2023-03-16T14:24:11-05:00 2022-06-30 440160260 FORVIS LLP 500 RIDGEFIELD COURT ASHEVILLE NC 28806 990 2021-07-01 556017181 WEST VIRGINIA UNIVERSITY FOUNDATION INC WEST 3042844000 ONE WATERFRONT PLACE 7TH FLOOR MORGANTOWN WV 265071650 MICHAEL E AUGUSTINE COO/CFO/TREASURER 3042844000 2023-03-15 1 MICHAEL AUGUSTINE XXX-XX-XXXX AMY BIBBY P00445891 8282542254 2023-03-15 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z CYNTHIA L ROTH ONE WATERFRONT PLACE MORGANTOWN WV 26507 604827795 0 X WWW.WVUF.ORG X 1954 WV TO SUPPORT AND BENEFIT WEST VIRGINIA UNIVERSITY AND ITS AFFILIATED ORGANIZATIONS. 29 28 183 28 1950115 0 112988601 113807754 9161440 14705327 60544830 92557252 640317 419587 183335188 221489920 14468411 14448635 0 0 35237160 38540368 731528 483580 13737276 47552389 51208431 97989488 104681014 85345700 116808906 2549094162 2666942947 1339958891 1422336335 1209135271 1244606612 X THE MISSION OF THE WVU FOUNDATION IS TO ENRICH THE LIVES OF THOSE TOUCHED BY WEST VIRGINIA UNIVERSITY BY MAXIMIZING PRIVATE CHARITABLE SUPPORT AND PROVIDING SERVICES TO THE UNIVERSITY AND ITS NON-PROFIT AFFILIATED ORGANIZATIONS. 0 0 14448635 14448635 THE ORGANIZATION UTILIZES PRIVATE FUNDING TO SUPPORT STUDENTS WITHIN MULTIPLE SCHOOLS, COLLEGES, AND DEPARTMENTS ACROSS CAMPUS; THE MOST SIGNIFICANT OF WHICH WERE THE DEPARTMENT OF INTERCOLLEGIATE ATHLETICS, THE EBERLY COLLEGE OF ARTS AND SCIENCES, THE COLLEGE OF AGRICULTURE, NATURAL RESOURCES AND DESIGN, AND THE STATLER COLLEGE OF ENGINEERING AND MINERAL RESOURCES. SCHOLARSHIP AMOUNTS INCLUDE TUITION, BOOKS, AND ROOM AND BOARD. SCHOLARSHIP AMOUNTS ARE UTILIZED ACROSS CAMPUS TO HELP RECRUIT NATIONALLY PROMINENT STUDENTS AS WELL AS PROVIDE FUNDING SUPPORT TO GIVE OTHER STUDENTS THE OPPORTUNITY TO PURSUE AN ACADEMIC CAREER AT THE HIGHEST LEVEL. 25309590 THE ORGANIZATION UTILIZES PRIVATE FUNDING TO SUPPORT MULTIPLE SCHOOLS, COLLEGES, AND DEPARTMENTS IMPACTING ALL LEVELS OF THE CAMPUS. AMOUNTS FUNDED IN THIS AREA ARE PRIMARILY UTILIZED TO ENHANCE SALARY LEVELS THEREBY POSITIONING WEST VIRGINIA UNIVERSITY TO BE MORE COMPETITIVE IN ATTRACTING AND RETAINING TALENTED INDIVIDUALS WITHIN THE ACADEMIC, ADMINISTRATIVE, AND RESEARCH FIELDS. THE HEALTH SCIENCES CAMPUS WAS THE PRIMARY BENEFICIARY OF FUNDED SALARIES; HOWEVER, VIRTUALLY EVERY ACADEMIC DEPARTMENT, AS WELL AS THE DEPARTMENT OF INTERCOLLEGIATE ATHLETICS, RECEIVED FUNDING FOR THIS CRITICAL FUNCTION. 21594634 THE ORGANIZATION UTILIZES PRIVATE FUNDING TO SUPPORT CAPITAL PROJECT INITIATIVES ACROSS CAMPUS. FOR THE CURRENT FISCAL YEAR, WEST VIRGINIA UNIVERSITY RECEIVED FUNDING FROM THE ORGANIZATION TO SUPPORT A VARIETY OF CAPITAL INITIATIVES. 