Central Florida Educational Foundation Incorporated

“As disclosed on the Organization's 2014 Form 990, the Organization amended its Articles of Incorporation and Bylaws during the 2015 tax year to add founder protection language as well as required provisions for Type II supporting organization status.”

“The Organization's top management official and top financial official each review the Form 990 prior to its filing with the IRS. A copy of the final Form 990 is also provided to the voting members of the Organization's governing body prior to its filing with the IRS.”

“The Organization's conflict of interest policy is distributed to each member of the Organization's governing body, its officers and its key employees on an annual basis. Each such individual provides an annual disclosure statement indicating that they have received, read, understood and agreed to comply with the policy, certifying that: (1) they have no relationships or interests that present a conflict of interest, (2) they have one or more conflicts of interest that have been fully disclosed as required by the policy and have been properly administered in conformity with the policy, or (3) they have previously undisclosed conflicts of interest and disclosing the details of such conflicts. Any disclosure statements with previously undisclosed conflicts of interest are forwarded to appropriate Organization officials to take appropriate actions as required by the policy.”

“The Organization does not have paid employees and therefore does not have a compensation setting policy. Key personnel supporting the Organization are employees of Z Ministries, Inc., a related tax-exempt organization, which has adopted a compensation setting policy as further described at Schedule J.”

“The Organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Translator license fee, negligible equipment involved - $75,000”

“During the tax year, the Organization was reclassified to a Type II Supporting Organization of Z Ministries, Inc. As a result of the reclassification, the Organization made certain changes to its activities. Primarily, the Organization ceased the rental and licensing of certain real property and intangible assets to unrelated organizations during the tax year. The Organization's primary activity is now the ownership of Federal Communications Commission (FCC) license authorizations and related fixed assets which it holds for the benefit of and in support of its supported organization, Z Ministries, Inc. The Organization allows its supported organization, Z Ministries, Inc., to use the FCC license authorizations and fixed assets at terms well below fair market value to operate listener-supported, non-commercial radio stations.”

“All of the property owned by the Organization is leased to the Organization's supported organization, Z Ministries, Inc., in furtherance of the Organization's exempt activities. The allocation of the depreciation expense of fixed assets on Form 990, Part IX, Line 22 is based on the estimated functional use of the depreciable property by the supported organization.”

“The Organization's Board of Directors, or a committee thereof, assumes responsibility for the oversight of the audit of its financial statements and the selection of an independent accountant. This process has not changed from the prior year.”