Fresno Pacific University Foundation

“The Organization has an executive committee with the authority to act on behalf of the full board. All decisions made by the executive committee are confirmed by the full board during regular meetings. The executive committee is made up of Robert Herrick - Chairman, Bassim Michael - Vice Chairman, Tim Franz - Treasurer and Randy Franz - Secretary.”

“A majority of the Foundation's board members are selected by the University.”

“Form 990 is prepared by an independent CPA firm. A draft of the 990 is provided to the organization for initial review. The Executive Director and Administrative Coordinator perform a thorough review of the return and provide revisions, if any, to the preparer. The final version of the 990 is distributed to all board members prior to filing with the IRS.”

“The policy is brought to the attention of the board annually and all members of the board, including officers, sign the policy and also declare if there are any conflicts of interest. Any potential conflicts are reviewed by FPUF management. Should any potential conflicts of interest be disclosed, the board member or officer would be asked to refrain from participation in any deliberation or decision with regard to matters affected by the relationship.”

“The organization does not compensate any officers or key employees. Therefore, these lines were answered no in accordance with the instructions.”

“The Foundation makes the governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Compensation reported in Part VII, column E is the amount reported on the individual's W-2, box 1 or 5 (whichever amount is greater) per the IRS instructions. In the case of minister's compensation when box 5 of the W-2 is not applicable, box 1 compensation is used. Employee deferrals to qualified retirement plans are normally captured in box 5, not box 1 of Form W-2. For reporting purposes we have included the minister's retirement plan deferrals in Part VII, column F.”

“In accordance with the principles of FASB ASU 2016-14 (ASC 958), the organization has implemented required changes to its audited financial statements for the period ended 06/30/2019. The 2018 Form 990 and its associated schedules were not updated to reflect changes made by this standard. Thus, we have reported the revised net asset categories from the audited financial statements as follows on Form 990, Part X, Lines 27-29: Line 27 - Net assets without donor restrictions $ 7,657,093 Line 29 - Net assets with donor restrictions 14,977,722 --------- Total net assets $22,634,815”

“Change in value of split interest agreement -67,028. Change in value of life insurance CSV 1,671.”

“The organization's Board appointed an Audit Committee which oversees the audit of its financial statements and selection of its independent accountant. This process has not changed since the prior year.”