23314921 15351114 THE ORGANIZATION HAS OTHER DISBURSEMENTS IN DIRECT SUPPORT OF WEST VIRGINIA UNIVERSITY, INCLUDING FACULTY AND STAFF TRAVEL FOR EDUCATIONAL PURPOSES, CLASSROOM, LABORATORY, AND OFFICE SUPPLIES, EDUCATIONAL MATERIALS, ETC. 23314921 15351114 84667780 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 0 0 1 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 227 0 1 183 1 1 1 0 0 0 1 1 1 1 0 0 0 1 0 0 0 X 29 28 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CO CT FL GA HI IL KS KY LA ME MD MA MI MN MO MS NH NJ NM NY NC ND OH OK OR PA RI SC TN UT VA WA WV WI X X MELISSA L SIMPSON 3042844066 ONE WATERFRONT PLACE 7TH FLOOR MORGANTOWN WV 26507 OLA ADEKUNLE DIRECTOR 2.00 X 0 0 0 FRANK ALDERMAN DIRECTOR 2.00 X 0 0 0 VALENTINA BIGALKE DIRECTOR 2.00 X 0 0 0 SUSAN BREWER DIRECTOR 2.00 X 0 0 0 MARCIA A BROUGHTON SECRETARY 2.00 X X 0 0 0 NATALIE BUSH DIRECTOR 2.00 X 0 0 0 ALISON DEEM DIRECTOR 2.00 X 0 0 0 SPENCER CAVALIER DIRECTOR 2.00 X 0 0 0 KIM CRAIG DIRECTOR 2.00 X 0 0 0 MICHAEL T ESCUE DIRECTOR 2.00 X 0 0 0 JOHN B GIANOLA VICE CHAIR 2.00 X X 0 0 0 KEVIN GIVEN DIRECTOR 2.00 X 0 0 0 TERRI HORNSBY DIRECTOR 2.00 X 0 0 0 ROBERT JOHNSON DIRECTOR 2.00 X 0 0 0 KERRI KNOTTS DIRECTOR 2.00 X 0 0 0 PAMELA M LARRICK CHAIR 2.00 X X 0 0 0 JANE MCNEER DIRECTOR 2.00 X 0 0 0 WILLIAM H MCCARTNEY JR DIRECTOR 2.00 X 0 0 0 ROBERT O ORDERS JR DIRECTOR 2.00 X 0 0 0 ALEXIS PUGH DIRECTOR 2.00 X 0 0 0 J WAYNE RICHARDS DIRECTOR 2.00 X 0 0 0 PENELOPE F ROLL DIRECTOR 2.00 X 0 0 0 DAVID S SANTEE DIRECTOR 2.00 X 0 0 0 WILLIAM SHEEDY DIRECTOR 2.00 X 0 0 0 KEVIN K SIDOW DIRECTOR 2.00 X 0 0 0 GEORGE S WEAVER III DIRECTOR 2.00 X 0 0 0 ALAN J ZUCCARI DIRECTOR 2.00 X 0 0 0 CYNTHIA L ROTH PRESIDENT & CEO 45.00 X X 553701 0 119505 MICHAEL E AUGUSTINE COO/CFO, TREASURER 45.00 X 431229 0 51506 BERNARD J DAVISSON II SR. VP DEVELOPMENT, CDO 45.00 X 452702 0 51697 JEFFREY K DUNN (RETIRED) ASST. TREASURER 45.00 X 225201 0 38972 MELISSA L SIMPSON ASSOC VP FINANCE & ASST TREASURER 45.00 X 154362 0 20560 RICHARD KRAICH VP INVESTMENTS, CIO 45.00 X 734203 0 58749 JESSICA M BURNS BOARD ADMIN, EXEC TO CEO, ASST BOARD SEC 45.00 X 83216 0 28637 JEFFREY SCHOENHERR ASSOC VP, MEDICAL DEVELOPMENT 45.00 X 240433 0 44784 MARK COTTRILL VP, INFRASTRUCTURE & ADVANCEMENT 45.00 X 208316 0 43167 JENNIFER CUNANAN ASSOC VP, INVESTMENTS 45.00 X 319236 0 61009 TIMOTHY BOLLING SR. ASSOC VP, LEADERSHIP PHILANTHROPY 45.00 X 198604 0 46656 KAYLON MCINELLY ASSOC VP, INVESTMENTS 45.00 X 261033 0 53226 3862236 0 618468 42 0 1 0 CLAYTON DUBLIER & RICE 375 PARK AVE 18TH FLR NEW YORK NY 10152 INVESTMENT MANAGER 1268281 36 SOUTH KOHINOOR CR FD 3RD FL BERKELEY SQUARE HOUSE BERK LONDON UK W1J 6BU