Fund for Medical Research and Education

“The organization's treasurer reviews a draft of the 990 and then reviews the final copy of the return before filing.”

“Each of the corporation's officers and directors shall at all times act in a manner that furthers the corporation's charitable or educational purpose and shall exercise care that he or she does not act in a manner that furthers his or her private interests to the detriment of the corporation's purpose. A conflict of interest can be considered to exist in any instance where the actions or activities of the individual on behalf of the corporation also involve the obtaining of a direct or indirect personal gain or advantage, or an adverse or potentially adverse effect on the interests of the corporation. The corporation's officers and directors shall avoid conflicts of interest and otherwise fully disclose to the corporation any potential or actual conflicts of interest, if such conflicts cannot be avoided, so that such conflicts are dealt with in the best interests of the corporation. The officers and directors of the corporation or any committee member shall disclose any potential or actual conflict of interest in writing to the other directors of the board or any such committee and made a matter of record either when the interest becomes a matter of board or committee action or as part of a periodic procedure to be established by the board of directors or committee.”

“Since the organization does not pay compensation, it does not have a compensation policy.”

“A copy of the governing documents, conflict of interest policy, and financial statements are made available to the public upon request for the same period of time as set forth in public disclosure 6104(d).”

“During the tax year, the organization was released from a note payable obligation totaling $39,967,967. The debt forgiveness was granted by wayne state university, a related organization. The forgiven debt was recorded as contribution revenue in part viii, line 1d of form 990, in accordance with generally accepted accounting principles (gaap). This transaction significantly impacted the organization's financial position, resulting in an increase in net assets. There were no conditions or restrictions placed on the forgiveness of the debt. The organization did not provide any goods, services, or other consideration in exchange for the forgiveness.”

“The process of the committee that assumes responsibility for oversight of the audit and selection of the independent accountant did not change from the prior year.”