Arkansas State University System Foundation Inc.

“A copy of the form 990 was reviewed by the president and audit committee of the exempt organization before the return was filed.”

“At the first board meeting following the annual board meeting, and at the first meeting of each committee with board-delegated powers following the annual board meeting, and at such other times as the board or executive committee may deem appropriate, the board, or executive committee shall conduct a review of the foundation's activities to ensure that the foundation is operating in a manner consistent with accomplishing its charitable purposes and that its operations do not result in private inurement or impermissible benefit to private interests. In the instance where a conflict of interest arises, the board or executive committee shall: (1) require the interested person to leave the meeting during the discussion of, and vote on, the transaction or arrangement that results in the conflict of interest; provided, however, that the interested person may make a presentation at the meeting prior to leaving; (2) appoint, if it deems appropriate, a non-interested person or committee to investigate alternatives to the proposed transaction or arrangement; and (3) determine, by a majority vote without the interested person voting, that the transaction or arrangement is in the foundation's best interests and for its own benefit; is fair and reasonable to the foundation; and, after exercising due diligence, determine that the foundation cannot obtain a more advantageous transaction or arrangement with reasonable efforts under the circumstances. Any interested person who violates this conflict of interest policy shall be subject to appropriate discipline including removal from office.”

“The executive director's compensation is not reviewed by the finance committee, however the salary is defined in accordance with the state of arkansas' pay scales.”

“The organization's policy documents and financial statments are available on the organization's website.”

“Special events: program service expenses 21,265. Management and general expenses 1,402. Fundraising expenses 44,543. Total expenses 67,210. Uncollectible pledge expense: program service expenses 21,988. Management and general expenses 0. Fundraising expenses 0. Total expenses 21,988. Dues & memberships: program service expenses 15,255. Management and general expenses 4,079. Fundraising expenses 346. Total expenses 19,680. Student awards: program service expenses 13,190. Management and general expenses 0. Fundraising expenses 0. Total expenses 13,190. Postage: program service expenses 929. Management and general expenses 9,308. Fundraising expenses 2,060. Total expenses 12,297. Contributions & grants: program service expenses 10,194. Management and general expenses 1,400. Fundraising expenses 100. Total expenses 11,694. Exhibit supplies: program service expenses 7,832. Management and general expenses 0. Fundraising expenses 3,679. Total expenses 11,511. Employee & faculty awards: program service expenses 10,105. Management and general expenses 1,004. Fundraising expenses 0. Total expenses 11,109. Florist: program service expenses 9,536. Management and general expenses 638. Fundraising expenses 442. Total expenses 10,616. Credit card charges: program service expenses 268. Management and general expenses 9,261. Fundraising expenses 0. Total expenses 9,529. Exhibit awards: program service expenses 5,430. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,430. Telephone: program service expenses 0. Management and general expenses 4,617. Fundraising expenses 0. Total expenses 4,617. Scholarships: program service expenses 3,990. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,990. Printing & publications: program service expenses 478. Management and general expenses 0. Fundraising expenses 3,495. Total expenses 3,973. Training & development: program service expenses 260. Management and general expenses 2,071. Fundraising expenses 0. Total expenses 2,331. Auto repairs & maintenance: program service expenses 769. Management and general expenses 1,295. Fundraising expenses 0. Total expenses 2,064. Music performance: program service expenses 1,278. Management and general expenses 0. Fundraising expenses 386. Total expenses 1,664. Donor acknowledgement: program service expenses 0. Management and general expenses 1,040. Fundraising expenses 420. Total expenses 1,460. Equipment rental & maintenance: program service expenses 42. Management and general expenses 0. Fundraising expenses 1,251. Total expenses 1,293. Student stipends: program service expenses 870. Management and general expenses 0. Fundraising expenses 0. Total expenses 870. Hospitality: program service expenses 683. Management and general expenses 0. Fundraising expenses 158. Total expenses 841. Emergency assistance: program service expenses 311. Management and general expenses 0. Fundraising expenses 0. Total expenses 311. Taxes: program service expenses 42. Management and general expenses 66. Fundraising expenses 0. Total expenses 108. Student recognition: program service expenses 60. Management and general expenses 0. Fundraising expenses 0. Total expenses 60.”

“Transfers to asu (scholarships, budget supplements, collectibles) -2,986,091. Transfers to arkansas state university alumni association, inc. -13,282. Transfers to asu real estate foundation -16,365. Transfers to asu red wolves foundation -656,907. Transfers from arkansas state university real estate foundation 1,981,310. Change in split interest agreements -35,458.”

“The review process has not changed from the previous year.”