North Campus - University Park

“Form 990 is prepared in collaboration with the associate director of accounting, the associate executive director of financial services and the executive director of the corporation. Once the return has been prepared by the external auditors and reviewed by internal staff, the return is provided to the board of directors for their review before the return is filed with the irs. The filed report is then scanned and made available to the public upon request.”

“To avoid conflicts of interest, strict rules apply to transactions in which both the organization and its directors or officers or their relatives have financial interests. To avoid personal liability and various penalties civil and criminal, each director is required to scrutinize any such transaction with particular care to assure that all applicable rules have definitely been satisfied. A director of a csu auxiliary may not be financially interested in a contract or other transaction with the auxiliary (self-dealing). Any such contract or transaction is void, unless the director's financial interest is remote; the financial transaction was adequately disclosed to the board; the director did not promote the transaction before the disclosure; the board approved the transaction without the vote of the interested director; and the deal was just and reasonable to the auxiliary at the time the board approved it. Generally, board approval must be obtained prior to consummating a self-dealing transaction or any part of it. The board must authorize the transaction in good faith, by a vote of a majority of the directors then in office without counting the vote of any interested director (although interested directors may be counted in determining the presence of a quorum at the meeting). Prior to the vote, the directors must have knowledge of the material facts concerning the transaction and the director's interest in the transaction. The board must consider, and in good faith determine after reasonable investigation under the circumstances, that the corporation could not have obtained a more advantageous arrangement with reasonable effort under the circumstances.”

“Bylaws, articles of incorporation, board meeting minutes, annual budgets, and audited financial reports are posted on company website for public access.”

“The 65 acres of university-owned land ("north campus") is leased from the university, at no annual cost to north campus, based on the operating agreement with the university that is renewable every five years. The corporation has set goals in the development of north campus, including establishing strong academic ties and academic facilities spanning a broad range of the university's colleges and departments, and ensuring a steady, predictable, and safe source of revenue with no financial risk to the university. The corporation continues to engage in analyzing and assessing the highest and best use of the property for future development. A faculty and staff housing project was identified. However, due, in part, to the rising interest rates and construction costs, the project is on hold until it becomes financially viable.”

“Management services: program service expenses 181,342. Management and general expenses 20,149. Fundraising expenses 0. Total expenses 201,491.”