Foundation for Advanced Education in the Sciences Inc.

“Faes has an executive committee (ec), audit committee (ac), investment committee (ic), and insurance committee. The ec is composed of the five officers of the governing board, and makes decisions needing board guidance/input, but not a full board vote, in between full board meetings. One such decision is the review and approval of the ceo's salary. In fy2024, the ac had 3 voting members, including the treasurer and 2 directors, and 5 non-voting members, including the president, ceo, cfo, and 2 outside members. The ac oversees the external financial audit process, including selection of an independent audit firm. The ac reviews the audited financial statements, auditor communication letters, and the form 990 and reports results and findings, if any, to the full board. In fy2024, the ic had 3 voting members, including the treasurer, 1st vice-chair, and 1 director, and 5 non-voting members, including the president, ceo, cfo, and 2 outside members. The ic oversees investment assets, including execution of investment decisions falling within the scope of the faes investment policy statement as approved by the full board.”

“Membership in faes consists of board directors, ex-officio members and all members of faes advisory committees. Only board directors have voting authority, outside of election voting.”

“All members have voting privileges to elect the board of directors and officers.”

“Faes hires an independent accounting firm to prepare the federal form 990. The draft form 990 is reviewed by the ceo, cfo, and the foundation's audit committee. Copies of the form 990 are also provided to the board of directors before filing with the internal revenue service.”

“Directors and principal officers are provided the faes conflict of interest policy and must sign an acknowledgement and agreement to the policy annually. The policy requires disclosure of any conflicts. Board and committee members are periodically reminded to disclose new and existing conflicts. If the board or committee members determine that a conflict of interest exists during significant board discussion or vote, they recuse themselves from that conversation.”

“On an annual basis, the executive committee reviews and approves the compensation for the ceo/executive director and cfo based on performance reviews and comparable compensation data which includes surveys, studies, and the form 990 of other organizations. The executive committee ensures contemporaneous substantiation of the deliberation and decisions. The remaining officers are comprised of voluntary members of the board of directors and receive no compensation. The process described here was last completed in 2024.”

“The audited financial statements, conflict of interest policy, and other governing documents are available upon request.”

“Faes assisted the nih in securing professional liability insurance coverage for nih fellows.”

“The foundation for advanced education in the sciences, inc. Is filing this amended form 990 to correct the presentation of certain expenses originally reported on part ix, statement of functional expenses. During a subsequent review of the return, it was determined that amounts previously included within miscellaneous expenses had been misclassified. These costs have now been properly reallocated to their appropriate functional categories. In connection with these corrections, program service expenses were also adjusted to reflect the revised classification and allocation of the affected amounts. As a result, the totals reported on part ix, line 24 (other expenses) have been updated to ensure accurate reporting and alignment with the organization's financial statements. No other changes were made to the originally filed return.”