Wake Forest University Development Foundation

“The organization sends a draft of the Form 990 to its Board of Trustees prior to its filing, allowing adequate time for follow-up questions and comments. The organization provides a copy of the Form 990 as finalized to all members of the Board of Trustees prior to filing it with the IRS.”

“The organization requires officers and trustees to annually review the organization's Conflicts of Interest Policy and to disclose annually (and as they arise) any potential conflicts of interest. The policy provides a process for the determination of conflicts of interest and the resolution of potential and actual conflicts by the remaining independent Board members (or an independent third party appointed by the Chair, when appropriate).”

“The President(CEO)receives compensation for full-time employment with the related organization, Wake Forest University. Compensation review and approval are performed in that entity.”

“The filing organization has no employees, but officers and key employees who receive compensation for full-time employment from the related organization, Wake Forest University, have review and approval performed in that entity.”

“The organization's Restated Articles of Incorporation are available to the public on request and are available on the website of the North Carolina Secretary of State. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public upon request. The organization is included in the consolidated financial statements of Wake Forest University, one of the organizations that it supports; these consolidated statements are available to the public on the University's website.”

“Hours Allocated to This and Other Related and Affiliated Organizations:Nathan O. Hatch, Ph.D.Filing Organization: 0.3 hoursRelated Organizations: 33.9 hoursAffiliated Orgs: 5.8 hoursJ. Reid MorganFiling Organization: 0.3 hoursRelated Organizations: 32.7 hoursAffiliated Orgs: 7.0 hoursAnita ConradFiling Organization: 0.5 hoursRelated Organizations: 36.5 hours Affiliated Orgs: 3.0 hoursJames R. HelveyFiling Organization: 0.3 hours Related Organizations: 8.3 hoursAffiliated Orgs: 4.0 hours Andrew J. SchindlerFiling Organization: 0.3 hours Related Organizations: 7.3 hoursAffiliated Orgs: 4.0 hours”

“Book realized loss = -$21080”

“Book unrealized loss = -$58405”

“Realized tax loss on Properties = $78080”

“Rounding = -$2”

“This organization does not have any separate committees within its board of trustees that assume responsibility for audit oversight. However, the Audit and Compliance Committee of the Wake Forest University (parent organization of the filing organization) Board of Trustees, assumes such oversight for the filing organization.The Wake Forest University Audit and Compliance Committee chooses the auditor, but the independent audit of the filing organization is reported to both that Committee and to the full board of the filing organization.”

“The organization sold donated property during the fiscal year, but the Form 8282 reporting the sale was filed in August 2017, just after the year end. So while the filing organization made a sale during the tax year requiring Form 8282, the form was filed later, after the close of the tax year.”