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.”

“Section 2d changed the number of ex officio, voting trustees from 6 to 7, adding a presidential appointee and changing the foundation president to the chair of the fsu board of trustees advancement committee. The regular trustees must be approved by the university president going forward. The position of executive vice president has been eliminated and those associated responsibilities have been delegated to the new position of assistant vice president of advancement, strategic initiatives. Section 6 changed the maximum number of people allowed on the investment committee from 9 to 10, which includes on member appointed by the seminole boosters, inc. Board of director's investment committee. Section 8 changed the name of the development committee to the advancement committee.”

“The organization has a trusteeship and engagement committee which is charged with determining the slate of officers and recommending candidates for election as regular trustees to the university president and the board. Regular trustees have voting privileges and are elected by majority vote of the voting trustees after recommendation by the trusteeship and engagement committee and consultation with the university president. Per the florida excellence in higher education act of 2018, signed into law on march 11, 2018, the university board of trustees shall approve board appointments, other than those members appointed by the trustee chair or president, to the florida state university foundation.”

“Per the florida excellence in higher education act of 2018, signed into law on march 11, 2018, the university board of trustees shall approve board appointments, other than those members appointed by the trustee chair or president, to the florida state university foundation.”

“1) the cfo reviews forms 990 and 990-t with the president and resolves any issues or questions with the independent accounting firm that prepares the forms. It is the cfo and president'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. 2) the foundation's board of trustees delegated to the audit committee the responsibility for the final review of the draft forms 990 and 990-t. 3) once the audit committee review is complete, the draft forms 990 and 990-t 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.”

“Compensation for management is reviewed and set by the president of the university, or 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.”

“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).”

“Effective december 14, 2018, all employees of the fsu foundation transitioned to employees of florida state university, a related organization. During calendar year 2022 there were 18 employees primarily dedicated to working for the fsu foundation who received more than $100,000 of reportable compensation.”

“Effective december 14, 2018, all employees of the fsu foundation transitioned to employees of florida state university, a related organization. During calendar year 2022 there were 145 employees primarily dedicated to working for the fsu foundation.”

“Effective july 1, 2018, all departmental expenditures from foundation funds are processed and paid through the florida state university omni system and the university is responsible for filing requirements. The number reported represents expenditures specific to fsu foundation operations.”

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

“Adoption of gasb statement no. 96, subscription-based information technology arrangements (sbitas), effective for the foundation's fiscal year beginning july 1, 2022, resulted in prior period adjustment of $15,185.”