The University Foundation at Sacramento

“Any such committee, to the extent provided in the board resolution, shall have all authority of the board, except that no committee, regardless of board resolution, may: (1) fill vacancies on any committee that has the authority of the board; (2) fix compensation of the directors for serving on the board or on any committee; (3) amend or repeal bylaws or adopt new bylaws; (4) amend or repeal any board resolution that by its express terms is not so amendable or repealable; (5) create any other committees of the board or appoint members of committees of the board; (6) expend corporate funds to support a nominee for director after more people have been nominated for director than can be elected; or (7) approve any contract or transaction to which the corporation is a party and in which one or more directors has a material financial interest, except as special approval is provided for in section 5233(d)(3) of the california corporations code.”

“Title 5 of the california code of regulations section 42602(b)(2) requires that the board have voting membership from the following categories: (a) administration and staff; (b) faculty; (c) non-campus personnel; and (d) students. As such, one or more of the directors shall be from each of the following categories, all full voting members: - faculty of sacramento state - asi president - a minimum of 6 non-campus personnel - the president of sacramento state - a member of the alumni association board - vice president of university advancement”

“Vacancies on the board shall be filled by appointment by the president of california state university sacramento for the balance of the unexpired term. Upon dissolution, the distribution of net assets must be approved by the president and the chancellor of the california state university.”

“The foundation has its federal 990 prepared by a certified public accounting firm. This process includes a request for information from the foundation, a compilation of data by the foundation's contracted accounting function (csus financial services) as well as the sac state advancement division, multiple layers of review by the certified public accounting firm and review of the final return by the foundation's contracted accounting function (i.e. Csus auxiliary accounting manager and senior director of accounting services). Review by the csus auxiliary accounting manager and senior director of accounting services consists of verifying information on the final tax return to internal financial and corporate records to ensure accuracy. The vp for university advancement performs a higher level review for reasonableness of financial information and accuracy of corporate governance items. This review may include meetings with the csus auxiliary accounting manager and senior director of accounting services or external tax preparers as needed. The foundation's audit committee and board chair conduct a final review of the tax return. This review consists of checking the reasonableness of financial information and accuracy of corporate governance items. Inquiries and requests for more information are directed to the vp of advancement, the csus auxiliary accounting manager and senior director of accounting services or the external tax preparer as needed. Prior to filing, an electronic version of the final federal form 990 is transmitted to all voting members of the board of directors via email. The vp for university advancement responds to any questions or comments from the board.”

“Annual signed conflict of interest forms are collected from all foundation board directors at the first board meeting of the year. Along with the board directors, their family members are also covered by the policy. Annually, the foundation conducts a review of the relationships and affiliations of each director through disclosure forms documenting affiliations, business relationships, and other areas of potential conflicts of interest for the directors. The treasurer collects all forms and prepares a listing ("report"), by director, of all affiliations reported. Report is presented to the audit committee at annual meeting. The audit committee reviews report and presents findings to full board of directors for approval. Directors are also responsible for reporting potential conflicts of interest on any individual board or committee agenda or grant docket item, prior to deliberation on the item. All material facts concerning the actual or potential conflict of interest shall be disclosed to the chair of the audit committee and to counsel for the foundation. Such facts shall be recorded in the minutes of the board meeting considering authorization or approval of affected grant or business transaction, and where applicable in any proposal summary or recommendations presented to committees and/or the board for decision. The interested director may be present at the time of initial presentation of a prospective grant or business transaction, but is absent from the room during both board discussion, and action or vote; and if not involving a director with a material financial interest, a grant may be approved by a majority of the directors present. All other grants and business transactions involving a conflict of interest must be approved by a majority of the directors in office.”

“The organization makes its governing documents, conflict of interest policies and financial statements available upon request.”

“Increase in csv of life insurance policies 42,148.”

“The process for oversight and selection of an independent accountant has not changed from the prior year.”