Missouri State University Foundation

“Governing body and management: the governing body delegated broad authority to an executive committee. The executive committee met multiple times during the year, whereas the full governing body met annually. Actions taken by the executive committee were ratified by the governing body at the annual meeting.”

“Board relationship: john foster and robert foster have a family relationship.”

“Members: the organization allows for up to 250 trustees. Among the trustees' responsibilities are the election of members of the executive committee and amendment of the bylaws.”

“Form 990 review process: the form 990 is prepared by an independent accounting firm based on the audited financial statements and information provided by the accounting department of the organization. The public disclosure copy of the form 990 will initially be internally reviewed. After this review, the public disclosure copy of the form 990 will be presented to the executive committee at its committee meeting. This will allow for the opportunity for members to ask questions, make comments, or request changes before the filing of the final form 990.”

“Conflict of interest policy compliance: annual statements are given to the board of directors requiring acknowledgement that each director has read the conflict of interest policy and agrees to comply with the policy. If, at any time subsequent to the statement, a conflict were to arise, the director is then required to notify the president and executive director in writing. Additionally, the organization sent out a questionnaire provided by the independent accountant to comply with the 990 reporting requirements. When it is proposed that the foundation engage in a business transaction, including acceptance of any gift from a third party, any director who has any direct or indirect interest in the transaction must make a full disclosure of such interest to the executive committee of the board of directors and will refrain from all deliberations or votes taken in regard to such transaction.”

“Document availability: the articles of incorporation, bylaws, and conflict of interest policy are available upon request on site, by mail, by fax, or by e-mail. The financial statements are published in the audited financial report, which is available on the organization's website.”

“Common paymaster arrangement and salaries: a related organization, missouri state university (msu), files all w-2 forms and pays all payroll taxes and benefits on behalf of the foundation. The amount reported on part v, line 2a, is the number of w-2 forms filed for those who work primarily for the foundation. The amounts listed in column d of part vii, section a, were paid through msu and are for the executive director, who is estimated to work approximately 60% for the foundation; the treasurer, who is estimated to work approximately 15% for the foundation; and, the secretary, who is estimated to work approximately 25% for the foundation. Other salaries and wages on part ix, line 7, is the amount of salaries allocated for duties performed for the organization as contributed personnel services, reduced by the amount reported on part ix, line 5, for the executive director, treasurer and secretary.”

“Audit committee: the board of directors of msu foundation approves contracts for the selection of the independent accountant. However, there is no board or committee responsibility for oversight of the audit.”