INVESTMENT MANAGER 1143855 LONGTAIL ALPHA LLC 500 NEWPORT CENTER DRIVE SUITE 820 NEWPORT BEACH CA 92660 INVESTMENT MANAGER 947136 THE CARLYLE GROUP 520 MADISON AVE 41ST FL NEW YORK NY 10022 INVESTMENT MANAGER 582966 RUFFALO NOEL LEVITZ 1025 KIRKWOOD PARKWAY SW CEDAR RAPIDS IA 52404 FUNDRAISING SERVICES 506844 25 1335014 112472740 11923253 113807754 OTHER 611710 9748311 9748311 AGENCY FEES 611710 4358479 4358479 CONTRACTUAL AGREEMENTS 611710 598537 494352 104185 14705327 14887971 1845930 13042041 124033 124033 1975000 1329213 645787 645787 645787 459014588 381345307 77669281 77669281 77669281 313122 1335014 663355 -350233 -350233 221489920 15246929 1950115 90485122 X 14448635 14448635 2762694 1727880 1034814 27934529 20638461 1197524 6098544 1312646 254842 355951 701853 5631512 4234367 470138 927007 898987 181920 241293 475774 220456 61835 53376 105245 139220 139220 483580 483580 5073473 4966119 107354 4989540 3633651 456256 899633 613822 417689 65999 130134 6455386 5886925 191287 377174 1219740 31589 399813 788338 1388636 888257 168377 332002 1554851 1385353 57036 112462 3003362 2429731 193026 380605 478739 161096 317643 406760 121472 95999 189289 CAPITAL PROJECTS 21594634 21594634 PROVISION FOR LOSSES 2267830 2267830 DIST. FOR RESEARCH 1562136 1562136 OTHER 239846 -337666 194333 383179 104681014 84667780 6275958 13737276 251 251 61828257 117590639 59448558 69722607 1471768 1665376 2174991 2040466 1000000 1000000 38596496 25464829 14362348 13131667 1352213117 1144851800 1004062692 1273668343 52532180 43271798 2549094162 2666942947 5345816 7502060 15012442 13843196 1319600633 1400991079 1339958891 1422336335 X 68641167 56790975 1140494104 1187815637 1209135271 1244606612 2549094162 2666942947 X 116808906 -70574711 -10762854 X X 0 1 X 1 0 X 79358970 79290412 102964854 112988601 113807754 488410591 79358970 79290412 102964854 112988601 113807754 488410591 55095324 433315267 17780986 19387693 15758727 13123455 16987004 83037865 571448456 77382059 0.75830 0.77150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 922954058 28138931 23488466 8843080 13622201 11456030 940660144 728197628 24512055 199773533 8142103 12057035 9330020 922954058 732490973 20507176 23217978 39863977 8154522 728197628 730199308 19456853 27418076 8366631 28054507 8162126 732490973 574914134 33082727 45639087 8463175 31045350 8164388 605963035 0.01580 0.98420 1 0 2610860 2610860 30773734 21027034 9746700 448427 219629 228798 1634997 1470358 164639 3128478 2747808 380670 13131667 HEDGE FUNDS 215165307 F BUYOUTS 202664915 F NATURAL RESOURCES - PRIVATE 82577287 F REAL ESTATE - PRIVATE 57614820 F FIXED INCOME 108677147 F INTERNATIONAL EQUITY 55547394 F PRIVATE