their average working hours per week will frequently, and may substantially, exceed a typical 40-hour week.”

“See explanation for part x, line 23 - secured mortgages and notes payable.”

“Interest of $40,798 reported on part ix, line 20, consists of equalization payments made upon entry into new investment funds subsequent to first close. As also noted on schedule r, part vii, all assets and liabilities of wholly-owned subsidiary entity mallard, ltd. Were transferred to the foundation on december 31, 2014 at 11:59 pm. Notes payable of $43,500,000 noted in part x, line 23, had been a liability of mallard ltd. Interest related to this indebtedness had been paid by mallard ltd. During calendar year 2014.”

“Realized gains net of general and administrative expenses - subsidiaries 74,027,424. Net unrealized gain on investments - subsidiaries 0. Dividends from subsidiaries (included in investment income, part viii, line 3) -521,479,191.”