Arizona State University Foundation for a New American University

“Doug fulton and ira fulton have a family relationship.”

“Significant changes to organizational documents on april 30, 2021 the asu enterprise partners board of directors approved amendments to the bylaws of the arizona state university foundation for a new american university that permitted an investment committee to be a standing committee of the board; increased the size of the executive committee from four (4) to eleven (11); and changed the qualifications of ex officio members serving on the board and on its executive committee.”

“Members or stockholders asu enterprise partners serves as the sole member of the organization, and provides them with various supporting services, such as legal, human resources, financial, and marketing and technical services. In addition, asu enterprise partners manages the reserves and provides guidance and oversight of the organization.”

“Members with powers to elect or appoint asu enterprise partners as the sole member has the power to elect or appoint members of the governing body of the foundation.”

“Decision subject to approval per the bylaws of asuf, the following actions shall not be taken by the corporation without the approval of the member: election and removal of directors, amendment of the articles of incorporation of the corporation, amendment of the bylaws of the corporation, merger, consolidation or dissolution of the corporation, the creation of any subsidiaries or affiliates of the corporation, adoption of the strategic and annual business plans and adoption of the annual budget prepared by the corporation and any actions taken by the corporation, the selection and retention of the ceo of the corporation, the making of any capital expenditures, the selection of the manner and location of investment of any financial assets, the creation or extension of any loans by or any borrowing by the corporation or the sale of any capital assets by the corporation.”

“Form 990 review process 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 of asu enterprise partners ("ep"). 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, a full copy of the form 990 is provided to the entire board of directors. It is then signed by the treasurer and submitted electronically to the irs and board of directors.”

“Process for monitoring and enforcement of conflict of interest upon hire and on an annual basis, all employees and board members 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/commitment form to ep's general counsel. Any identified conflicts would be reviewed by the board chair and the ceo to determine any mitigation actions needed.”

“Process for determining compensation of ceo/key employees for asuf, the board of directors approves the compensation package for the 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 ceo. All other compensation decisions for key employees have been delegated from the board of directors to the ceo, who follows a similar process aforementioned.”

“Documents made available to the public the financial statements, form 990, and form 990-t 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.”

“Additional information regarding fundraising in its effort to support asu, asuf performs a broad scope of services that include fundraising and investment management services. 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.”

“The asu foundation for a new american university is a private, nonprofit organization that raises and manages private contributions to support the work of arizona state university.”

“Change in assets due to other entities -71,712,231. Change in value of split-interest agreements 1,439,844. Enterprise partners investment expense -498,363.”