OPPORTUNISTIC FIXED INCOME 46290250 F VENTURE CAPITAL 476229847 F CO-INVESTMENTS 19937202 F INFRASTRUCTURE 8964174 F 1273668343 ACCRUED SUPPLEMENTAL RETIREMENT BENEFITS 1363115 FUNDS HELD IN CUSTODY FOR OTHERS 1387756580 ANNUITIES PAYABLE 11871384 1400991079 X 148014654 -70574711 1992568 -68582143 216596797 4893122 4893122 221489919 99512629 1992568 1992568 97520061 4893122 2267830 7160952 104681013 PART V, LINE 4: ASSETS AND CONTRIBUTIONS FOR WHICH THE DONOR STIPULATES THAT RESOURCES BE MAINTAINED PERMANENTLY ARE CONSIDERED ENDOWMENT FUNDS. SUCH ASSETS ARE COMPRISED OF ENDOWMENTS, WHICH ARE SUBJECT TO THE RESTRICTIONS OF GIFT INSTRUMENTS REQUIRING THAT THE FUND BE INVESTED IN PERPETUITY. SPENDING FROM THE FUND IS GOVERNED BY THE ORGANIZATION'S SPEND POLICY AS APPROVED ANNUALLY BY THE BOARD OF DIRECTORS. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). ACCORDINGLY, THE ACCOMPANYING FINANCIAL STATEMENTS DO NOT REFLECT A PROVISION OR LIABILITY FOR FEDERAL AND STATE INCOME TAXES. THE FOUNDATION FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD'S (FASB) AUTHORITATIVE GUIDANCE ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. TAX POSITIONS MUST MEET A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT IN ORDER FOR THE BENEFIT OR OBLIGATION OF THOSE TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS. THE FOUNDATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AT JUNE 30, 2022 AND JUNE 30, 2021. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES NETTED WITH REVENUE ON FORM 990 1,329,213. FUNDRAISING EXPENSES NETTED WITH REVENUE ON FORM 990 663,355. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES NETTED WITH REVENUE ON FORM 990 663,355. RENTAL EXPENSES NETTED WITH REVENUE ON FORM 990 1,329,213. GAIN/LOSS ON REVALUATION OF ANNUITIES PAYABLE PART XII, LINE 4B - OTHER ADJUSTMENTS: GAIN/LOSS ON REVALUATION OF EXTERNAL TRUSTS 2,267,830. PART V, LINE 1D LINE 1D GRANTS OR SCHOLARSHIPS IS ZERO FOR FISCAL YEAR ENDING 6/30/20 DUE TO TIMING DIFFERENCES OF GRANT EXPENDITURES. AS A RESULT, THE FOUNDATION CONTINUED TO SUPPORT THE UNIVERSITY WITH GRANTS AND SCHOLARSHIPS AND THERE WAS NO GAP IN SUPPORT PROVIDED. EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 VARIOUS PARTNERSHIP INTERESTS 86018943 EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 0 0 VARIOUS PARTNERSHIP INTERESTS 61957140 SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 0 0 VARIOUS PARTNERSHIP INTERESTS 12946602 NORTH AMERICA - CANADA AND MEXICO, BUT NOT THE UNITED STATES 0 0 VARIOUS PARTNERSHIP INTERESTS 9281235 MIDDLE EAST AND NORTH AFRICA - ALGERIA, BAHRAIN, DJIBOUTI, EGYPT, 0 0 VARIOUS PARTNERSHIP INTERESTS.LIST 74 _ 