National STEM Cell Foundation Inc.

“Paula grisanti, chairman of the board, and michael grisanti, director, have a family relationship.”

“The organization has contracted its financial management oversight to an outside chief financial officer and its day to day financial duties to a controller.”

“Form 990 was prepared by an outside accounting firm and reviewed in detail by the contract cfo, contract controller, board chair and finance committee. A copy was then sent to each board member for their review before the form 990 was filed.”

“Interested persons will annually disclose or update to the chairman of the board of directors on a form provided by the organization their interests that could give rise to conflicts of interest, such as a list of family members, substantial business or investment holdings and other transactions or affiliation with businesses and other organizations or those of family members. For each interest disclosed to the chairman of the board of directors, the chairman will determine whether to: (a) take no action; (b) assure full disclosure to the board of directors and other individuals covered by the policy; (c) ask the person to recuse from participation in related discussions or decision within the organization; or (d) ask the person to resign from his or her position in the organization or, if the person refuses to resign, become subject to possible removal in accordance with the organization's removal procedures. The organization's chief employed executive and chief employed finance executive will monitor proposed or ongoing transactions for conflicts of interest and disclose them to the chairman of the board of directors in order to deal with potential or actual conflicts, whether discovered before or after the transaction has occurred. To date no potential conflicts have been identified.”

“In 2015 the board engaged an outside consulting firm to determined an appropriate salary range for the chair/ceo position. A board approved salary was established based on their guidance and no salary adjustment has been made since that time. Contracted cfo and contracted controller are paid on an hourly basis.”

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

“During the year a sublicense agreement was terminated by the sublicensee. As part of the termination, the unused critical reagents were returned to the foundation. The amount of gain reflects the initial amount received less the use of a portion of the critical reagents by the outside third party during the period the sublicense agreement was in effect prior to termination.”

“The process has not changed from the prior year. The organization's board of directors continue to select the independent accountant. The committee continues to meet with the independent auditor at the conclusion of the annual audit.”