Sun Angel Foundation

“Arizona state university employees provide management and administrative services as well as office space and data processing to the foundation without charge.”

“The president of arizona state university (or the president's designee) shall have a permanent right to appoint three persons who shall serve as voting members of the corporation's board of directors (the "university directors").”

“An outside accounting firm prepares the form 990 and it is reviewed by the board treasurer, senior director finance, and provided to the board of directors prior to filing.”

“Determination of a conflict of interest. In connection with any actual or possible conflict of interest: a. Any interested person shall make a required disclosure to the board of directors or a committee thereof of a financial interest. B. Upon the required disclosure by an interested person, such interested person shall leave the meeting while the remaining members of the board or committee, as the case may be, discuss the required disclosure and determine, without the participation of the interested person, whether or not a conflict of interest exists. Addressing a conflict of interest. If a conflict of interest is determined to exist, then the board or committee shall: a. Require the interested person to leave the meeting during the discussion of, and the vote on, the transaction or arrangement that results in the conflict of interest; provided, however, that the interested person may make a presentation at the meeting prior to leaving; b. Appoint, if it deems appropriate, a non-interested person or committee to investigate alternatives to the proposed transaction or arrangement; and c. Determine, by a majority vote without the interested person voting, that the transaction or arrangement is in the foundation's best interests and for its own benefit; is fair and reasonable to the foundation; and, after exercising due diligence, determine that the foundation cannot obtain a more advantageous transaction or arrangement with reasonable efforts under the circumstances. Violations of this policy will be reported to all members of the sun angel foundation's executive committee, which shall take all actions it deems reasonable, necessary or appropriate within ten (10) days of receiving a report of a violation. Any interested person who violates this policy shall be subject to appropriate discipline, including removal from office. Recording conflicts of interest. The minutes of all board meetings and the meetings of all committees with board-delegated powers shall include: a. The names of the persons who disclose a financial interest, the nature of the financial interest, and whether the board or committee determined that there was a conflict of interest; and b. The names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of these discussions, including any alternatives to the proposed transaction or arrangement, and a record of the vote.”

“The articles of incorporation, bylaws and financial statements are available to the public upon request.”

“Loss on uncollectible pledges -1,248,026.”