3MARC.COLVARD@DHG.COM - 01/13/21 15:15 PM WORKSHEET SCHEDULE 19283669 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 VARIOUS PARTNERSHIP INTERESTS 3420217 RUSSIA AND NEIGHBORING STATES - ARMENIA, AZERBIJAN, BELARUS, 0 0 VARIOUS PARTNERSHIP INTERESTS 1121450 0 0 0 0 0 0 194029256 0 194029256 1 0 0 0 1 0 PART III ACCOUNTING METHOD: X X X 0 RUFFALO NOEL LEVITZ 1025 KIRKWOOD PARKWAY SW CEDAR RAPIDS IA 52404 MAIL/PHONE/EMAIL SOLICITATIONS 0 5437966 742389 4695577 5437966 742389 4695577 ATHLETIC EVENTS 332687 195708 136979 500 18660 16832 123128 2850 22994 CANCER CTR EVENTS 1205484 1047290 158194 61603 29492 35321 231556 68956 2 109965 92016 17949 6045 22911 5040 17467 1648136 1335014 313122 500 86308 46324 181360 239446 109417 663355 -350233 SCHEDULE G PART I LINE 1 THE ORGANIZATION CONTRACTED WITH A PROFESSIONAL FUNDRAISER TO ASSIST WITH ONGOING FUNDRAISING CAMPAIGNS. CONTRIBUTIONS RELATING TO THESE CAMPAIGNS WILL BE RECEIVED OVER MULTIPLE TAX PERIODS. IN ADDITIONAL TO PAYMENTS FOR SERVICES, THE ORGANIZATION PAID FOR CERTAIN COSTS SEPARATELY STATED. THESE COSTS INCLUDE: $68,396 - POSTAGE $29,220 - SOFTWARE AS A SERVICE (SAAS) 1 WEST VIRGINIA UNIVERSITY PO BOX 6201 MORGANTOWN WV 26506 556000842 501(C)3 14448635 0 TO SUPPORT STUDENTS OF WEST VIRGINIA UNIVERSITY 1 0 PART I, LINE 2: THE ORGANIZATION REMITS FUNDS TO WEST VIRGINIA UNIVERSITY UPON THE RECEIPT OF INVOICES/REQUESTS FOR PAYMENT APPROVED BY THE APPROPRIATE BUDGET OFFICER. PRIOR TO REMITTING THE FUNDS TO WEST VIRGINIA UNIVERSITY, THE ORGANIZATION'S STAFF REVIEWS THE AUTHORIZED REQUEST TO ENSURE THAT THE REQUEST COMPLIES WITH FUND RESTRICTIONS. X X X X X X 0 1 0 0 0 0 0 0 0 RICHARD KRAICH VP INVESTMENTS, CIO 428537 0 292998 0 12668 0 31900 0 26849 0 792952 0 0 0 CYNTHIA L ROTH PRESIDENT & CEO 440412 0 109650 0 3639 0 107411 0 12094 0 673206 0 0 0 BERNARD J DAVISSON II SR. VP DEVELOPMENT, CDO 366998 0 74500 0 11204 0 31900 0 19797 0 504399 0 0 0 MICHAEL E AUGUSTINE COO/CFO, TREASURER 307777 0 112800 0 10652 0 31900 0 19606 0 482735 0 0 0 JENNIFER CUNANAN ASSOC VP, INVESTMENTS 241091 0 77905 0 240 0 34800 0 26209 0 380245 0 0 0 KAYLON MCINELLY ASSOC VP, INVESTMENTS 201951 0 58866 0 216 0 27257 0 25969 0 314259 0 0 0 JEFFREY SCHOENHERR ASSOC VP, MEDICAL DEVELOPMENT 239881 0 0 0 552 0 18732 0 26052 0 285217 0 0 0 JEFFREY K DUNN (RETIRED) ASST. TREASURER 220653 0 1500 0 3048 0 19772 0 19200 0 264173 0 0 0 MARK COTTRILL VP, INFRASTRUCTURE & ADVANCEMENT 189873 0 16859 0 1584 0 23938 0 19229 0 251483 0 0 0 TIMOTHY BOLLING SR. ASSOC VP, LEADERSHIP PHILANTHROP 197572 0 0 0 1032 0 20701 0 25955 0 245260 0 0 0 MELISSA L SIMPSON ASSOC VP FINANCE & ASST TREASURER 144245 0 9877 0 