Virginia Urologic Foundation

Describe the Process Used by Management &/or Governing Body to Review 990

“Form 990, part vi, line 11b upon receipt of the draft tax return from the paid preparer, management in the finance department reviews the return in detail. After review of the draft return by the director of finance and the cfo, copies of the return are emailed to the board of directors prior to filing the return with the irs. Description of process to monitor transactions for conflicts of interest form 990, part vi, line 12c all interested persons are required to submit annually a conflict of interest disclosure describing their own and their immediate family members' outside activities and all financial interests. These individuals must also update between annual disclosures when their own or their immediate family's financial interests or outside activities change materially from those described in the annual financial disclosure (no more than 30 days thereafter). The board of directors, or its designee, will review the disclosures of all interested persons. An interested person, including any board members, may make a presentation at the board meeting. After the presentation, he/she shall leave the meeting during the discussion of the transaction or arrangement involving the possible conflict of interest. No interested person shall participate in any vote related to the possible conflict of interest. The chair of the board shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the board shall determine whether the organization can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. Avail of gov docs, conflict of interest policy, & fin stmts to gen public form 990, part vi, line 19 the foundation makes its governing documents, conflict of interest policy and financial statements available upon request. Oversight or selection process form 990, part xii, line 2c the foundation's financial statements are not audited on a stand alone basis. They are included in the consolidated audited financial statements with its affiliate, the university of virginia physicians group. The university of virginia physicians group does have an audit committee that oversees the audit of the financial statements and selection of an independent accountant.”