University of South Alabama Foundation

“Form 990 is prepared by the foundation's management and independent tax consultants. Upon completion, form 990 is submitted to the foundation's investment and audit committee and then to the board of directors for approval.”

“The university of south alabama foundation has a written code of conduct and ethics policy ("code") for its directors, officers, and employees. Within the code, the foundation has incorporated its conflict of interest policy. The foundation reviews the policy annually and requires all foundation directors, officers, and employees to complete a conflict of interest questionnaire disclosing any conflicts.”

“The university of south alabama foundation determines compensation of management and key employees initially through a review of relevant data and an independent compensation study. The information is presented to the foundation's investment and audit committee for its review and action with respect to compensation.”

“The university of south alabama foundation provides to the public access to its governing documents, conflict of interest policy, and financial statements. All such documents are made available upon request. Further, the foundation's articles of incorporation are filed in the probate court of mobile county, alabama, and the foundation makes available to the public its governing documents. The foundation's audited financial statements are forwarded to the university of south alabama and made available to the local newspaper upon request. The university of south alabama foundation's form 990 is available on request, and the foundation also discloses its net assets on its website.”

“Related activities of the university. Examples include providing $26,468,898 in total support to the mitchell cancer institute, a major university undertaking and program support to the medical simulation program, funding 22 new graduate assistantships critical in the support of new graduate programs launched by the university, as well as providing stipend support to the graduate assistant program, totaling $6,544,598 to date. Other program support includes $750,000 annually to support scholarships for students in the honors program, that has totaled $16,750,000 over the period since inception, as well as providing financial support to 36 faculty positions, support of 151 designated scholarships, a total commitment of $500,000 to a fund to support the colleges of engineering and computing and to numerous ongoing academic programs. Additionally, the foundation engages in ongoing dialogue with the university community, its faculty and students through receptions, lectures, luncheons and other events. As a further example of the support by the foundation in activities to support the university, in 2010 and in furtherance of the financial support by the foundation to the university in carrying out its critical mission in healthcare and academic medicine, the foundation purchased a 327 acre property, the brookley campus, from the university, which purchase of $20 million supported the completion of an expansion at the university's children's and women's hospital. Another example is the $30 million gift for the new medical school building. In fiscal year 2022, the foundation contributed $21,151,000 towards the gift. Serving on the board of directors of the usa foundation are the chairman pro tempore of the board of trustees of the university of south alabama, the vice chairman of the university board, the president of the university, as well as a representative from the faculty of the university and a representative of the alumni of the university providing a unique understanding and responsiveness to those needs. The foundation and the members of the foundation board interact with the university through a process that includes informal meeting with university administrators and foundation representatives, discussions and dialogue through small groups and finally discussions and actions at formal board meetings. This basis of dialogue creates an understanding of the needs of the university and has resulted in the foundation's support of unique and critical university programs, faculty needs and scholarship initiatives, as described in this schedule. This process of interaction is ongoing and leads to a depth of responsiveness and understanding by both the university and the foundation. Over the last ten years, nearly $108 million has been contributed to the university, reflecting the central philosophy of endowment foundations to support current needs, while assuring the purchasing power in the future endowment assets and preserving strong endowment assets to assure support of the many programs and services, as well as the faculty and students of the university.”