Florida Agricultural & Mechanical Univ Foundation Inc

“The Foundation does not have employees. The persons working within the Foundation are University employees. However, the Foundation reimburses the University for the wages paid to the persons working within the Foundation.”

“Florida Agricultural and Mechanical University board of trustees has oversight and approval authority of the Foundations governing bodys election or removal of directors of the governing body.”

“The Form 990 is reviewed and approved by the Foundation Audit Committee and once approved is then forwarded to the full Foundation Board for its review and approval.”

“The Foundation's conflict of interest policy requires disclosure of conflicts by board members. On July 1, the beginning of each fiscal year, conflict of interest disclosure forms are forwarded to each board member. Any responses that indicate a possible conflict of interest is reviewed by the board chair, Vice President/Executive Director, University President and General Counsel to determine whether further action is necessary. This policy was fully adopted by the board on November 21, 2009 and amended by the full board on June 23, 2011.”

“The Foundation Compensation Committee approves compensation, in advance of payment, to the covered individual, the committee relies on comparability data that demonstrate the fair market value of the compensation in question (e.g. expert compensation studies by independent firms and written job offers for positions at similar organizations, etc.), then the committee documents how it reached its decision, including the data on which it relied to make the decision and then prepares a recommendation for submission to the Board of Directors for review and approval.”

“The Foundation Compensation Committee approves compensation, in advance of payment, to the covered individual, the committee relies on comparability data that demonstrate the fair market value of the compensation in question (e.g. expert compensation studies by independent firms and written job offers for positions at similar organizations, etc.), then the committee documents how it reached its decision, including the data on which it relied to make the decision and then prepares a recommendation for submission to the Board of Directors for review and approval.”

“All governing documents are made available after submission of a public records request. Also, the Foundation's Form 990s are available on our web site for the previous five (5) years.”

“Administrative fees represent payments received by famu foundation from the contributors to support the activities of the famu foundation. They are based on size and type of donations received by the university.”

“The organization does not have employees. The compensation reported on part vii is funded by famu but paid by florida a&m university.”

“FAMU FOUNDATION RECEIVES BILLINGS FROM AND PAYS/REIMBURSES THE UNIVERSITY CONTROLLER'S OFFICE FOR COMPENSATION AND BENEFITS FOR CERTAIN EMPLOYEES WHO DEVOTE THEIR TIME TO THE FILING ORGANIZATION. ALL W-2s ARE ISSUED BY FLORIDA A&M UNIVERSITY.”

“The organization does not have employees. The compensation, salaries and wages, employee benefits and payroll taxes reported on lines 5,7,9 and 10 are funded by famu but paid by florida a&m university.”