Arizona State University Alumni Association

“In june of 2007, asuaa transferred its investment fund to the asu foundation. The asuaa funds were combined with other asu foundation funds and invested according to the asu foundation investment guidelines. Asuaa has three permanent non-voting members of the investment committee who actively participate in the management of the investment fund.”

“The arizona state university alumni association board of directors conducted a review of its bylaws and related board policies. The result of that review was a material rewrite of the bylaws with many "board policies" being addressed in the bylaws and some "board policies" being replaced by "board resolutions or being eliminated. A summary of those changes follows. Article i: association added the mission and vision statements, principal office and official publication items. Article ii: membership redefines membership as students who have enrolled in one or more semesters and all graduates of the university. Article iii: board of directors changes the number of authorized members of the board of directors from fifteen to between fifteen and twenty-two, based on the needs of the association. Article iv: meetings and procedures for the board and committees quorum for board and committee meetings was changed to one-half of the directors then in office. Article v: officers 6.4 treasurer eliminated item a. "maintain or supervise custody of the funds and securities of the association and the books of account." association staff performs this function. Eliminated item b. "provide oversight for the deposit of funds of the association in the bank or banks the board of director designates." association staff performs this function. Article vi: committees founders' day, awards and governance committees were added as standing committees. Article vii: councils "past presidents" was added as an advisory council. Board policy no. 1 organization overview", was replaced with - article i "association". Board policy no. 2 "board responsibilities and duties" was replaced with - article iii "board of directors". Board policy no. 3 "board committees" was replaced with - article vi "committees". Board policy no. 4 "alumni constituencies" was replaced by board resolution 2 alumni constituencies". Board policy no. 5 "alumni database" was deleted. Board policy no. 6 "financial matters" was replaced with board resolution 3 "financial matters". Board policy no. 7 "conflict of interest policy" was replaced by board resolution no. 4 "conflict of interest". Board policy no. 8 "whistleblower" was eliminated. Employment regulations supersede this policy. Board policy no. 9 "document retention" this policy was eliminated. Various laws dictate the association's document retention policy. The board of directors' approved these changes on november 13, 2015.”

“Members of the association are classified as non-paying or paying (annual or life) members.”

“The committees do not have the auithority to act. They must bring recommendations to the full board for a vote.”

“The association's tax returns are prepared by the tax accountants using the audited financial statements and additional information from the association's accounting staff. The director of finance reviews the return and provides a copy to the president/ceo for her review. The returns are provided to all members of the audit committee for review. Association staff answers all questions raised by the committee members. After the audit committee's review, the audit committee chair recommends approval and filing of the tax returns to the full board. The full board of directors' votes on the recommendation and after board approval the tax returns are filed. A copy of the tax returns is available to all board members.”

“Board members are asked to provide us with information related to any conflict of interest they may have annually. Operationally, asuaa has to comply with state of arizona purchasing regulations, which adds another layer of protection from conflicts of interest.”

“The salary of the president of asuaa is determined by the president of asu under university guidelines. The salaries of key employees are determined by the president of asuaa under university guidelines.”

“The organization's governing documents, conflict of interest policy and financial statements are not available to the public.”

“Arizona state university alumni association (asuaa) staff are employees of arizona state university (asu). Asu issues and files the w-2s as required. Asuaa does not have any employees and, therefore, is not required to file, and does not file, any w-2's or other payroll tax reports. Since asuaa, through its funding by asu, reimburses the compensation of asu employees working full time for asuaa, this compensation expense is reported on lines 7 through 10 in the part ix statement of functional expenses.”

“Arizona state university alumni association has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. There was no change in the process during the tax year.”