National STEM Cell Foundation Inc.

“Paula grisanti, director and ceo, 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. Under an agreed upon asset allocation, the management of the investment portfolio has been delegated to an outside firm.”

“Form 990 was prepared by an outside accounting firm and reviewed in detail by the contract cfo, contract controller, board chair and ceo. A copy was provided to each board member before the form 990 was filed”

“Interested persons will annually disclose or update to the chairman of the board of directors 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 employed chief executive and employed chief 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 determine an appropriate salary range for the chair/ceo position. A board approved salary was established based on their guidance and no salary adjustment was made until march 2021 when the salary was reduced due to uncertainties related to covid. Contracted cfo and contracted controller are paid on an hourly basis. For other officers or key employees of the organization - the organization pays the contract cfo and controller based on local market rates”

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

“Nscf funds adult stem cell and regenerative medicine research, connects children with limited resources to clinical trials for rare diseases, and underwrites a professional development program for middle school science teachers inspiring the next generation of stem pioneers nationwide.”

“Through a fund established at the pediatric transplant and cellular therapy (ptct) program (pmbt) at duke university, nscf helps cover insurance deductibles and co-pays for children medically eligible to participate in potentially life-saving clinical trials for rare diseases when those out-of-pocket costs are beyond a family's means. Children from all over the united states and around the world travel to ptct for access to clinical trials for rare, disabling and fatal diseases. These are children with no other treatment options and often limited financial resources. Nscf founded, supports and participates in the national stem scholar program for middle school science teachers inspiring the next generation of stem pioneers nationwide. Nscf partners with the gatton academy of mathematics at western kentucky university to provide advanced stem training, national network builidng, "big idea" project support and yearlong mentoring for science teachers motivating students at the tipping point of lifelong science interest - middle school. There are currently 60 national stem scholars in 29 states directly and indirectly impacting an estimated 66,000 middle school students in the united states.”

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