240 0 16977 0 3583 0 174922 0 0 0 PART I, LINE 4B THE FOUNDATION HAS ESTABLISHED A NON-QUALIFIED 457(F) PLAN FOR CERTAIN EXECUTIVES. CONTRIBUTIONS WERE MADE TO THE PLAN IN CALENDAR YEAR 2021 FOR THE FOLLOWING INDIVIDUALS: $75,511 - CYNTHIA ROTH - PRESIDENT & CEO X 153 11519753 FMV X 1 520500 APPRAISAL 0 1 1 PART I, LINE 32B: SALE OF REAL ESTATE PROPERTY IS CONDUCTED BY A REAL ESTATE AGENT FORM 990, PART VI, SECTION B, LINE 11B ANNUALLY, THE MEMBERS OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF THE ORGANIZATION REVIEW THE FORM 990 AFTER COMPLETION OF THE FORM BY MANAGEMENT WITH THE ASSISTANCE, GUIDANCE, AND REVIEW OF THE INDEPENDENT ACCOUNTING FIRM. THE MEMBERS EACH RECEIVE A COMPLETE COPY OF THE FORM 990 AND ALL SCHEDULES PRIOR TO THE MEETING SO THAT THEY HAVE AN OPPORTUNITY TO REVIEW. DURING THE MEETING, THE ACCOUNTING FIRM AND MANAGEMENT STAFF REVIEW THE RETURN AND ANSWER QUESTIONS. ITEMS REQUIRING FURTHER REVIEW OR ADDITIONAL INFORMATION ARE NOTED AND CHANGES ARE MADE TO THE RETURN AS NECESSARY. ADDITIONALLY, PRIOR TO FILING THE FORM 990, THE AUDIT COMMITTEE REPORTS ITS REVIEW TO ALL MEMBERS OF THE BOARD OF DIRECTORS AND A COPY OF THE FORM IS MADE AVAILABLE TO ALL MEMBERS OF THE BOARD. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY, EACH EMPLOYEE AND BOARD MEMBER IS ASKED TO REVIEW THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. THE INDIVIDUAL THEN MUST COMPLETE AND SIGN A CONFLICT OF INTEREST POLICY FORM. COMPLETED EMPLOYEE FORMS ARE SUBMITTED TO THE ORGANIZATION'S ASST. VP FOR TALENT MANAGEMENT AND CULTURE, WHILE THE COMPLETED BOARD MEMBER FORMS ARE SUBMITTED TO THE ORGANIZATION'S PRESIDENT. ALL FORMS RECEIVED BY HUMAN RESOURCES AND THE ORGANIZATION'S PRESIDENT ARE REVIEWED AND EVALUATED. ANY ACTUAL OR POSSIBLE CONFLICTS OF INTEREST AND RELATED CONCLUSIONS ARE REPORTED BY THE PRESIDENT AND CEO, ANNUALLY, TO THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. THE POLICY ADDRESSES THE FOLLOWING SITUATIONS: 1) THE NAMES OF ANY PERSONS WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE INTEREST, ANY ACTION TAKEN TO DETERMINE WHETHER A CONFLICT OF INTEREST WAS PRESENT, AND THE DECISION AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED. 2) THE NAMES OF THE PERSONS WHO WERE PRESENT FOR DISCUSSIONS AND VOTES RELATING TO THE TRANSACTION OR ARRANGEMENT, THE CONTENT OF THE DISCUSSION, INCLUDING ANY ALTERNATIVES TO THE TRANSACTION OR ARRANGEMENT, AND A RECORD OF ANY VOTES TAKEN IN CONNECTION THEREWITH. THE PRESIDENT AND CEO SHALL CONSULT WITH THE CHAIRMAN OF THE BOARD AND THE AUDIT COMMITTEE AS APPROPRIATE. