Arizona State University Foundation for a New American University

“Form 990, Part III, Line 4d: The ASU Foundation provided over $32 million to support the education, public service and other activities of Arizona State University. In addition to the near $5 million of program revenue, ASU Foundation provided over $71 million of contributions in support of these activities.”

“Form 990, Part V, Lines 7a and 7b: Arizona State University Foundation for a New American University ("ASUF") receives gifts for ASU that at times provides the donor with a benefit. Those donors receive charitable gift receipts indicating the total value of payment, the fair market value of benefits received by the donor, and the net amount that may be considered a charitable contribution.”

“Form 990, Part VI, Section B, Line 11b: ASUF's Form 990, Return of Organization Exempt from Income Tax, is prepared by an outside accounting firm. The draft is submitted to ASUF's management for review and accuracy of reporting. The Board of Directors has delegated review of the Form 990 to the Audit Committee. Management and a representative of the outside accounting firm review the Form 990 with the Audit Committee. Once approved and accepted by the Audit Committee, the Form 990 is signed by the CFO and submitted electronically to the IRS and the Board of Directors.”

“Form 990, Part VI, Section B, Line 12c: Upon hire and on an annual basis, officers, directors, trustees, and key employees are required to disclose any conflicts or potential conflicts relating to their involvement with ASUF. In addition, any time the individuals referred to above become aware of a new conflict, they are required to submit an updated Conflict of Interest/Committment form to the ASUF CFO. Any identified conflicts would be reviewed by the Board Chair and the CEO to determine any mitigation actions needed.”

“Form 990, Part VI, Lines 15a and 15b: For ASUF, the Board of Directors approves the compensation package for the President and CEO based on current market comparisons provided by the Foundation's Human Resources Department (which obtains this information from an independent compensation consultant), responsibilities of the position, goals of the Foundation, and negotiations with the President and CEO. All other compensation decisions for key employees have been delegated from the Board of Directors to the President and CEO, who follows a similar process aforementioned. For Arizona Science and Technology Enterprises ("AzTE"), a single member limited liability company controlled by ASUF, the CEO's compensation contract was reviewed by the General Counsel of ASUF and the CFO of ASU. It included a compensation comparison performed by a third-party service provider and was approved by AzTE's Board of Directors.”

“Form 990, Part VI, Section C, Line 19: The financial statements for ASUF are available to the public on the organization's website. The organization's governing documents and conflict of interest statement are not made available to the public.”

“Form 990, Part VII, Section B, Line 1: All of the legal services disclosed in Form 990, Part VII, Section B, Line 1 (and the related attachment) were performed in support of AzTE's technology transfer services to the University and are not related to the primary fundraising services of the Foundation.”

“Form 990, Part VIII and Form 990, Part IX: In its effort to support ASU, ASUF and its affiliates perform a broad scope of services that include: fundraising, investment management, technology transfer, advocacy, and marketing, educational awareness, and property financing and management. Certain elements of expenses coded as management and general are driven by the broad scope of the Foundation's role in support of ASU. ASUF's fundraising expenses support activities that generate contributions that go directly to entities other than itself, such as ASU and other ASU affiliates; thus, not all fundraising results generated through ASUF's efforts are reflected in the contribution totals on ASUF's Form 990.”

“Form 990, Part X: The prior year balance sheet for line 17, "Accounts payable and accrued expensesline 19, "Deferred revenue" has been revised from the original Form 990 to accurately report deferred revenue, which has been moved from line 17 to line 19. There has been no change to total assets, liabilities, or net assets as a result of this revision.”

“Form 990, Part XI, Line 9: Change in Assets Due to Other Organizations: $5,513,136 Change in Unrealized Swap Value: $(2,097,434) Change in Value of Split-Interest Agreements: $(162,010) Unrealized Gain on Land: $67,481 AzTE Ventures, Co. Expenses: ($5,551)”