Osher Lifelong Learning Institute at the University of Virginia

“Form 990 is prepared by a board member using the financial statements audited by our organization's cpa firm. Prior to filing, form 990 is presented to and reviewed by the finance committee. The form 990 is made available to the entire board prior to filing.”

“Our bylaws contain a conflict of interest policy. Annually, each board member signs and submits a conflict of interest disclosure statement.”

“The compensation program at osher lifelong learning institute at uva (olli) is designed to align the interests of top management 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 suitable talent. The chair of the board of directors is responsible for oversight and administration of the executive director's compensation. From time-to-time, and at the board's discretion, outside compensation experts/consultants may be engaged to assist in evaluating and determining appropriate compensation levels for management personnel. Base salaries are benchmarked against salaries paid to officers in comparable positions with comparable responsibilities. Salary adjustments create a direct link between pay and performance and other factors such as budget, and cost of living. The rest of the institute's officers and top management is made up of volunteer board members.”

“The organization's form 1023 and form 990 are made available upon request.”

“The organization's governing documents, conflict of interest policy and financial statements are made available upon request.”

“Document retention policy: we follow normal record retention practices and are in the process of formalizing those practices into a written policy.”

“Net unrealized gain on gifts receivable 161,237.”

“Accounting method used to prepare form 990: for our normal, day to day operations, we keep our books and prepare our financial statements on the cash basis of accounting; our results of operations, measured on the cash basis, would not differ significantly from results measured on a full accrual basis. However, on june 30, 2009, the bernard osher foundation made a gift to the university of virginia to establish the "osher lifelong learning fund," the purpose of which is to support and grow the osher lifelong learning institute program at the university of virginia. Under our agreement with the university, we may withdraw a minimum of (5%) of the total value of that fund in any given year. In accordance with financial accounting standards, we decided to record that gift as a gift receivable, so as to reflect the long-term benefit that gift was intended to provide. The university reports the status of the gift receivable it is managing for us at its current market value. In june of 2013, the bernard osher foundation made a second gift to the university of virginia to support and grow the osher lifelong learning institute at the university of virginia. This gift is being recorded in the same manner as the original gift to the university of virginia.”

“Financial statement review process: the institute's finance committee is responsible for oversight of the audit and selection of the independent accountant. The process has not changed from prior years.”