University of Virginia Law School

“A completed irs form 990 is submitted to the audit chair for review and approval before filing. Once approved by the audit chair, the form is to be made available to all members of the board of trustees for review, questions, and/or comments. All questions and comments should be submitted to the treasurer within seven days from when the form is made available for viewing. The treasurer will be responsible for addressing all questions and/or comments, and for making adjustments, when necessary, to the form before filing. Once all questions and/or comments related to irs form 990 have been addressed, the form is filed in accordance with irs filing requirements.”

“Each trustee, officer, and employee of the foundation shall provide annually a written certification that he or she has read the policy, has complied with its provisions (except as may be noted on the certification), and will comply with it in the future. Signed copies of this certification are kept in the records of the foundation. If an actual or perceived conflict of interest exists, this conflict will be presented to the board of trustees for discussion. The chair of the foundation shall appoint a disinterested person or committee to investigate alternatives to the conflict. If an alternative transaction or arrangement is not possible without significant additional expense or other burdensome requirements, the board of trustees shall determine by a majority vote of the disinterested trustees whether the transaction or arrangement is in the foundation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, the board of trustees shall make its decision as to whether to enter into the transaction or arrangement. If the board of trustees has reasonable cause to believe a trustee, officer or employee has failed to disclose actual or potential conflicts of interest, it shall take appropriate disciplinary or corrective action.”

“The board of trustees is responsible for establishing a compensation committee that has general oversight of the foundation's executive and staff compensation. Specific duties include yearly evaluation of the chief executive officer (ceo) of the foundation and to consider compensation recommendations provided by the ceo. A competent salary survey will be used to benchmark compensation utilizing regional industry surveys and other studies. A discussion will be held concerning compensation relative to annual benchmark and established objectives. The committee meets in executive session without the ceo present, and after consideration of all relevant information makes a decision regarding compensation. The compensation committee then meets with the ceo to discuss and document compensation for the upcoming year.”

“The foundation's form 1023 and form 990 are available for public inspection both at the foundation's office and through the university of virginia's office of public relations.”

“The foundation's governing documents, conflict of interest policy, and financial statements may be distributed to the general public upon request. However, all requests are subject to approval by the cfo/treasurer of the foundation after consideration of the intended use of the documents.”

“Split interest agreements receivable value change -1,397,701. Unitrust value change 949. Cash surrender value of life insurance policies value change 26,964.”

“The foundation has an audit committee that assumes responsibility for oversight of the audit and selection of an independent accountant.”