North Carolina Textile Foundation Inc

“The organization amended its bylaws as of 4-25-2025. Significant changes are as follows: 1. Addition of article v: north carolina state investment fund membership which states that the north carolina textile foundation (nctf) board will be represented on the north carolina state investment fund (ncsif) members board. The members board provides governance and oversight to the nc state investment fund. The members board's role includes approving governance documents including bylaws, operating agreements, participant agreements, asset-based fees, and other policies, as it relates to the ncsif. Should a member of the nctf board be elected to the ncsif board of directors, a second nctf board member will be appointed to serve on the member's board. 2. Updated terms of service for elected directors: each elected director may serve up to three (3) consecutive four (4)-year terms, for a total of twelve (12) years. In the final year of each four (4)-year term, an elected director may be considered for an additional four (4)-year term in consultation with the membership & education committee. Approval to serve an additional term requires a majority vote of the board. This process takes place between each four (4)-year term. Exceptions to these term limits may be granted through a board-approved waiver. Such exceptions require a majority vote of the board and are considered only under special circumstances that justify extended service, including but not limited to board officers and committee chairs. 3. The president is no longer required to review and approve the expense reports of the executive director. 4. The finance committee shall manage the endowment distribution process to the college. 5. Clarification of meetings: the fall meeting is designated among other things for election of officers and new board members. The spring meeting is designated among other things for approving the nctf operating budget and the endowment distribution to the college.”

“At least one senior academic officer or senior administrative officer of north carolina state university ("university") or a designee of the chancellor of the university shall serve as an ex-officio director and such directors shall be referred to as "university ex-officio directors". The university ex-officio director shall be a voting position.”

“The form 990 is reviewed by the finance committee and a copy of the form 990 is provided to all members of the governing body prior to filing.”

“Board members are required to review and sign the conflict of interest policy at each board meeting.”

“The board members that are compensated receive compensation from nc state university, a 115(1) organization related to the north carolina textile foundation, inc. The executive director and other employees are paid by a related organization (college of textiles, nc state university). The college determines the compensation of the employees based on state pay grades and budgetary considerations.”

“The form 990 is listed on the website. The form 1023 (which was filed prior to july 15, 1987) is not publicly available.”

“The organization makes the governing documents, conflict of interest policy and financial statements available to the public online or upon written request.”

“Https://aeoperations.ofa.ncsu.edu/north-carolina-textile-foundation-inc/”

“Change in value of split interest agreements -1,385.”