Asu Research Enterprise

“In september 2015, the arizona state university foundation for a new american university (asuf or foundation) board of directors approved a corporate entity restructure, where a new entity, asu enterprise partners (ep), was created to be the parent and holding company of the foundation and other affiliated organizations including asure. Ep is an arizona nonprofit corporation and is recognized as a 501(c)(3) tax-exempt organization by the irs.”

“Effective july 1, 2016, ep serves as the sole member of the organization, and provides them with various supporting services, such as legal, human resources, financial, marketing and technical services. In addition, ep manages the reserves and provides governance and oversight of the organization.”

“Per the bylaws of asure, the election and removal of directors are subject to the approval of the member.”

“Per the bylaws of asure, 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 president 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.”

“Asures form 990, return of organization exempt from income tax, is prepared by an outside accounting firm. The draft is submitted to management for review and accuracy of reporting. The board of directors has delegated review of the form 990 to eps audit committee. The cfo and/or a representative of the outside accounting firm reviews 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 board of directors and the irs.”

“Upon hire and on an annual basis, the officers, directors, and key employees are required to disclose any conflicts or potential conflicts relating to their involvement with asure. 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 the cfo. Any identified conflicts would be reviewed by the board chair and the ceo to determine any mitigation actions needed.”

“Ep compensates the vice chair/interim president & ceo, treasurer and secretary; as such, line 15a has been answered no as guided by the form 990 instructions.the vice chair/interim president & ceo, approves the compensation package of all other employees based on current market comparisons provided by eps human resources department (which obtains this information from an independent compensation consultant), responsibilities of the position, goals of the organization, and negotiations with the employee.”

“Ep compensates the vice chair/interim president & ceo, treasurer and secretary; as such, line 15a has been answered no as guided by the form 990 instructions.the vice chair/interim president & ceo, approves the compensation package of all other employees based on current market comparisons provided by eps human resources department (which obtains this information from an independent compensation consultant), responsibilities of the position, goals of the organization, and negotiations with the employee.”

“Asure does not make its governing documents, conflict of interest policy, and financial statements available to the public.”