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.”

“Real estate taxes: program service expenses 72,641. Management and general expenses 0. Fundraising expenses 0. Total expenses 72,641. Maintenance and repairs: program service expenses 30,676. Management and general expenses 5,900. Fundraising expenses 0. Total expenses 36,576. Rental expenses: program service expenses 1,482. Management and general expenses 28,440. Fundraising expenses 0. Total expenses 29,922. Dues: program service expenses 8,048. Management and general expenses 45. Fundraising expenses 0. Total expenses 8,093. Bank fees: program service expenses 254. Management and general expenses 6,256. Fundraising expenses 0. Total expenses 6,510. Food, gifts and entertainment: program service expenses 3,809. Management and general expenses 2,668. Fundraising expenses 0. Total expenses 6,477. Property tax expense: program service expenses 2,903. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,903. Miscellaneous: program service expenses 1,323. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,323. Scholarships: program service expenses 1,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,000. Assessments: program service expenses 749. Management and general expenses 0. Fundraising expenses 0. Total expenses 749.”

“Change in pledges receivable -484,991. Net loss from uscinnovations, llc which files a separate return -319,817. Net loss from wheeler hill, llc which files a separate return -30,541. Unrealized loss on interest rate swaps -4,773,490. Net difference in book income versus schedule k-1 from usc hotel associates 3,740.”

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

“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.”