Phillips University Legacy Foundation Inc

“The organization uses an outside accounting firm to prepare and review the return. Management and the finance/investment committee reviews the return prior to filing with the irs and votes to approve the return. The board is given a copy of the return prior to filing with the irs.”

“The organization's governing documents are available to the public upon request.”

“Board members are required annually to complete a conflict of interest policy. In the event a conflict arises, the board member notifies the board and appropriate actions are taken.”

“The members of the corporation consist of the members of the board of directors for as long as their respective terms of office shall continue. The board of directors may from time to time authorize other special classes of membership, such as, but not limited to, honorary members, contributing members and/or consulting members. Such members may be elected by the members at any duly authorized annual or special meeting of the members by a 2/3 majority of the members upon the formal recommendation of the board of directors for meritorious and faithful service to the corporation, outstanding financial support of the corporation, and/or the perceived need of the corporation for particular expertise, knowledge or experience. Members of special classes shall have both voice and vote in the meetings of the members. Their term of service shall be 3 years unless otherwise limited by the recommendation of the board of directors. They are eligible for re-election upon a further recommendation of the board of directors.”

“THE NUMBER OF DIRECTORS, WHICH SHALL CONSTITUTE THE WHOLE BOARD, SHALL NOT BE LESS THAN THREE. SUBJECT TO THE FORGOING LIMITATION, THE MEMBERS AT ANY MEETING SHALL DETERMINE THE NUMBER, WHICH SHALL CONSTITUTE THE BOARD, AND THE NUMBER SO DETERMINED SHALL REMAIN FIXED UNTIL CHANGED AT A SUBSEQUENT MEETING. THE PRESIDENT OF THE PHILLIPS UNIVERSITY ALUMNI AND FRIENDS ASSOCIATION, INC ("PUAFA") AND TWO APPOINTEES OF PUAFA SHALL BE EX-OFFICIO MEMBERS OF THE BOARD. If the number of directors is changed, the number of PUAFA ex-officio Directors should remain at 3/7th or the next higher ordinal number of directors. THE MEMBERS SHALL ELECT ALL OTHER DIRECTORS. IN THE EVENT ANY OF THE EX-OFFICIO DIRECTORS FAIL TO SERVE, THEN THE MEMBERS MAY ELECT DIRECTORS TO SERVE IN THEIR PLACE UNTIL THE EX-OFFICIO DIRECTORS RESUME SERVING, OR THE MEMBERS MAY ELECT TO ELIMINATE THE VACATED EX-OFFICIO POSITION IN A DULY CALLED MEETING OF THE MEMBERS. THE MEMBERS MAY DESIGNATE CLASSES OF DIRECTORS WHOSE TERMS SHALL EXPIRE AT THE NEXT ANNUAL MEETING OR ONE OR TWO YEARS THEREAFTER, AND MAY DESIGNATE WHICH DIRECTORS SHALL BE ELECTED TO EACH RESPECTIVE CLASS. THE BYLAWS MAY BE AMENDED, CHANGED OR REPEALED BY THE AFFIRMATIVE VOTE OF A MAJORITY OF THE MEMBERS REPRESENTED, AT ANY REGULAR OR SPECIAL MEETING OF THE MEMBERS IF NOTICE OF THE PROPOSED AMENDMENT, ALTERATION, CHANGE OR REPEAL BE CONTAINED IN THE NOTICE OF THE MEETING, OR BY THE AFFIRMATIVE VOTE OF THE MAJORITY OF THE BOARD OF DIRECTORS AT ANY REGULAR OR SPECIAL MEETING OF THE BOARD OF DIRECTORS.”

“Phillips University Legacy Foundation awarded 22 undergraduate scholarships during FY 2014. The Foundation had 28 volunteers during the year who donated a total of 812.5 hours of volunteer service with and on behalf of the legacy scholarship and leadership development recipients.”