Virginia Student Aid Foundation Inc

“Four university of virginia representatives are appointed as follows: one designated by the board of visitors of the university of virginia, one appointed by the president of the university, the director of athletics of the university, and one appointed by the director of athletics of the university shall be ex-officio voting members of the board. The president of the board of trustees of the foundation may appoint ex-officio non-voting members for one-year terms, not to exceed 3 successive terms.”

“The foundation must submit for approval to the board of visitors of the university of virginia for any new proposed business venture or substantial change in the nature of the foundation, for the purchase of real estate or for any material debt to be incurred for permanent or working capital.”

“The organization answered "no" because there were no minutes maintained for any board committee meetings during the year, including meetings of the executive committee.”

“The preliminary draft of form 990 is reviewed by the foundation's officers and the members of the audit and oversight committee of the board prior to filing. Upon approval by the audit and oversight committee, the preliminary draft of the 990 is made available to all foundation board members for further review prior to filing.”

“A listing of all vendors and individuals with whom the foundation has transacted business with during the year is provided to trustees, officers, and employees. On an annual basis, all trustees and employees with authority make a written disclosure regarding conflicts of interest. Completed forms are reviewed to determine appropriate resolution as determined by the executive director or trustees, as applicable. In addition, all real or apparent conflicts are to be disclosed and resolved by the executive director and, depending on the party involved, the oversight committee or board president.”

“The executive director's salary is considered during the annual performance evaluation by the executive committee appointed by the board of trustees. The committee considers feedback, goals, use of data as to comparable compensation for similarly qualified persons in comparable positions at peer institutions, and review with the board of trustees.”

“The foundation's application for recognition of exemption was made prior to july 15, 1987; therefore, form 1023 is not applicable. Names and addresses of contributors are not available for public inspection. Irs form 990 is made available upon request.”

“No documents available to the public. Federal tax law does not require that such documents be made publicly available unless they are included on a form that is publicly available.”

“Change in value of remainder trusts 148,000.”

“No change from the prior year's process. The audit and oversight committee of the foundation's board of trustees assumes responsibility of oversight for the annual financial statement audit.”

“Reconciliation of change in net assets the foundation invests in a "pooled income fund" administrated by uvimco, a 501(c)(3) organization. The foundation invests in units which are adjusted to market value on a periodic basis. Gains and losses are determined to be unrealized based on changes in such unit values.”