University of South Carolina Development Foundation

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

“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.”

“Parking: program service expenses 18,750. Management and general expenses 28,814. Fundraising expenses 0. Total expenses 47,564. Bank fees: program service expenses 33,829. Management and general expenses 2,950. Fundraising expenses 0. Total expenses 36,779. Rental: program service expenses 3,891. Management and general expenses 28,440. Fundraising expenses 0. Total expenses 32,331. Miscellaneous equipment, computer software and office furnishings: program service expenses 30,131. Management and general expenses 2,000. Fundraising expenses 0. Total expenses 32,131. Dues and assessments: program service expenses 15,895. Management and general expenses 10. Fundraising expenses 0. Total expenses 15,905. Miscellaneous supplies and expense: program service expenses 13,316. Management and general expenses 661. Fundraising expenses 0. Total expenses 13,977. Transfer expense: program service expenses 10,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,000. Refunds and revenue share: program service expenses 9,361. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,361. Amortization of loan closing costs: program service expenses 9,193. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,193. Mileage: program service expenses 43. Management and general expenses 1,349. Fundraising expenses 0. Total expenses 1,392. Amortization of leasing commissions: program service expenses 917. Management and general expenses 0. Fundraising expenses 0. Total expenses 917.”

“Change in pledges receivable -115,870. Unrealized gains on interest rate swaps - west campus 3,167,042. Net loss from usc innovation, llc which files a separate return -62,719. Net income from usc hotel associates which files a separate return 190,461. Net change attributable to minority interest in usc hotel associates -38,092. Net loss from wheeler hill, llc which files a separate return -46,387.”

“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.”