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 william & mary foundation (wmf). The articles of incorporation of the murray 1693 scholars foundation (m1693sf) authorize wmf to appoint a majority of the members of the board of directors. During the initial year of incorporation, wmf appointed three (3) directors and those directors elected two (2) additional directors to the m1693sf board. In october 2020 wmf appointed four (4) directors to the m1693sf board. On june 30, 2021 the m1693sf board comprised four (4) wmf 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 william & mary foundation oversees the audit process and the appointment of independent auditors.”

“The william and mary investment trust ("the trust"), a group grantor trust under virginia law, was established july 1, 2004 and provided a platform for tax-exempt organizations affiliated with the university (each a "grantor" and collectively the "grantors") to invest their endowment assets prior to the organization of the fund. Each grantor to the trust owned an interest proportional to the value of the assets transferred to the trust, which was increased or decreased with subsequent contributions or distributions. Effective december 31, 2020, the foundation, trustee of the trust, adopted the plan of dissolution, grantor account termination and complete liquidation (the "plan"). The plan undertook the request of the grantors to terminate their grantor accounts by contributing the net assets of the trust to the fund. Pursuant to the terms of the agreements and the assignment and contribution agreement between the fund and the trust, the members agreed to deposit, without limitation, their interests in the assets of the trust to the fund.”