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST, THE INDIVIDUAL MAY NOT PARTICIPATE IN ANY DISCUSSION OF, OR DECISION REGARDING, THE TRANSACTION OR ARRANGEMENT BEING CONSIDERED. FORM 990, PART VI, SECTION B, LINE 15 DETERMINATION OF THE CEO'S COMPENSATION IS MADE AS FOLLOWS: THE COMPENSATION & MANAGEMENT DEVELOPMENT COMMITTEE OF THE ORGANIZATION'S BOARD OF DIRECTORS EVALUATES THE CEO'S PERFORMANCE AND RECEIVES COMPARATIVE COMPENSATION AND BENEFIT DATA. DATA SOURCES INCLUDE SURVEYS FROM COMPARABLE ORGANIZATIONS COLLECTED AND COMPILED BY AN INDEPENDENT COMPENSATION CONSULTANT REPORTING TO THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS. THE DATA PROVIDED TO THE COMMITTEE INCLUDES, WHEN AVAILABLE, INFORMATION ABOUT THE SIZE OF THE ORGANIZATIONS IN THE COMPARISON AND THE TENURE OF THE EMPLOYEES. THE COMPENSATION COMMITTEE DEVELOPS A RECOMMENDATION, MEETING IN EXECUTIVE SESSION, THE BOARD OF DIRECTORS RECEIVES THE RECOMMENDATION FROM THE COMMITTEE, DISCUSSES THE RECOMMENDATION, AND ACCEPTS OR AMENDS THE RECOMMENDATION MADE BY THE COMMITTEE. THE BOARD OF DIRECTORS EVALUATES THE CEO'S PERFORMANCE AND THEN PASSES A RESOLUTION SETTING THE CEO'S ANNUAL COMPENSATION AND BENEFITS PACKAGE. MINUTES ARE MAINTAINED ON A CONCURRENT BASIS BY THE COMMITTEE AND THE BOARD. DETERMINATION OF OTHER OFFICERS AND KEY EMPLOYEES' COMPENSATION IS MADE AS FOLLOWS: THE ORGANIZATION'S PRESIDENT AND CEO EVALUATES EACH EXECUTIVE OFFICER'S PERFORMANCE AND OBTAINS AND/OR COMPILES COMPARATIVE COMPENSATION AND BENEFIT DATA FROM THE INDEPENDENT CONSULTANT. BASED ON THIS INFORMATION, HE/SHE MAKES HIS/HER RECOMMENDATION FOR EACH EXECUTIVE OFFICER'S ANNUAL COMPENSATION. THE COMPARATIVE DATA AND THE PRESIDENT'S RECOMMENDATIONS ARE REVIEWED AND APPROVED BY THE COMPENSATION COMMITTEE OF THE ORGANIZATION'S BOARD OF DIRECTORS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY AVAILABLE UPON REQUEST AND FINANCIAL STATEMENTS ARE POSTED ON THE ORGANIZATION'S WEB SITE. FORM 990, PART IX, LINE 13 THE FOUNDATION REIMBURSES WEST VIRGINIA UNIVERSITY FOR MANY EXPENDITURES INCURRED, INCLUDING SALARY/BENEFIT COSTS, OFFICE EXPENSES, TRAVEL, ETC. THE FOUNDATION'S ALLOCABLE PORTION OF THESE COSTS INCLUDE A PORTION OF THE AMOUNTS PRESENTED IN THESE RESPECTIVE EXPENDITURE CATEGORIES ON PART IX. FORM 990, PART XI, LINE 9: GAIN/LOSS ON REVALUATION OF ANNUITIES PAYABLE -2,091,601. GAIN/LOSS ON REVALUATION OF EXTERNAL TRUSTS -8,671,253. RTF TRANSFER TO WVU FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED SINCE THE PRIOR YEAR. CHARITABLE REMAINDER TRUST (48) FINANCIAL SUPPORT WV N/A T 1 PERPETUAL TRUSTS (13) FINANCIAL SUPPORT WV N/A T 1 CHARITABLE LEAD TRUST (5) FINANCIAL SUPPORT WV N/A T 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0