Campbell University Foundation Inc.

“WILLIAM BYRD AND THOMAS KEITH CO-OWN REAL ESTATE. THERE MAY BE OTHER ASSOCIATIONS IN THE NORMAL COURSE OF BUSINESS. FORM 990, PART VI, SECTION A, LINE 4: FOUNDATION BYLAWS AND ARTICLES OF INCORPORATION WERE AMENDED IN A MEETING HELD IN APRIL 2019. MODIFICATIONS WERE NEEDED AFTER THE DEPARTURE OF THE UNIVERSITY'S VICE-PRESIDENT FOR BUSINESS. WORDING CHANGES WERE NECESSARY TO DISSOCIATE THE ROLE OF CORPORATE TREASURER FROM THAT JOB TITLE. IN ADDITION THE SECRETARY OF CAMPBELL UNIVERSITY SHALL BE THE SECRETARY OF THE FOUNDATION. Articles of Incorporation Article V(B) Amended language The directors of the corporation shall undertake to confer, at least once during each fiscal year of the corporation, with the Business Treasurer of Campbell University, or such other officers of Campbell University as the Board of Trustees shall direct from time to time, concerning the support of Campbell University by the corporation. Superseded Language The directors of the corporation shall undertake to confer, at least once during each fiscal year of the corporation, with the Vice President for and Treasurer of Campbell University, or such other officers of Campbell University as the Board of Trustees shall direct from time to time, concerning the support of Campbell University by the corporation. Article IX Amended Language The directors of the corporation shall be elected or appointed, and subject to removal, by the Board of Trustees as set forth in the bylaws of the corporation. The exact number and the method of election or appointment of the directors as well as any qualifications for being a director shall be as provided from time to time by the bylaws of the corporation, except that the number and composition of the initial board of directors as set forth in Article X of these Articles of Incorporation may be reconstituted and increased to fifteen (15) and also may be appointed by the Board of Trustees Executive Committee. These initial directors are also subject to removal by the Board of Trustees or the Executive Committee. Superseded Language The directors of the corporation shall be elected or appointed, and subject to removal, by the Board of Trustees as set forth in the bylaws of the corporation. The exact number and the method of election or appointment of the directors as well as any qualifications for being a director shall be as provided from time to time by the bylaws of the corporation, except that the number and composition of the initial board of directors is fixed by Article X of these Articles of Incorporation. These initial directors are also subject to removal by the Board of Trustees. Article XII Amended Language These Articles of Incorporation may be amended at any time in the manner provided in the North Carolina Nonprofit Corporation Act (or the corresponding provision of any future North Carolina nonprofit corporation law); provided, however, that no amendment may be made which would cause the organization no longer to be described as a qualifying charitable organization, and provided further that no amendment may be made which would alter or remove the right of Board of Trustees to approve of or remove the members or officers of the Board of Directors of the corporation, without the affirmative vote of the Board of Trustees. Superseded Language These Articles of Incorporation may be amended at any time in the manner provided in the North Carolina Nonprofit Corporation Act (or the corresponding provision of any future North Carolina nonprofit corporation law) by the affirmative vote of two-thirds of the directors then in office; provided, however, that no amendment may be made which would cause the organization no longer to be described as a qualifying charitable organization, and provided further that no amendment may be made which would alter or remove the right of Board of Trustees to approve of or remove the members or officers of the Board of Directors of the corporation, without the affirmative vote of the Boa”

“The foundation provided draft copies of form 990 for the year ended 5/31/19 to all members of the board of directors. The draft copy was emailed to each member. All members were requested to respond to the vice-president for business and treasurer confirming review and with approval for filing. Detailed review was completed by the university's vice-president for business and treasurer, assistant vice-president for business and comptroller prior to the release of the draft to the board of directors and before submission to the irs.”

“Members of the board of directors abstain from voting if the vote involves: 1) an entity in which the director has a material financial interest or in which the director is a general partner of a party to a transaction with the foundation; or 2) another entity of which the director is a board member or an officer and when the entity is a party to the transaction and the transaction is or should be considered by the board. Annually, the foundation requests each member of its board to complete a "conflict of interest disclosure questionnaire". These are reviewed by the vice-president for business and/or university treasurer.”

“Form 990 and organizing documents are made available upon request. Documents are retained in the office of the executive vice president/corporate secretary of campbell university, a related organization. The office is open during regular business hours.”

“These documents are not made available to the public.”

“(d) Treasurer. The Vice President for Business and Treasurer of Campbell University, Incorporated, shall be the Treasurer of the Corporation and shall have the custody of the Corporations funds and securities, shall keep or cause to be kept a full and accurate account of receipts and disbursements in books belonging to the Corporation, and shall deposit or cause to be deposited all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer shall disburse or cause to be disbursed the funds of the Corporation as required in the ordinary course of business or as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the Chairman, the President and directors at the regular meetings of the Board, or whenever they may require it, an account of all transactions as Treasurer and the financial condition of the Corporation. The Treasurer shall perform such other duties as may be incident to the office or as prescribed from time to time by the Board of Directors and/or the Board of Trustees. The Treasurer shall give the Corporation a bond, if required by the Board of Directors, in a sum and with one or more sureties satisfactory to the Board for the faithful performance of the duties of the office and for the restoration to the Corporation in case of the Treasurers death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in the Treasurers possession or under the Treasurers control belonging to the Corporation. Article IX Amended Language These Bylaws may be amended at any time in the manner provided in the North Carolina Nonprofit Corporation Act, Chapter 55A, North Carolina General Statutes, (or the corresponding provision of any future North Carolina nonprofit corporation law); provided, however, that no amendment may be made which would cause the corporation no longer to be described as a qualifying charitable organization, and provided further that no amendment may be made which would alter or remove the right of Board of Trustees to approve of or remove the members of the board of directors or the officers of the corporation without the affirmative vote of the Board of Trustees of the Corporation. Superseded Language These Bylaws may be amended at any time by the affirmative vote of two-thirds of the directors then in office; provided, however, that no amendment may be made which would cause the corporation no longer to be described as a qualifying charitable organization, and provided further that no amendment may be made which would alter or remove the right of Board of Trustees to approve of or remove the members of the board of directors or the officers of the corporation without the affirmative vote of the Board of Trustees of the Corporation. of the Board of Trustees of the Corporation.”

“Changes in net assets: adjustment to csv of life insurance (24,618) adjustment to annuity payable 8,274 annuity expense paid during the year (3,946) ----------- total line 9 (20,290)”

“The audit oversight process has remained unchanged from the prior year.”