Universal Orlando Foundation Inc.

“John sprouls, tracey stockwell, and judy luengas are officers of the same related organization, universal city development partners.”

“The executive committee members were not delegated with authority to act on behalf of the organization.”

“A copy of the form 990 will be emailed to each board member and the foundation's executive director prior to being filed with the irs. A board resolution is not required in order for the form 990 to be filed.”

“An interested person must disclose existence of a financial interest and be given the opportunity to disclose all material facts to the directors and members of the committee with powers delegated by the board of directors. After the disclosure, the remaining board or committee members shall decide if a conflict of interest exists. If the board or applicable committee discovers the alleged failure to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and/or corrective action. A voting member of the board of directors or of any committee who receives compensation from the organization for services is precluded from voting on matters pertaining to the members' compensation. The organization has an official policy that includes a statement that is to be signed annually.”

“The organization's governing documents are available to the public upon request. The financial statements are available to the public upon request for the same period of disclosure as set forth by irc section 6104(d).”

“The presentation of net income from fundraising events is often misleading. The calculation on line 8 separates out the income received from charitable contributions, leaving only the direct income from ticket revenue, registration fees, and the like. As a result, the net income reported on line 8c may report a loss. However, the gross receipts should be viewed in its entirety, which include the charitable contribution portion reported separately on line 1c. In the current year, the total gross receipts from fundraising events was $1,354,509 ($1,078,929 contribution plus $275,580 direct event revenue). Were the contributions not separately reported, the total net income from fundraising events was $943,714.”

“Although there is no formal audit committee, the vp/controller and director of financial reporting of universal city development partners oversee the annual audit and address any issues related to the audit. The vp/controller and director reports to the foundation board of directors regarding any audit findings.”