Clemson University Research Foundation

“During the year ending june 30, 2020, the bylaws were amended. Changes included the following: the purpose statement was expanded to indicate that curf will assist clemson university in the advancement and support of certain institutes of research. The minimum number of directors was reduced from 13 to 9. Term adjustments were made to set forth a director's term is two years for at-large and certain clemson university directors. At-large directors shall have a two term limitation, but clemson university directors will have no term limitation. Provisions were added to address resignation, removal and vacancies for both directors and officers. Individuals serving as secretary and treasurer no longer have to be directors. The executive committee must be at-large directors. New restrictions were placed on the executive committee. They may not remove a director or officer, authorize any amendment to the articles of incorporation or the bylaws of the foundation, and may not approve the merger, dissolution or sale of substantially all the assets of the foundation. Amendment made to require that certain reports by the executive director and the treasurer must be provided in writing to the president of clemson university. In addition, at least one voting clemson director must be present to achieve a quorum. Amendment made to require that the executive director of the foundation be an employee of clemson university and subject to university policy and that the university maintain responsiblity for hiring/termination of the executive director. Bylaws were amended to provide that certain amendments to the bylaws must be approved by the board of trustees of clemson university including the name of the foundation, the purpose and dissolution provisions of the bylaws, composition of the board of directors, and amendment of the bylaws.”

“Certain board members are specified by their positions at clemson university. Other board members are elected by the current body of board members.”

“The form 990 is reviewed by management and a copy is provided to the audit committee and sent to the board members prior to the filing deadline.”

“Board members and key employees are required to acknowledge receipt of the conflict of interest policy annually. Any director or officer shall declare himself/herself as "abstaining" from voting on any matter in which said director or officer may be considered to have a conflict of interest.”

“Clemson university research foundation has no employees. Compensation from related organizations paid to directors of curf is for work perfomed as employees of clemson university. The curf board oversees the executive director. Compensation of the executive director, treasurer, and staff of curf is determined through the clemson university human resources department subject to and within the guidelines established by the state of sc and applicable sc law, which is consistent with a standard of reasonableness and comparable compensation in the market.”

“All documents are available to the public on request.”

“BAD DEBT RESERVE 4,010.”