Vail Valley Foundation Inc.

“Vail valley foundation, inc. Does not have any committees with the authority to act on behalf of the governing body.”

“A copy of the form 990 is reviewed by the chief financial officer and the controller before filing.”

“The conflict of interest policy covers all officers, directors, and other top management officials. The existence of any potential conflict of interest shall be disclosed to the cfo and/or the board of directors, who shall determine whether a conflict of interest exists. In the event a conflict of interest does exists, the cfo and/or board of directors will determine whether or not the individual with the conflict should be recused from the deliberation on the matter and whether the contemplated transaction may be authorized as just, fair and reasonable to the foundation.”

“Compensation for top management officials, key employees and other officers is reviewed by the compensation committee, which is made up of board members, on an annual basis. The committee meets at the end of the year to determine compensation adjustments. Prior to the meeting, the cfo provides the committee with a package summarizing compensation information. At the meeting the compensation committee reviews the compensation package as well as compares compensation levels of the above mentioned positions to that of similar positions in other organizations comparable to vail valley in their determination to approve any compensation adjustments for the ceo, key employees, and other officers for the upcoming year.”

“Vail valley foundation makes its governing documents and financial statement available to the public upon request.”

“Change in value of interest rate swap -15,407. Change in value of foreign currency swap 2,028,541.”

“During the fiscal year ending september 30, 2015, the organization underwent restructuring of top management officials. During this time, the new management discovered an error in the recording of activities on the fiscal year ending september 30, 2011 tax return. It was discovered that a pledged contribution that was intended for a related tax-exempt organization was inadvertently booked to vail valley foundation's financial statements instead of the intended organization. The pledged contribution was for five years, ending december 31, 2015. In addition, during the fiscal year ending september 30, 2014 another pledged contribution that was intended for vvf was inadvertently booked on a related tax-exempt organization's financials instead of vvf's. As soon as the errors were discovered vvf began the process of amending tax returns for both vvf and the related tax-exempt entities to correct the reporting. Tax returns for fiscal years ending september 30, 2011 through september 30, 2014 are being amended. The following parts and schedules of the originally filed 2013 form 990 were amended as follows: form 990, part i, prior year column - udpated amounts based on changes made to the amended return for the period ending september 30, 2013. Form 990, part i, line 8 - changed the total contributions and grant amount based on changes made to the amended return. Form 990, part i, line 10 - changed the total investment income based on changes made to the amended return. Form 990, part i, line 12 - changed the total revenue based on changes made to the amended return. Form 990, part i, line 19 - changed total amount reported as revenue less expenses based on changes made to the amended return. Form 990, part i, line 20 - changed the total assets amount based on changes made to the amended return. Form 990, part i, line 22 - changed the total net assets or fund balance amount based on changes made to the amended return. Form 990, part viii, line 1d - changed the amount of related organization contributions to properly reflect activity based on updated financial information. Form 990, part viii, line 1e - changed the amount of government grants to properly reflect activity based on updated financial information. Form 990, part viii, line 1f - changed the amount of all other contributions, gifts, grants, and similar amounts to properly reflect activity based on updated financial information. Form 990, part viii, line 3 - changed the amount of investment income to properly reflect activity based on updated financial information. Form 990, part viii, line 12, column a - changed the total revenue amount based on changes made to the amended return. Form 990, part x, column a - updated beginning balances based on changes to the amended return for the period ending september 30, 2013. Form 990, part x, line 2 - changed amount of savings and temporary cash investments to properly reflect activity based on updated financial information. Form 990, part x, line 3 - changed the total pledges and grants receviable amount to properly reflect activity based on updated financial information. Form 990, part x, line 15 - changed the total other assets to properly reflect activity based on updated financial information. Form 990, part x, line 16 - changed the total assets amount based on changes made to the amended return. Form 990, part x, line 28 - changed the total temporarily restricted net assets amount to properly reflect activity based on updated financial information. Form 990, part x, line 33 - changed the total net assets/fund balance amount to properly reflect activity based on updated financial information. Form 990, part x, line 34 - changed the total liabilities and net assets/fund balance amount based on changes made to the amended return. Form 990, part xi, line 1 - changed the total revenue amount based on changes made to amended return. Form 990, part xi, line 3 - updated the revenue less expenses line for changes made to amended return.”