2021-05-11T05:08:25-05:00 2020-06-30 420714325 RSM US LLP 30 S Wacker Drive Ste 3300 Chicago IL 60606 990 2019-07-01 356018940 Indiana University Foundation Inc INDI 8128558311 PO Box 500 Bloomington IN 47402 J T Forbes Interim President and CEO 8128558311 2021-05-11 1 Rebekuh Eley P01247672 3126343400 2019 2022-09-23 18:48:47Z J T Forbes PO Box 500 Bloomington IN 47402 2097637444 0 X www.iufoundation.iu.edu X 1936 IN To maximize private philanthropic support for Indiana University 57 55 415 3200 -13652697 0 201530833 211341140 36582340 33441906 83155858 -2856201 -11726368 -13381994 309542663 228544851 174321848 170290408 0 0 23734690 24819323 0 0 21860677 41725889 43225425 239782427 238335156 69760236 -9790305 3215937812 3105176215 507077072 412072691 2708860740 2693103524 X The Indiana University Foundation (IUF) maximizes private philanthropic support for Indiana University by fostering lifelong relationships with key stakeholders and providing advancement leadership and fundraising services (Continued on Schedule O, page 57) for campuses and units across the university. 0 0 56973586 56973586 9347680 Student Scholarship and Financial Aid support - Indiana University undergraduate and graduate students received nearly $57 million in scholarships, fellowships, loans and awards from private gift support. Students received scholarship support across all programs and units of the University. With the University seeing record enrollment numbers, private gift support is critical to ensuring that all willing students are able to explore their educational opportunities, experience college life, and efficiently manage tuition costs and debt loads. In 2019, approximately 13,530 scholarships supporting University students were funded by private gift support. (See Schedule O; page 57 for additional discussion)IUF emphasizes and incentivizes philanthropic support of scholarships. Matching funds provided for donor gifts of $50,000 or more, incentivize giving to endowed scholarships and fellowships. IU and IUF development officers engage prospects with regard to the financial needs of students and are educated about student financial needs. Approximately 5,807 endowed scholarships and fellowships have been newly established through IU's Bicentennial Campaign which officially ended on 09/30/20. 47868626 47868626 7853826 Faculty Support and Research - With nearly $47.9 million from IUF, University faculty and staff received additional support allowing for increased research opportunities and improved classroom experiences for all students. Private gift support helps meet the University's goal to attract and retain world-class faculty, which ultimately attracts the best and brightest students. During 2020, the number of endowed faculty positions (chairs, professorships and fellowships) increased to more than 690. 33628722 33628722 5517479 Academic & Student Program Support - The IUF provided over $33.6 million to the University to support academic & student programs. These funds enable dedicated students to develop skills and knowledge for growth and success by offering high-quality, responsive academic and student programs by employing best practices in teaching and learning; adding to the accumulated body of knowledge and creative work; enriching the community through cultural leadership and providing resources for problem solving. 31819474 31819474 5220634 Endowment Capital Additions and FacilitiesThe IUF provided over $31.8 million to the University in support of new building construction, renovation and equipment needs. State-of-the-art facilities help the University attract high-caliber faculty and students. These facilities provide space, environments, and technologies that promote the highest levels of teaching, learning and research. 33536133 5502287 Investment Management The primary investment objective of the IUF's asset management program is to achieve an annualized total return (net of fees and expenses), through appreciation and income, equal to or greater than the rate of inflation plus any spending and administrative expenses thus, at a minimum, maintaining the purchasing power of those assets managed by the IUF. The assets are to be managed in a manner that will meet the primary investment objective, and where possible, to seek growth above the objective, while at the same time attempting to limit volatility for year-to-year spending.The IUF has adopted endowment investment and spending policies that attempt to provide a purchasing power of endowment assets. Under this policy, endowment assets are invested in a manner that is intended to yield a long-term rate of return that exceeds the distribution rate, inflation, and administrative fees of the endowment, while assuming a prudent level of investment risk. Actual results may not be sufficient to achieve this over some shorter time frames.Working with top-tier investment managers allows IUF to appropriately diversify our investment portfolio to achieve target returns with less volatility than achieved with traditional investments. Reducing volatility is imperative to those who rely on annual endowment income, such as students receiving renewable scholarships or faculty receiving annual salary support. Investment performance has historically exceeded our targets net of fees to managers. Over the past decade, we have outperformed our target weighted benchmark by 0.5% per annum. 