Florida State University Foundation Inc.

“The executive committee shall exercise the powers and authority of the board when the board is not in session. The committee shall include the chair, past chair, foundation president, treasurer, secretary, the university president or designee, the chair of the university board of trustees or designee, the president of the university faculty senate, and the chair of each standing committee. The committee shall consider, evaluate and analyze issues that have implications for changes to the board and make recommendations of appropriate action to the board. If the committee meets to exercise the powers and authority of the board when the board is not in session, the committee shall have no authority to alter, amend or repeal the articles of incorporation or bylaws or to elect trustees.”

“William t. Hold, board of trustees member and officer (secretary), for the board, and anne hamilton-hold, another trustee, have a family relationship.”

“The bylaws of the florida state university foundation, inc. Were amended may 19, 2017. Significant changes include: * article ii, section 3. Foundation president: revised to amend the requirement to serve as an ex officio, voting member of all committees except the audit committee as stipulated by audit regulations governing direct support organizations. * article iii, committees, section 4. Finance committee: revised to remove the requirement of the committee to maintain a line of communication with the foundation's auditor as this is more appropriately a function of the audit committee. * article iii, committees, section 5. Audit committee: revised to require no fewer than three members, one of which must have strong professional working experience in accounting, business, finance, audit and internal controls. In addition, a requirement was added stating the audit committee will adhere to all provisions in university regulation fsu-2.025, direct support organizations, and in the foundation's audit committee charter.”

“* the cfo reviews forms 990 and 990t with the controller and resolves any issues or questions with the independent accounting firm that prepares the forms. It is the cfo and controller's responsibility to confirm that these forms represent the foundation's financial condition for the period being reported and do not contain any untrue statements or omit any material facts. * the foundation's board of trustees delegated to the audit committee the responsibility for the final review of the draft forms 990 and 990t. * once the audit committee review is complete, the draft forms 990 and 990t are provided to each voting board member of the board of trustees prior to filing the forms with the irs. Distribution may be in the form of electronic mail, notification of a link to a website or actual mailing of the document.”

“Annually all trustees are asked to complete a conflict of interest form. The board staff liaison monitors the process to ensure that completed forms are returned by all members with individual follow up when necessary. Hard copies of all forms are retained. It is the responsibility of the assistant secretary of the board to inform the board chair and committee chairpersons of any existing conflicts so that they can be sure that board members recuse themselves from any discussions and/or actions including votes on issues where there is a conflict of interest.”

“The top management and officers reported on the fsu foundation form 990 are comprised of two employees of florida state university and the remainder are employees of the fsu foundation. For employees of florida state university, compensation for management is reviewed and set by the president of the university, or his designee, in accordance with the university's policies. These policies require that comparable data be used to determine that management is compensated fairly and competitively when compared to similar roles in other foundations nationally. For employees of the fsu foundation, various industry surveys of salaries at comparable university related advancement organizations and other sources with comparable positions are utilized to determine compensation for new hires and to periodically validate current salary levels to decide if adjustments are necessary.”

“The foundation's governing documents and conflict of interest policy are available upon request. The foundation's financial statements, form 990 and 990-t are available on the foundation's website and upon request for the same period of disclosure as set forth by irc section 6104(d).”

“Provision for uncollectible pledges: program service expenses -1,237,955. Management and general expenses 0. Fundraising expenses 0. Total expenses -1,237,955.”

“There has been no change to the process from the prior year.”