Intellectual Property Owners Education Foundation

“Whenever a vacancy shall occur in the board of directors, the board of directors of intellectual property owners association may, by majority vote of those present and voting, elect a perosn to fill the unexpired portion of the term. The board of directors of intellectual property owners association may also, by majority vote of those present and voting, elect additional persons to the board up to the limit on number of board members established. A director may also be removed by the board of directors of intellectual property owners association.”

“Ipo education foundation's practice is to document all board meetings; there is no other body of authority to act on its behalf.”

“The form 990 is prepared by outside accountants. Intellectual property owners association's director of operations and finance reviews the form 990 with ipo's contract accountant and the foundation secretary prior to signing the document in full detail. A copy of the form 990 is provided to the governing body before filing with the irs.”

“An interested person shall be obligated to disclose the existence of any actual or possible financial interest involving a transaction (and all material facts relating thereto) to a member of the board of directors in the event that (i) such interested person is aware of any actual or possible financial interest involving a transaction, and (ii) such interested person causes or influences (or intends to cause or influence) the expenditure or utilization of ipo education foundation resources v\ath respect to such transaction. After disclosure of the existence of the financial interest and all material facts related thereto, and after any discussion with the interested person, the board of directors shall discuss such transaction or arrangement and such financial interest outside the presence of the interested person. The interested person shall be required to abstain from any required vote taken with respect to such proposed transaction. An interested person may make a presentation at any meeting of the board of directors but after such presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction involving the possible financial conflict of interest.”

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

“Although the organization reports salaries in part ix of the form 990, intellectual property owners education foundation does not issued w-2 forms since the forms are issued by its related organization, intellectual property owners association.”