University of Virginia Foundation

“Form 990 is reviewed by the foundation's audit and finance committee upon its completion. This committee briefs the full board of the foundation at the next regularly scheduled meeting. The board is offered a final version of form 990. The form is filed and made available for public inspection at the foundation's office.”

“Following appointment to office, or appointment to the foundation staff, directors, officers and employees of the foundation shall be informed of the conflict of interest policy. On an annual basis, each director and officer shall certify in writing to the board of directors and employees to the chief executive officer that, to the best of his/her knowledge and belief, he/she has acted in compliance with the conflict of interest policy. The chief executive officer shall be responsible for dissemination of the policy, the completion of the annual certifications, and reporting non-compliance to the board of directors.”

“The executive compensation program at the university of virginia foundation (foundation) is designed to align the interests of executive officers with their performance. This program is based on a philosophy that the total compensation package must be competitive with similar positions in the industry in order to attract and retain executive talent. The audit and finance committee (the committee) of the uva foundation board of directors is responsible for oversight and administration of the chief executive officer's compensation program. The committee recommends a compensation program for the ceo to the executive committee of the board of directors for approval. The ceo determines compensation for all management personnel under his/her supervision. Annually, the ceo submits to the committee, a summary of top management compensation. The foundation engages outside compensation experts/consultants, on a biannual basis, to assist in evaluating and determining appropriate compensation levels for management personnel. Base salaries are benchmarked against salaries paid to officers in comparable, high-performing companies with comparable responsibilities. Base salaries are established by utilizing information from general industry surveys, consultants and the marketplace. The foundation's incentive plans create a direct link between pay and performance. Annual incentive awards are dependent upon the executive's, and foundation's, performance against established objectives.”

“The foundation's 1023, 990 and 990-t are made available for public inspection at the foundation's offices.”

“The governing documents, conflict of interest policy, and audited financial statements can be distributed to the public upon request. However, requests are subject to the approval of the chief executive officer and the foundation's consideration of the intended use of the requested documents. All such requests are directed to uva and the office of public affairs.”

“Book adjustment - gain on swap agreement -250,201. Income from subsidiaries -299,774.”

“Responsibility for audit oversight and selection of independent accountant: the foundation's board of directors has an audit and finance committee that is responsible for selection and retention of the independent auditors. This process has not changed from the prior years. The audited financial statements are reviewed by the foundation's audit and finance committee upon its completion. This committee briefs the full board of the foundation at the next regularly scheduled meeting.”