Leon Karelitz Charitable Trust

“Upon completion of review by an external tax preparer, a copy of the form 990 is made available to the executive committee of the trustee, the kansas university endowment association.”

“As the trustee of the leon karelitz charitable trust, the kansas university endowment association (ku endowment) operates under a conflict of interest policy, which is as follows: to monitor and enforce compliance with the conflict of interest policy, upon disclosure of a conflict of interest, the chair of the executive committee shall, if appropriate appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the executive committee or committee shall determine whether ku endowment can obtain a more advantageous transaction or arrangement with reasonable efforts from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably attainable under circumstances that would not give rise to a conflict of interest, the executive committee or committee shall determine by majority vote of the disinterested members whether the transaction or arrangement is in ku endowment's best interest and for its own benefit and whether the transaction is fair and reasonable to ku endowment and shall make its decision as to whether to enter into the transaction or arrangement in conformity with such determination. If the executive committee or a standing committee has reasonable cause to believe that a trustee has failed to disclose actual or possible conflicts of interest, it shall inform the trustee of the basis for such belief and afford the trustee an opportunity to explain the alleged failure to disclose. If, after hearing the response of the trustee and making such further investigation as may be warranted in the circumstances, the executive committee or a standing committee determines that the trustee has in fact failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“The leon karelitz charitable trust's governing documents, financial statements, and the conflict of interest policy of its trustee (the kansas university endowment association) are available upon request at 1891 constant avenue, lawrence, ks 66047, 785-832-7400. The information may be mailed or sent electronically if requested.”