University of South Carolina Development Foundation

“Board member, tommy suggs, is an executive with keenan suggs insurance. Several board members are clients of keenan suggs insurance.”

“A copy of the 990 is e-mailed to each board member prior to filing. Board members are requested to review the form and notify the foundation prior to the form due date if they have any comments or corrections to the form.”

“The foundation's conflict of interest policy is distributed annually to board members at a full board meeting. Attached to the copy of the conflict of interest policy is a signature form for each board member to sign and indicate that they have read, and complied with, the foundation's conflict of interest policy for the year. The signature forms are collected and kept by the foundation.”

“Officer's compensation is determined based on performance and board reviews. Salaries are derived from comparable industry data and achievement of performance standards establishied at the beginning of each fiscal year.”

“The organization's governing documents, conflict of interest policy, financial statements, annual form 990 and 990-t are available on the organization's website and upon written request.”

“Rental: program service expenses 0. Management and general expenses 28,440. Fundraising expenses 0. Total expenses 28,440. Bank fees: program service expenses 2,636. Management and general expenses 4,515. Fundraising expenses 0. Total expenses 7,151. Transfer expenses: program service expenses 6,472. Management and general expenses 0. Fundraising expenses 0. Total expenses 6,472. Computer software: program service expenses 5,606. Management and general expenses 682. Fundraising expenses 0. Total expenses 6,288. Construction costs: program service expenses 2,509. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,509. Miscellaneous: program service expenses 511. Management and general expenses 0. Fundraising expenses 0. Total expenses 511. Assessments: program service expenses 482. Management and general expenses 0. Fundraising expenses 0. Total expenses 482. Gifts: program service expenses 0. Management and general expenses 91. Fundraising expenses 0. Total expenses 91.”

“Change in pledges receivable 96,688. Net loss from uscinnovations, llc which files a separate return -54. Net loss from wheeler hill, llc which files a separate return -30,424. Net difference in book income versus schedule k-1 from usc hotel associates 11,796.”

“Arbitrage procedures are not applicable to the organization because the bonds have been issued longer than the 12 month period required by the regulations to adopt these procedures.”

“The foundation's board of directors oversees the audit process.”