Georgia State University Building Foundation

“The organization provides the federal 990 to the audit committee for review. Once approved, the 990 is sent to the full board of directors for review and comments. It is then filed with the irs.”

“The building foundation follows the policies of the gsu foundation. The organization sends conflict of interest statements to all directors and significant members of the gsu building foundation community to disclose any possible conflicts. The audit committee regularly reviews and resolves any conflicts that may arise throughout the year on a case-by-case basis. Resolutions based on each set of circumstances are recorded in the minutes.”

“No compensation is received by gsu building foundation directors, officers, or key employees. All compensation reported on schedule j of this return is from an unrelated organization (georgia state university) for services rendered to the georgia state university foundation. (a related organization to the georgia state building foundation.)”

“Form 990 is documented and located on the web site for public review at www.gsufoundation.org”

“All governing documents and policies are documented and located on the web site for public review.”

“Please see explanation for form 990, part vi, section b, line 15”

“Georgia state univ building foundation has a consolidated financial audit composed of georgia state university foundation and georgia state univ building foundation which is audited by independent auditors. Georgia state university foundation files a separate 990 tax return.”

“The audit committee provides independent oversight which includes: selecting the independent auditing firm for the annual audit; meeting with the auditor prior to the audit to discuss the scope of the audit; meeting with the auditor after the annual audit to review the audited consolidated financial statements and the management letter; ensuring that management addresses any issues determined in the auditor's management letter; recommending the acceptance of the audit to the executive committee and the board of directors; educating directors on audit issues; recommending approval of audit fees; rebidding the selection of the independent audit firm every 3 - 5 years; approving accounting policies and standards; reviewing and making recommendations on internal controls; overseeing policies and procedures for reporting questionable accounting or auditing matters.”