Arizona Capital Facilities Finance

“Arizona state university provides management services for the component units, including property and occupancy management, student support services, accounting services and various management oversight.”

“There are no committees that have the authority to act on behalf of the governing body.”

“The president receives an initial draft of the form 990 and monitors discussions among consultants and staff concerning the form 990 and makes a final review of the form 990 prior to filing.”

“Acffc has no full time employees and is largely managed by the board president (ross robb), who works closely with the board and a variety of asu staff as well as outside legal, financial and accounting consultants, including a contract cpa. The organization has a written conflict of interest policy with which all board members/officers are familiar. The individuals associated with the organization are experienced business/legal professionals who, in the normal course of their work, would be sensitive to potential conflicts of interest. All board members have experience serving on not-for-profit and governmental boards and as such have been briefed and trained throughout their careers about how conflicts are defined, declared and dealt with. Once a representative of the company became aware of a conflict or a potential conflict of interest (regardless of when it occurred), the issue would likely first be brought to the attention of mr. Robb who would, if necessary, consult with legal counsel. If necessary, the issue would be brought to the board for consideration at the next regularly scheduled board meeting, or sooner if necessary. All three board members would be covered by the conflict policy. Legal, accounting and other consultants would be subject to the conflicts standards of their own professions. If it were to be determined that a board member had a conflict of interest on a particular issue, depending on the depth of the conflict, the restriction imposed on that board member could be as simple as not voting on the specific 'conflicted' issue, could involve not participating in the discussion and possibly not being present for the discussion. If the conflict were so serious, the board might consider not entering into the transaction at all.”

“Annually, the board evaluates, in consultation with its advisors, the directors and officers' fees based upon whether there were significant changes in board or officer duties and/or time committed as compared to prior year(s) and in consideration of consumer price index and other relevant factors. Board fees have not materially changed in recent years as the duties and effort have remained largely unchanged.”

“Governing documents, the conflict of interest policy, and financial statements are made available to the public upon request.”

“Loss on defeasement -156,451. Equity transfer -463,153.”

“There is no committee but the full board is responsible for the selection and oversight of the audit. There has been no change in either the oversight process or the selection process during the tax year.”