Vanderbilt University

“- Family/Business Relationships: Trustees Jackson W. Moore and Rebecca W. Wilson have a family relationship. Trustees Nancy E. Perot and H. Ross Perot, Jr. have family and business relationships. Trustees Dennis C. Bottorff and John R. Ingram have a business relationship.”

“- Complete Copy of Form 990 to Governing Body: The Form 990 is prepared by Vanderbilt University and provided to PricewaterhouseCoopers, Vanderbilt University's independent accounting firm for review. After review by PricewaterhouseCoopers, Vanderbilt University provides a draft copy of the Form 990 and all required schedules for review to all General Officers, which includes the Chancellor and Chief Financial Officer. Once this review process is complete, all trustees are provided electronic access to the draft Form 990 and all required schedules for review. The final Form 990 and all required schedules are made available to the full Board of Trust for review via Boardbooks prior to the filing of the return.”

“- Conflict of Interest: Vanderbilt University requires that for any faculty or staff member disclosing a potential conflict of interest, the conflict be reviewed by the individual's manager, as well as by the conflict of interest and commitment management office or Vanderbilt University Medical Center faculty affairs office, and the reported conflict be managed, reduced, or eliminated. The manager is required to respond that any recommended management plan has been implemented or that the reported conflict no longer exists. For those conflicts in which Vanderbilt may have an institutional interest, those in which human subject research is performed, or those deemed unmanageable, the University Conflicts Committee reviews and determines appropriate actions. The University Conflicts Committee members are appointed by the chancellor and are made up of a faculty member representing each of the university schools, the vice chancellor for administration, the director of technology transfer, the director of the institutional review board, the assistant vice chancellor of internal audit, and the heads of research for both the university and medical center. The University Conflicts Committee is chaired by the vice chancellor for university affairs and athletics, general counsel, and secretary of the university. The University Conflicts Committee reports bi-annually to the Audit Committee of the Board of Trust the matters brought before the committee and the resulting actions. Board of Trust members and senior executive management of the university also must complete annual conflict of interest disclosures and management plans are developed to manage, reduce, or eliminate any potential conflicts of interest. Trustees are notified of their plans and the plans are thoroughly discussed with them to ensure compliance. Those with disclosed potential conflict of interest are presented to the Audit Committee of the board of trust, along with their respective management action plans, where applicable. Management plans may include restrictions on members such as recusing themselves during deliberations and decisions in which a potential conflict may exist, with the minutes of the meeting reflecting their recusal. Additionally, all members of the Vanderbilt community are required to disclose potential conflicts as they arise throughout the year. The same process noted above occurs for these disclosures.”

“- Determining Compensation: To ensure that Vanderbilt is paying reasonable total compensation, is not violating the private inurement prohibition, which requires that none of the organization's income or assets unreasonably benefit any of its trustees, officers, or key employees, and is in compliance with the intermediate sanctions provisions with respect to the general officers, Vanderbilt's Board of Trust has designated a Compensation Committee made up of outside, independent, board members to review and recommend to the Executive Committee of the Board of Trust the total compensation annually for the general officers. The committee utilizes an outside consulting firm to provide expert information regarding industry-wide compensation norms and compliance with all Internal Revenue Service rules concerning executive compensation, including the Internal Revenue Code provision related to intermediate sanctions, deferred compensation, and private inurement. The Compensation Committee reviews the executive compensation philosophy and affirms that it is in line with the Board's expectation. The compensation of the general officers is disclosed in the annual Form 990, which is available to the public in accordance with regulations sections 301.6104(d)-1 through 3. Each year the total compensation review and recommendations are recorded in the minutes of the Compensation Committee meetings. The approval of the recommendations is recorded in the Executive Committee meetings. The full Board is informed annually of the total compensation of the general officers during private session.”

“- Policies Available to Public: - Vanderbilt University makes its governing documents available to the public through its Board of Trust website located at: http://www.vanderbilt.edu/boardoftrust. - Vanderbilt University makes its conflict of interest policy available to the public through its Compliance Program website located at: http://www.vanderbilt.edu/compliance and Vanderbilt University Medical Center's Office of Compliance and Corporate Integrity website located at: http://www.mc.vanderbilt.edu/compliance. - Vanderbilt University makes its financial statements available to the public through its website located at: http://financialreport.vanderbilt.edu.”

“Continuation of Titles - Nicholas S. Zeppos, JD - Chancellor - Audrey Jane Anderson - Vice Chancellor, General Counsel and University Secretary - Jeffrey R. Balser, MD, PHD - Vice Chancellor for Health Affairs; Dean, School of Medicine; Associate Vice Chancellor for Research - Jerry G. Fife, BS - Vice Chancellor for Administration - Beth A. Fortune, MA - Vice Chancellor for Public Affairs - Anders W. Hall - Vice Chancellor for Investments and Chief Investment Officer (effective September 3, 2013) - John M. Lutz - Vice Chancellor for Information Technology - Richard C. McCarty, MS, PHD - Provost and Vice Chancellor for Academic Affairs, Professor of Psychology - Susie S. Stalcup, BA - Vice Chancellor for Development and Alumni Relations - Brett C. Sweet, MBA - Vice Chancellor for Finance and Chief Financial Officer and Former Interim Vice Chancellor for Investments (effective September 2, 2013) - David Williams, II, MA, MBA, JD, LLM - Vice Chancellor for Athletics and University Affairs and Athletics Director; Former General Counsel and Former Secretary of the University (effective March 11, 2013) - Charles L. Gregory, MA, MBA, MHA - Assistant Vice Chancellor and CEO, Monroe Carell, Jr. Children's Hospital at Vanderbilt; Chief Business Development Officer - John F. Manning, Jr., PHD, MBA - Associate Vice Chancellor for Health Affairs and Chief Administrative Officer, Vanderbilt University Medical Center; Senior Associate Dean for Operations and Administration, School of Medicine - Charles W. Pinson, MD, MBA - Deputy Vice Chancellor for Health Affairs; Senior Associate Dean for Clinical Affairs - David Posch - CEO, Vanderbilt University Hospital - James G. Franklin - Head Football Coach - John W. Klekamp, MD - Assistant Professor for Clinical Orthopaedic Surgery and Rehabilitation - Michael J. McNamara, MD - Associate Professor of Clinical Orthopaedic Surgery and Rehabilitation - Kevin E. Stallings, MS - Head Men's Basketball Coach - Paul A. Thomas, MD - Associate Professor of Clinical Orthopaedic Surgery - Matthew W. Wright, MBA - Former Vice Chancellor for Investments (effective January 31, 2013) - Martin P. Sandler, MD - Former Key Employee (Associate Vice Chancellor for Hospital Affairs); Terminated status as a key employee in June 2009; Professor of Radiology and Radiological Sciences”

“Bad Debts: Program service expenses 1,815,319 Management and general expenses 0 Fundraising expenses 0 Total expenses 1,815,319 Total Other Expenses of Form 990, Part IX, Line 24e Col A 1,815,319”

“Change in net assets related to noncontrolling interests -36,833,969.”