Georgia College & State University

“Gcsu foundation, inc. Bylaws were updated october 4, 2024. The organization amends the bylaws from time to time by a majority vote of the board, provided the subject of amendments shall have been included in the notice of the meeting. The updated bylaws changed the term length of elected trustees from four years to three years and introduced the limit of three consecutive terms. Officer duties were revised and include higher monetary thresholds ($10,000 instead of previous $5,000) for triggering the requirement of the board treasurer's signature. The updated bylaws also reestablished the standing committees of the foundation as the following: 1.) executive committee, 2.) trusteeship committee, 3.) finance, investment, and real property committee, 4.) philanthropy committee, 5.) bobcat athletic association/athletics committee, 6.) ad hoc committees, 7.) audit committee (ad hoc).”

“All board members have an opportunity to review, question and comment on the draft 990 prior to filing. This is accomplished electronically without a formal board meeting. Upon resolution of all questions and changes, form 990 is submitted to the internal revenue service.”

“The organization's board of trustees must sign a conflict of interest statement annually.”

“The organization's governing documents, policies and finanical statements are available to the public upon request.”

“In addition to board trustees, the organization's bylaws also provide for a non-voting ex officio trustee currently held by susan allen. Susan is vice president of finance and administration for georgia college and state university. As a non-voting ex officio trustee she is a member of the executive committee of the board and a member of ad-hoc committees.”

“Georgia college & state university foundation, inc. Utilizes the full-time services of seven employees of the georgia college & state university, a related entity. Additionally two part-time officer positions are staffed by employees of the georgia college & state university. The part-time employees, as officers, spend approximately 88 percent of their time on foundation business while their full salaries are reported in form 990, part vii covering their period of employment. Compensation is paid and reported, for tax purposes, by the university under ein #58-6002064. The value of university-donated employee services for the year ended june 30, 2025 was $683,691.”

“Loss of full bond defeasance -528,000.”

“The audit committee reviews and approves the audit prior to its issuance. This process has not changed from the prior year.”