Georgia State University Building Foundation

“The organization provides the federal 990 to the georgia state university foundation audit committee for review. Once approved, the 990 is sent to the georgia state university building foundation full board of trustees 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 trustees and significant members of the gsu building foundation community to disclose any possible conflicts. The georgia state university foundation nominating & governance 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 trustees, 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 building foundation and georgia state university foundation, inc., (a related organization ).”

“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.”

“Georgia state university building foundation is included in a consolidated financial audit composed of georgia state university foundation, inc. And georgia state university building foundation. The consolidated audit is conducted by independent auditors. Georgia state university foundation files a separate 990 tax return.”

“The georgia state university foundation 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 georgia state university foundation's executive committee and the georgia state university building foundation board of trustees; educating trustees 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 recommendation on internal controls, and overseeing policies and procedures for reporting questionable accounting or auditing matters.”