Und Center for Innovation Foundation

“A. Bart holaday and r. Newman - business relationship”

“The interim director, part-time cfo, and office manager prepared the form 990 template and will review the form 990 prior to submission to the audit committee for approval.”

“The foundation's conflict of interest policy covers trustees, staff and their immediate family members. Foundation trustees agree to disclose to the chairman and other board of directors of any potential conflicts of interest. The executive committee shall have responsibility for overseeing compliance with this policy, which includes evaluating actual or potential conflicts and recommending a course of action to the board. A contract or transaction may be entered into if the transaction is approved at a meeting where a quorum (not including the interested director) is present: (a) the material facts as to the contract or transaction and as to the trustee's interest are fully disclosed or known to the board; and (b) a majority of the board (not counting the interested director) approves, authorizes or ratifies the contract or transaction. The interested trustee may be present for discussion to answer questions, but may not advocate for the action to be taken and must leave the room while a vote is taken. The minutes of all actions taken on such matters shall clearly reflect that these requirements have been met.”

“The organization does not have employees. The individuals who are involved in the organization are employed by the university of north dakota and salaries are set in accordance with university guidelines and state guidelines. The foundation established a supplemental earnings retirement program (serp) in 2006 for the foundation's ceo, who was an employee of the university of north dakota. As part of the plan, the foundation purchased a life insurance policy of which the foundation was the owner and beneficiary. The plan was intended to protect foundation interests and reward the ceo for his long-term commitment to supporting the foundation, the center for innovation and its entrepreneurial programs. The serp has two components in accordance with united states tax code section 457: a 457(b) plan and a 457(f) plan. Prior to the ceo's retirement in april 2017, an executive committee of the board worked with outside counsel to amend the plans and include provisions for immediate vesting and allowance of payments for unpaid benefits upon termination of employment. During 2017, ceo bruce gjovig received $150,000 from the 457(b) plan and $80,000 from the $457(f) plan. In january, 2018, he received $150,000 from the 457(b) plan which was the final payment.”

“The governing documents, conflict of interest policy, and the financial statements are made available to the public upon request.”

“Fees for other services: program service expenses 28,640. Management and general expenses 105,507. Fundraising expenses 0. Total expenses 134,147. Consulting and professional services related to grant projects: program service expenses 856,941. Management and general expenses 0. Fundraising expenses 0. Total expenses 856,941.”

“Increase in cash surrender value of life insurance policies 17,202.”

“There has been no change in the oversight and selection process for the audit of the financial statements.”