College Enterprises Inc

“The college of william & mary foundation has the power to appoint 3 directors of college enterprises, inc. The college of william and mary may appoint up to 2 directors. There were no conditions or restrictions applied to such powers during the tax year.”

“The organization has no committees, so no documents are maintained for committee meetings. The organization does contemporaneously document meetings held and written actions undertaken during the year by the governing body.”

“The organization provided a copy of the form 990 to the governing body before it was filed. A draft of the form 990 is reviewed by the director of finance/controller of the college of william & mary foundation and the senior vice president of finance & administration for the college of william and mary. The completed return is reviewed again prior to filing, and a complete copy is provided to all board members prior to filing.”

“Annual disclosures are reviewed for possible conflicts, which are addressed in the manner outlined in the conflict of interest policy. Matters raised either prior to or during a meeting of the board are addressed at that time. An interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. Such interested person shall not attempt to exert his/her personal influence with respect to the matter, either at or outside the meeting.”

“Part vii, section a; and schedule j, part ii: college enterprises, inc. Has no employees of record; all pay reflected for officers or key employees is from the college of william and mary and represents compensation for their services in their positions at the college. Compensation is determined in accordance with the college's pay practices, which includes consideration of relevant market data.”

“College enterprise inc.'s financial statements are consolidated with other organizations. The consolidated financial statements are made available to the public upon request. The organization does not make its governing documents or conflict of interest policy available to the public.”

“College enterprise inc.'s financial statements were part of consolidated financial statements, which were audited by an independent auditor. The audit committee of the college of william and mary foundation oversees the audit process and appointment of independent auditors.”

“Reimbursements are made based on actual cost. Transfer of technology fees is based on actual amounts collected. Payment for installation of voice/data infrastructure in new college construction is based on actual cost plus an administrative cost. Employees of the college of william and mary (college) perform the work of college enterprises, inc. (cei) and cei reimburses the college for all or part of these salaries. As a result of this arrangement, line 1o of schedule r part v is checked "yes". A total of $442,435 was reimbursed to the college during the tax year, and is included in the amount disclosed for line 1p. College employees who perform work for cei use office space in college buildings, and some equipment is housed in college buildings. As a result, line 1n of schedule r part v is checked "yes". The value of the use of this space is unknown.”