University of Central Florida Foundation Inc

“The following board of directors have business relationships: rita adler has a business relationship with richard walsh. Ben mcmahan has a business relationship with james w. Ferrell.”

“The following is the review and distribution process for the foundation's annual form 990. This process shall be followed each year prior to filing these documents with the irs. 1. The cfo and ceo shall review both the form 990 and the form 990-t and resolve any outstanding issues or questions with the independent accounting firm reviewing or preparing the forms before distribution to the audit committee or the board. It is the cfo's and ceo's responsibility to confirm that these forms do not contain any untrue statements or omit any material facts as well as ensure the financial information fairly represents the foundation's financial condition for the period being reported. 2. The audit committee shall review the draft form 990 prior to filing with the irs and shall document their discussion and review of the documents in the committee meeting minutes. Final review of the form 990 is specifically delegated to the audit committee and no further review shall be required before such forms are filed with the irs. 3. The draft form 990 shall be provided to each voting board member of the board of directors prior to filing with the irs. Distribution may be in the form of electronic mail, notification link to an electronic website, or actual mailing of the document.”

“All directors, officers, committee members and key employees shall be required to complete an annual disclosure form. This annual disclosure form will request specific information regarding the terms of any contract or transaction with the foundation and whether process for approval set forth in this policy was used. An interested person who has or learns about a potential conflict should disclose promptly to the chair of the board due diligence committee and the foundation's cfo the material facts surrounding any potential conflict of interest, including specific information concerning the terms of any contract or transaction with the foundation. All efforts should be made to disclose any such contract or transaction and have it approved by the committee before the arrangement is entered into. Following receipt of information concerning a contract or transaction involving a potential conflict of interest, the board due diligence committee shall consider the material facts concerning the proposed contract or transaction, including the process by which the decision was made to recommend entering into the arrangement on the terms proposed. The committee shall approve only those contracts or transactions in which the terms are fair and reasonable to the foundation and the arrangement is consistent with the best interest of the foundation. Fairness includes, but is not limited to, the concepts that the foundation should pay no more than fair market value for any goods or services which the foundation receives and that the foundation should receive fair market value consideration for any goods or services that it furnishes others. When an interested person becomes aware of a proposed conflict of interest transaction, he or she will have a duty to take the following actions: (a) immediately disclose the existence and circumstances of such conflict of interest transaction to the chair of the due diligence committee and to the foundation's cfo; (b) refrain from using his or her personal influence to encourage the foundation to enter into the conflict of interest transaction; (c) and physically recuse themselves from participation in any discussions regarding the conflict of interest transaction with officials of the foundation, at meetings of the board of directors, and with other members of the foundation community, except to respond to requests for information about the conflict of interest transaction. An interested person may make a presentation at the committee meeting, but after the presentation, he or she shall leave the meeting during the discussion of the vote on the transaction or arrangement that results in the conflict of interest.”

“The university human resources department reviews comparable salary data. Market data from salary survey sources is used to assign an accurate value to the position in the external labor market. Survey matches are based on the primary duties of the position. The survey data provides salary and demographic data for selected positions nationwide and is reported in a statistical format indicating the average and median salaries and additional percentiles (i.e. 25th, 75th). The university hr department reviews comparable survey data when an employee is hired or promoted. In addition to the steps mentioned above, the foundation ceo's compensation, including any salary increase, is reviewed and approved by the university president.”

“The foundation's governing documents, conflict of interest policy, and financial statements are published on the foundation's website, the policy iq software, or available upon request for the same period of disclosure as set forth in irc section 6104(d).”

“Ucf hired a new ceo michael j. Morseberger, effective 6/1/2015. Since he was not a ucf employee in calendar year 2014, he did not receive a 2014 w-2, which is the tax document required to be used for employee compensation on schedule j, no compensation is reported for him in this section. Robert holmes was the ceo of the foundation up to 5/31/2015.”

“During the year, the ucf foundation changed investment managers. As a result of the change, the foundation sold a major portion of its investments and reinvested the proceeds into new investments. This transaction resulting in an unusually high realized gain on sale of securities and unrealized loss on the securities, that was recorded for the year. Due to the cash basis nature of information reported on the tax return, only the realized gain is included in the revenue and receipts and the unrealized loss is a reconciling item in part xi of the form 990. As reported in the audited financial statements, the total net realized and unrealized gains (losses) on investments fro the fiscal year ended 06/30/15 was ($632,536). This total is broken down as follows: realized gain from sale of investments $33,048,010 unrealized lossed on investments (33,680,546) ----------- net realized and unrealized gains (losses) on investments $ (632,536)”

“Number of employees reported on form w3: all employees are university of central florida employees; therefore, the university of central florida administers the employee compensation and human resource process.”

“There has been no change to either the oversight process or selection process during the tax year.”

“Total gross receipts for the fiscal year is made up of the following: contribution, gifts, and grants $ 29,500,099 program revenues 2,829,540 investment income 2,277,390 royalties 282,070 gross rents 9,784,455 gross proceeds from sales of investments 146,968,414 gross income from fundraising 282,589 gross sales of inventory 17,914 advertising revenue 32,049 miscellaneous revenue 1,277 ------------ total gross receipts $191,975,797”