University of Delaware Alumni

“The organization's form 990, return of organization exempt from income tax, is prepared by the university tax department based on information provided by personnel that supports the university of delaware alumni association. The draft is submitted to the organization's management for review and accuracy of reporting. The association's treasurer assumes responsibility for the final review of the return and an officer signs the return. A full copy of the form 990 is provided to the entire board of directors before filing with the internal revenue service.”

“From the ud alumni association constitution and bylaws, section 13b: if an officer, director or member at large of the association (i) has a personal or financial interest in any matter or transaction coming before the board of the association, (ii) has a family member who has a personal or financial interest in any matter or transaction coming before the board of the association, or (iii) is a current or former officer, director, member at large or owner of an entity that is involved in any matter or transaction coming before the board of the association, that officer, director or member at large shall (1) fully disclose the nature of the interest to the board and (ii) withdraw from any discussion, lobbying or voting on the matter or transaction. Any vote which involves a potential conflict of interest shall be approved only when a majority of disinterested directors of the board has determined that it is in the best interest of the association to take such action. The minutes of the meeting at which such vote is taken shall reflect and record the disclosure of the potential conflict of interest, the abstention of the vote of the officer or director who has a potential conflict of interest, and the rationale of the board for approving the action. An officer or director with such an interest may be counted to determine whether a quorum exists, but such officer's or director's vote shall not be counted to determine whether a quorum exists for purposes of the requisite matter or transaction.”

“The association makes its governing documents, conflict of interest policy, and financial statements available to the public upon written request.”

“The modified cash basis of accounting recognizes certain revenue and related assets when received rather than when earned and certain expenses are recognized when paid rather than when the obligation is incurred.”