California Institute of Technology

“Per the institute's by-laws, an executive committee was established to serve during the interim of board meetings. The executive committee is comprised of the chair of the board, each vice chair of the board, the president, and each standing committee chair. The established executive committee shall have and may exercise the powers of the board for general governance matters related to the institute. Any action taken by the executive committee shall be reported to the board.”

“Trustees joshua s. Friedman and walter g. Kortschak - business relationship trustees li lu and walter g. Kortschak - business relationship trustees lynn a. Booth and kent kresa - family relationship trustees william t. Gross and walter g. Kortschak - business relationship”

“The institute prepared form 990 with the assistance of a paid preparer. A draft of the form 990, excluding the name of an anonymous donor, was presented to the audit, compliance, and risk committee for review and comment. A final copy of the form 990, excluding the name of an anonymous donor, was provided to each member of the board of trustees prior to filing with the irs. Other than the name of an anonymous donor, no other information was redacted from the draft and final copies of the form 990 provided to board members. An officer of the institute and its paid preparer, respectively, sign the final form 990.”

“Each trustee and officer is required annually to complete a conflict of interest questionnaire disclosing potential or actual conflicts. Trustees, officers, and key employees are also required to disclose in writing potential and actual conflicts on an ongoing basis throughout the year. All conflicts are resolved in accordance with the institute's written conflict of interest policies.”

“The executive compensation committee of the board of trustees normally reviews at least annually the compensation of officers and certain employees, including key employees of the institute. The executive compensation committee reviews comparability data from relevant surveys. The deliberations are contemporaneously documented in the committee's minutes.”

“The institute's governing documents, financial statements, and conflict of interest policy are available upon request.”

“Estimates of trustees' time devoted to institute business are based on figures provided by trustees themselves or general institute estimates based on trustees' committee assignments. Time devoted to institute business by officers, key employees, and highest compensated employees may substantially exceed the estimates provided on a regular basis.”

“The mission of the california institute of technology ("the institute"caltech") is to expand human knowledge and benefit society through research integrated with education. We investigate the most challenging, fundamental problems in science and technology in a singularly collegial, interdisciplinary atmosphere, while educating outstanding students to become creative members of society.”

“The number identified is based on a reasonable estimate.”

“Auxiliary enterprises (expenses $45,893,000 and revenues $55,309,000) auxiliary enterprises in support of the institute's mission (caltech y allocation) - grants $75,000 cash allocation to related organization supporting the institute's mission (united way greater los angeles) to match employee contributions to united way - grants $46,000”

“The institute has no separate funds or accounts where donors have the right either to provide advice on the investment of amounts in the funds or to provide advice on the distribution of such funds outside the institute.”

“The institute recovers from its endowment investment pool a portion of the costs of raising and stewarding endowments. Such endowment recovery is applied against fundraising expense. The resulting reduction in endowment net assets is reflected in other changes in net assets or fund balances on form 990, part xi, line 9.”

“Investments - publicly traded securities include, but are not limited to, investments held directly or in funds and managed accounts for which the underlying securities are primarily publicly traded, although certain restrictions on the liquidity of some of these holdings may exist.”

“Other changes in net assets or fund balances changes in postemployment benefit obligation ($ 17,412,000) endowment recovery ($ 17,949,000) loss on disposal of property ($ 2,781,000) deferred tax asset adjustment $ 5,707,000 changes in fair value of interest rate swap ($ 9,606,000) change in excise tax liability ($ 5,750,000) ---------------- total ($ 47,791,000) ================”

“In accordance with irs instructions, form 990 and all schedules therein (with the exception of required calendar-year reporting for compensation) have been completed on the accrual basis consistent with generally accepted accounting principles.”