Nc State Engineering Foundation Inc.

“The executive committee consists of the officers, the immediate past president, and the chairman of each standing committee of the board provided the immediate past president, secretary, and treasurer of the foundation shall be non-voting members of the executive committee and serve in an advisory capacity only, unless the immediate past president is also a member of the board in which case that individual will be a voting member of the executive committee. The executive committee shall exercise all of the powers of the foundation in the interim between meetings of the board, including all of the powers that have been conferred upon it or upon the board, except that the executive committee shall have no power or authority to (a) authorize distributions; (b) approve dissolution, merger or sale, pledge or transfer of all or substantially all of the foundation's assets; (c) elect, appoint or remove directors, fill vacancies on the board or any of its committees; or (d) adopt, amend or repeal the articles or certificate of incorporation or these bylaws. The presence of four (4) voting members of the executive committee at any regular or special meeting of said committee shall constitute a quorum for the transaction of business.”

“Bylaws were amended as of december 6, 2021 as follows: article ix, section 3(g): strategic planning committee, whose purpose is to address the long-term plans, needs and interests of the foundation. While the focus of the committee will take a long-term view, initially it will typically consist of a biennial process that will coincide with the terms of foundation leadership. The vice-president will serve as the chair of the strategic planning committee and the chair of the development committee will serve as vice-chair. Standing members will include all of the executive committee members, and members-at-large appointed at the discretion of the chair.”

“A draft form 990 is distributed to board members for their review prior to filing.”

“If any matter should come before the board, or any of its committees, in such a way as to give rise to a conflict of interest under n.c. Gen. Stat. 55a-8-31 (as amended from time to time or the corresponding provision of any future law), any interested director shall make full disclosure of the material facts of the matter and the director's interest involving the conflict and, if requested, the interested director withdraw from the meeting for so long as the matter shall continue under discussion, except to answer any questions that might be asked regarding the situation. If the matter involves an item of business for which a special meeting was called, the interested director shall not be counted to establish a quorum, nor shall the interested director participate in the deliberation or vote on it. Furthermore, any corporate transaction in which a director has a direct or indirect interest must be authorized, ratified or approved in good faith by a majority, not less than two of the directors who have no direct or indirect interest in the transaction even though less than a quorum; provided, however, no such transaction shall be authorized, approved, or ratified by a single director. For purposes of this policy, a director has an indirect interest in a transaction if: (a) another entity in which he/she is a general partner is a party to the transaction; or (b) another entity of which he/she is a director,officer, or trustee is a party to the transaction and the transaction is or should be considered by the board of the foundation. All conflicts of interest shall be determined, addressed and resolved in accordance with n.c. Gen. Stat. 55a-8-31, as amended from time to time and the corresponding provision of any future law.”

“The board of directors and officers of n.c. State engineering foundation that do receive compensation are compensated by nc state university, a 170(c)(1) organization related to n.c. State engineering foundation. Nc state university sets the compensation of these employees by acquiring comparability data which is reviewed and approved by independent persons with contemporaneous substantiation of the decision.”

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

“The audited financial statements are available on the website: http://foundationsaccounting.ofa.ncsu.edu/foundations/nc-state-engineering- foundation-inc. Other governing documents are made available upon request.”

“Change in value of split interest agreement -65,404. Transfers of funds from associated entities 406,211.”

“The process has not changed from prior year.”

“Http://foundationsaccounting.ofa.ncsu.edu/foundations/nc- state-engineering-foundation-inc”