Furman University Foundation Inc

“A trustee of furman university is designated by the executive committee of the board of trustees of furman university to serve on the foundation's board. The vice president for finance and administration of furman university also serves on the foundation's board.”

“The board of directors shall have the power to alter, amend or repeal the bylaws and articles of incorporation, but only with the prior approval in writing of the board of trustees of furman university.”

“The foundation does not have any committees with authority to act on behalf of the governing body.”

“The board of directors of furman university foundation received a copy of the prepared form 990 prior to the filing of the return. Form 990 was reviewed by the board of directors and any specific issues and/or questions were addressed. A copy of the final form 990, as filed with the irs, was electronically provided to the board of directors prior to its filing.”

“Furman university foundation's conflict of interest policy requires each board member to complete a conflict of interest disclosure form annually. Prior to consummating a transaction or acting upon a matter involving the possible existence of a duality or conflict of interest, the individual involved shall make a full disclosure of all relevant facts to the president of the board. Additionally, the foundation has instituted a policy relating to conflicts of interest surrounding the various real estate transactions conducted by the foundation. The policy is to assure that all real estate transactions are handled with propriety and sensitivity in regards to conflicts of interest. Board members who have declared a conflict of interest, or who have been found to have a conflict of interest, shall refrain from participation in consideration of proposed transactions unless the board or officers request information or interpretation for special reasons. Should a conflict of interest matter require board vote to resolve, those concerned shall not be present at the time of the vote. Any discussion or decision regarding a conflict or potential conflict is be documented in the board minutes.”

“The foundation has no employees. Compensation reported in part vii paid by related organizations is for work performed for the related organization, furman university, and as such is determined under the human resource policies of the university.”

“Furman university foundation makes its governing documents and policies available upon request. The furman university consolidated financial statements, which include furman university foundation, are also available upon request. Additionally the university's consolidated financial statements can be found on the furman university website.”

“For the tax year ended june 30, 2024, furman university foundation had neither a written whistle blower policy nor a written document retention and destruction policy. The foundation follows the whistle blower policy and the document retention and destruction policy as set forth by furman university.”

“The process for oversight and selection of an independent accountant has not changed from the prior year.”