Texas A&M Foundation

“Form 990 review process discussion of the form 990 was an agenda item at the february 2017, board of trustees meeting. The senior vice president and chief financial officer reviewed the completed form 990, and it was discussed and questions answered.”

“Conflict of interest policy monitoring and enforcement the officers, trustees, and key employees are provided a copy of the organization's conflict of interest policy and a disclosure form each year. The disclosure forms are returned and reviewed by the organization's in-house counsel and reported to the chairman of the audit committee. With a board of only seven trustees, it is not difficult to discern who among the members of the board, officers, and key employees may have a relationship, which requires disclosure. If review of the disclosure form does not reveal what is expected to be disclosed, the individual is contacted by an officer of the organization familiar with the reporting requirements to provide additional explanation and a revised disclosure form is returned. The form states that it is the responsibility of the officer, trustee, or key employee to update the disclosure if circumstances occur throughout the year which necessitate a change in the information supplied.”

“Documents made available to the public the articles of incorporation for the organization are available to the public on request from the office of the secretary of state and are frequently requested and supplied in the course of grant applications to private foundations and corporate foundations. The bylaws are available on request to the organization by members of the public. The conflict of interest policy is maintained within the organization's general policies and procedures and has not been presented to the public in any manner. However, if requested, the organization's conflict of interest policy would be made available to any member of the public requesting this information. The foundation produces an annual report which includes the statement of financial position and statement of activities and changes in net assets. This report is mailed to many donors, is available upon request, and is available on the foundation's website. The complete audited financials are available upon request.”

“Members, stockholders, or other persons who had power to elect or appoint each year as one of the trustee's term ends, a new trustee is selected by the association of former students, a separate organization that also supports texas a&m university.”

“The compensation committee of the organization reviews and approves total compensation of all officers, the vice president for investments, and director of alternative investments. The officers included in this review are the president, senior vice president for development, senior vice president and chief financial officer, and vice president and general counsel. Comparability data for all positions under review is presented to the committee. The compensation committee is composed of members of the board of trustees who are uncompensated volunteers. The president (chief executive) of the organization is present for a portion of the committee meeting to present the performance and accomplishments of the executive staff. None of the remaining officers, vice president for investments, nor director of alternative investments are present for any portion of this discussion. The president is excused for discussion of his own performance and the decision regarding his own salary. None of the officers, vice president for investments, nor the director of alternative investments are voting members of the compensation committee or the board of trustees. The discussion, deliberation, and decision for all positions under review by the compensation committee is recorded in the minutes of the committee prepared by the president and signed by the chair of the committee for presentation and approval at the next meeting of the committee. The full board of trustees receives an oral report of the committee meeting from the committee chairman, generally within 24 hours of the compensation committee meeting. Every 4-5 years an outside independent consultant is hired to review compensation to ensure salaries are comparable to similar organizations and market conditions. The organization's last review was accepted at the february 2017 meeting.”

“Changes in oversight process or selection process there have been no changes to the organization's audit committee's responsibilities.”

“Form 990t is in process and will be filed with the irs on or before the extended due date.”