Florida Atlantic University Foundation Inc.

“All board member elections must be approved by florida atlantic university board of trustees.”

“The florida atlantic university foundation board has delegated the responsibility to review and approve the form 990 to the foundation's audit committee. The draft form 990 will be reviewed by the committee as well as the assistant vice president of finance and the chief executive officer. The form 990 will also be available for review to all board members and each board member will be encouraged to give their input during the review process. After the review and after all questions are satisfactorily answered the committee will approve the submission of the form 990.”

“The conflict of interest policy covers all board members and key personnel. The board and key staff review the policy and report conflicts annually. The audit committee is aware of all reported conflicts. Conflicts are determined by the board and staff members, and conflicts are disclosed at each committee where the proposed action and the conflict exists. If a board member is found to have a conflict they are asked to disclose the conflict, recuse themselves from vote and when necessary, leave the room during the vote.”

“The organization's chief executive officer for the foundation also holds the title of vp for instituional advancement for the university. Although the foundation members sit on the committee to hire this person, he/she is paid by the university. Therefore, a university representative who determines the fair compensation by polling peer institutions in the state on the market rate for this position. This measure obtains the same result as comparing these institution's form 990. The foundation does not have any of its own employees, but rather services required are provided by the university. Compensation data is periodically provided by the university to the foundation related to the president of the university and the ceo of the foundation, but the foundation's responsibilities do not extend to the oversight of the compensation of the employees of the university.”

“The florida atlantic university foundation makes the financial statements available on their website. They will provide a copy of the financial statements and/or form 990 to any person requesting a copy. The request can come in writing or through a verbal inquiry. Both are available for inspection at the office located at 777 glades road, admin 295, boca raton, fl.”

“No change from prior year.”

“In march 2018, the florida legislature amended chapter 2018(004(3) of the laws of florida to require the university board of trustees ("bot") approval of all dso board appointees. Because of this bot oversight requirement of dso governance, the florida auditor general determined that university dso's should present their basic financial statements in accordance with the guidance provided by the governmental accounting standards board ("gasb"). Based on the information, the net position of the foundation's business-type activities has been restated to change its reporting policies from those set by the financial accounting standards board ("fasb") to now follow those set forth by the governmental accounting standards board ("gasb"), in fiscal year 2019.”