Tuso

“The Corporation leases all employees from Taylor University. The University has adopted an Executive Compensation and Intermediate Sanctions Policy that ensures that all compensation arrangements with related parties are evaluated and entered at arms' length and that any compensation that is paid to a related party is reasonable and reflects fair market value. The Policy encourages the application of the rebuttable presumption standard of Code Section 4958 and the related Treasury Regulations by (a) excluding any interested party from the decision making process; (b) requiring disinterested Board or committee members to obtain and rely upon comparability data when setting the proposed compensation terms; (c) requiring approval of the transaction in advance by disinterested trustees or committee members; and (d) requiring contemporaneous documentation (i.e., minutes) reflecting the decision and the process by which it was made. In the case of the President's compensation, the Executive Committee of Taylor University (composed entirely of independent members of the University Board of Trustees), is responsible for ensuring that the process outlined above is applied.”

“Stephen Olson AND Mike Falder - Business relationship”

“Tucc is the sole trustee of tuso.”

“Taylor university has the power and sole and absolute discretion to add additional trustees.”

“The trust's tax preparer prepared the form 990, then it was reviewed by the secretary/treasurer prior to filing. The trust utilized this process to ensure that its form 990 received substantive review by professionals with specific knowledge of the trust's activities and extensive financial, accounting, and tax expertise.”

“An interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the tucc board. The interested person shall leave the board meeting while the tucc board determines whether a conflict of interest exists. Disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. After exercising due diligence, the tucc board shall determine whether the charity can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If such a more advantageous transaction or arrangement is not reasonably possible under the circumstances, the tucc board shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the charity's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination, the tucc board shall make its decision as to wether to enter into the transaction or arrangement. If the tucc board has reasonable cause to believe the interested person has failed to disclose actual or possible conflicts of interest, it shall inform the interested person of the basis for such belief and afford the interested person an opportunity to explain the alleged failure to disclose. If, after hearing the interested person's response and after making further investigation as warranted by the circumstances, the tucc board determines the interested person has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. The minutes of the tucc board shall contain the names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the tucc board's decision as to whether a conflict of interest in fact existed; and the names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection with the proceedings.”

“A copy of the governing documents, conflict of interest policy, and financial statements are available upon request for the same period of disclosure as set forth in irc section 6104(d).”