Long Beach State Foundation

“The audit committee will be reviewing the form 990 at a scheduled meeting. Prior to filing, the board is provided with a complete copy of the form 990.”

“Each board member shall initially and annually thereafter receive, review, complete, sign, and return a related party questionnaire and conflict of interest certification. The organization encourages the prompt disclosure of any such conflict, real or perceived, to the ceo for review and determination. In the case of the ceo, disclosure shall be made to the board chair for review and determination consistent with this policy statement.”

“The form 990, financial statements, conflict of interest policy, and governinng documents are posted to the organization's website.”

“The organization does not have any employee compensation policies in place because it does not have any employees.”

“Csulb 49er foundation does not file any form w-2 for employees due to the fact that they are paid from the payroll of csulb and csulb research foundation. The salaries and wages and related employee expenses are allocated between the entities based on the employee's time spent on work for each activity.”

“Payments to csulb research fdn. For salaries & wages: program service expenses 345,677. Management and general expenses 139,762. Fundraising expenses 252,322. Total expenses 737,761. Payments to csulb research fdn. For other employee benefits : program service expenses 7,613. Management and general expenses 12,060. Fundraising expenses 18,107. Total expenses 37,780. Payments to csulb research fdn. For pension plan accruals: program service expenses 64,857. Management and general expenses 48,118. Fundraising expenses 36,060. Total expenses 149,035. Payments to csulb research fdn. For payroll taxes: program service expenses 10,667. Management and general expenses 11,876. Fundraising expenses 15,403. Total expenses 37,946.”

“Subsequent to issuance of the financial statements for the year ended june 30, 2014, csulb 49er foundation determined that approximately $540,000 of pledge receivable should have been recorded during the fiscal year 2013 when it was determined to be an irrevocable pledge agreement. As such, the financial statements have been restated as of july 1, 2013 for the correction of the error. As part of the adjustment for the pledge receivable, the current year contributions increased by $17,540. In the restatement, the financial statements were also adjusted for a decrease in investment management fees in the amount of $541,777. See part ix, line 11(f). Additionally, the foundation made a change in the allocation of functional expenses reported on part ix. The foundation has adopted a fund based approach for tracking their expenses. The new process allows for a more accurate display of how expenses are divided between program service, management & general, and fundraising.”

“Transfer of net position from csulb research foundation 1,626,288. Investment fees offset between revenue, endowment income and net position -541,777.”