Upward Unlimited Foundation

“The corporation shall have one voting member, which shall be Upward Unlimited, a South Carolina nonprofit corporation recognized as a tax-exempt organization described in section 501(c)(3) of the Internal Revenue Code.”

“The voting member shall be entitled to elect the directors of the corporation.”

“The voting member shall be entitled to vote on any other matter requiring membership approval under the Act, the articles of incorporation, or the bylaws. The voting member shall also be entitled to vote on any other matter submitted to a member vote by resolution of the Board of directors.”

“Form 990 is prepared by an independent CPA firm and reviewed in detail by top management. The return is then forwarded to the audit committee for review and approval. The reviewed Form 990 is also forwarded to the Board of Directors prior to filing.”

“The Foundation uses Upward Unlimited's conflict of interest policy. The policy is reviewed and approved anually. All Board members, officers, and Vice Presidents are required to agree to and sign the policy annually. The policy is detailed in the team member guidebook, which every employee is required to read and indicate by signature that he/she understands the policy.”

“Line 15a) The Foundation relies on Upward Unlimited's compensation procedures and policies. Upward Unlimited's non-salaried Board of Directors works with an independent third party to ensure reasonable compensation of Upward employees. This Firm also conducts a bi-annual compensation analysis comparing Upward officers' compensation to similar organizations, and recommends to the Board annual compensation for all officers. During the Board's compensation discussion and vote, no employee, including the President or family of any employee is present. The compensation vote is documented in the Board minutes upon approval. Line 15b) The organization does not compensate officers or key employees, other than the executive director, and therefore this line was answered no in accordance with the instructions.”

“The audited financial statements are made available to the public on Upward Unlimited's website at www.upward.org. The governing documents and conflict of interest policy are made available upon request. The current 990 tax filing period will be included in a 16 month audit with a year end of 9/30/16. Therefore, there will be no audited financial statements for this tax filing period. See additional note on Schedule O, Form 990, Part XII, Line 2b.”

“Upward Unlimited Foundation conducts an annual financial audit. The organization has an audit committee that assumes responsibility for oversight of the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year. For the current filing period for this return of 6/1/15 - 5/31/16, the Foundation did not have an annual audit prepared due to a change in year end from 5/31/16 to 9/30/16. An audit will be conducted for the 16 month period of- 6/1/15 - 9/30/16. For purposes of this tax filing period and the subsequent short period return that will encompass the dates of 6/1/15 - 9/30/16, this question will be answered "no" per the IRS instructions as a specific audit was not performed for the reporting periods being reported on each Form 990 return.”

“Part IX, Line 7 includes reimbursed costs to Upward Unlimited, a related tax-exempt organization, for shared employees.”