Murray 1693 Scholars Foundation

“Murray 1693 scholars foundation has no employees of record; all pay reflected for officers or key employees is from the college of william and mary and represents compensation for their services in their positions at the college. Compensation is determined in accordance with the college's pay practices which includes consideration of relevant market data.”

“This organization is a supporting organization of the college of william & mary foundation (cwmf). The articles of incorporation of the murray 1693 scholars foundation (m1693sf) authorize cwmf to appoint a majority of the members of the board of directors. During the initial year of incorporation, cwmf appointed three (3) directors and those directors elected two (2) additional directors to the m1693sf board. In october 2018 cwmf appointed four (4) directors to the m1693sf board. On june 30, 2019 the m1693sf board comprised four (4) cwmf appointed directors and three (3) m1693sf elected directors. There were no conditions or restrictions applied to such powers during the tax year.”

“No committee meetings of this nature were held during the period. In cases when such meetings are held, the meetings and any actions would be documented contemporaneously.”

“A copy of form 990 is made available to the members of the board prior to filing. The secretary/treasurer and the business manager review a draft of the form. Final authorization and signature are by the secretary/treasurer.”

“Conflict of interest disclosure surveys are sent each year to each board member and to key staff members of related organizations working with the foundation board. Disclosures are reviewed by the business manager (business manager disclosure is reviewed by the secretary/treasurer). Any possible conflicts are addressed per procedure outlined in the policy. Matters raised during the board meetings are addressed at that time. Board members are restricted from voting on matters in which they may have a conflict.”

“Murray 1693 scholars foundation (m1693sf) was not asked for governing documents, etc. During the period from members of the public outside of m1693sf regular business. However, m1693sf is committed to always making such documents available upon request. Documents are made available upon request through use of a secured/shareable directory in box.”

“Murray 1693 scholars foundation's financial statements were part of consolidated financial statements, which were audited by an independent auditor. The audit committee of the college of william & mary foundation oversees the audit process and the appointment of independent auditors.”