65355607 31819474 10722921 203826541 1 1 0 0 0 0 1 0 1 1 1 1 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 1 1 1 0 0 0 0 0 1 1 0 1 0 0 0 0 1 1 1 0 0 1 191 0 1 415 1 1 1 0 0 0 0 1 1 1 6 0 0 1 0 0 0 X 57 55 1 0 0 1 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 AK CA CO DC KY MA MD ME MI MN NH NJ NY OH OR SC UT WA WV WI NV IN X X Catherine L Melvin 8128558311 PO Box 500 Bloomington IN 47402 X Daniel C Smith President & CEO 40.00 X X 602984 0 120040 Gary Stratten Executive VP Investments & CIO 40.00 X 449441 0 70634 Richard Dupree Executive VP for Development 40.00 X 340457 0 49303 Jeffrey D Stumpf Exec VP for Finance & Operations 40.00 X 296027 0 64870 James Bergstrom Senior Director, Investments 40.00 X 263779 0 68408 D Abe Weldy Senior Director, Investments 40.00 X 268307 0 63178 Joyce Rogers External Relations for DEM 40.00 X 266432 0 64413 Dorothy Metaj VP Development,Indianapolis 40.00 X 272910 0 53360 Paula Jenkins VP Development, Bloomington 40.00 X 246807 0 50520 Stacy Knapper Exec VP, Gen Counsel, Corp Board Sec 40.00 X 219373 0 60776 Mary Bonk VP, Advancement Data Tech Services 40.00 X 225646 0 47256 Sarah Beggs Chief of Staff & VP Stratg Initiv 40.00 X 195659 0 57016 Steven A Martin Assistant Corp Secretary 0.00 X 0 0 0 Michael A McRobbie Board Chair, IUF Board Dir 0.00 X X 0 0 0 Kathryn E Booth IUF Board Director 0.00 X 0 0 0 Clarence H Doninger IUF Board Director 0.00 X 0 0 0 David G Elmore IUF Board Director 0.00 X 0 0 0 Ann S Harrison IUF Board Director 0.00 X 0 0 0 V Wiliam Hunt IUF Board Director 0.00 X 0 0 0 David H Jacobs Jr IUF Board Director 0.00 X 0 0 0 Dale Ellen Leff IUF Board Director 0.00 X 0 0 0 Norman E Pfau Jr IUF Board Director 0.00 X 0 0 0 Lynn E Reichle IUF Board Director 0.00 X 0 0 0 Scott C Schurz IUF Board Director 0.00 X 0 0 0 Richard C Searles IUF Board Director 0.00 X 0 0 0 Patrick A Shoulders IUF Board Director 0.00 X 0 0 0 Cynthia Simon Skjodt IUF Board Director 0.00 X 0 0 0 Julie Inskeep IUF Board Director 0.00 X 0 0 0 Stephen A Stitle IUF Board Director 0.00 X 0 0 0 Gregg T Summerville Treasurer 0.00 X X 0 0 0 W Michael Wells IUF Board Director 0.00 X 0 0 0 Bill C Brown IUF Board Director 0.00 X 0 0 0 Gayle K Cook IUF Board Director 0.00 X 0 0 0 Ellen C Gignilliat IUF Board Director 0.00 X 0 0 0 Alan B Gilman IUF Board Director 0.00 X 0 0 0 PA Mack Jr IUF Board Director 0.00 X 0 0 0 Robert H McKinney IUF Board Director 0.00 X 0 0 0 Joseph T Morrow IUF Board Director 0.00 X 0 0 0 Harry L Gonso IUF Board Director 0.00 X 0 0 0 Sandra E Laney IUF Board Director 0.00 X 0 0 0 Gary J Anderson IUF Board Director 0.00 X 0 0 0 Lacy M Johnson IUF Board Director 0.00 X 0 0 0 William Quinn Buckner IUF Board Director 0.00 X 0 0 0 Jeff M Fettig IUF Board Director 0.00 X 0 0 0 Alan B Graf Jr IUF Board Director 0.00 X 0 0 0 Kathleen A Ligocki IUF Board Director 0.00 X 0 0 0 Rose C Mays IUF Board Director 0.00 X 0 0 0 Glenn Scolnik IUF Board Director 0.00 X 0 0 0 Randolph L Seger IUF Board Director 0.00 X 0 0 0 Robert L Zerbe IUF Board Director 0.00 X 0 0 0 Jane M Jorgensen IUF Board Director 0.00 X 0 0 0 J Robert Quigg III IUF Board Director 0.00 X 0 0 0 Richard L Johnson Jr IUF Board Director 0.00 X 0 0 0 Louis G Jordan IUF Board Director 0.00 X 0 0 0 MaryEllen Bishop IUF Board Director 0.00 X 0 0 0 Alisa L Hendrix IUF Board Director 0.00 X 0 0 0 Richard E Woosnam IUF Board Director 0.00 X 0 0 0 James R Hodge IUF Board Director 0.00 X 0 0 0 Milton R Stewart Vice Chairman 0.00 X X 0 0 0 Julie A Davis IUF Board Director 0.00 X 0 0 0 Curtis A Ferguson IUF Board Director 0.00 X 0 0 0 James D Fielding IUF Board Director 0.00 X 0 0 0 Kim I Pressman IUF Board Director 0.00 X 0 0 0 Michael J Mirro IUF Board Director 0.00 X 0 0 0 Aasif Bade IUF Board Director 0.00 X 0 0 0 Derrick Burks IUF Board Director 0.00 X 0 0 0 Dave Evans IUF Board Director 0.00 X 0 0 0 Tim Morris IUF Board Director 0.00 X 0 0 0 Linda Watson IUF Board Director 0.00 X 0 0 0 3647822 0 769774 47 0 1 0 Champlain Investment Partners 180 Battery Street Burlington VT 05401 Investment Manager 709937 Snyder Capital Management LP 101 Mission Street San Francisco CA 94105 Investment Manager 668467 Cramer Rosenthal McGlynn LLC 75 Remittance Drive Chicago IL 60675 Investment Manager 609616 Hylant Group 100 S College Avenue Bloomington IN 47404 Insurance Services 583429 Near North National Title LLC 222 N LaSalle Street Chicago IL 60601 Title Services 564513 16 211341140 46252415 211341140 Management Fees 900099 23234089 23234089 Development Sv Support 900099 6003770 6003770 Real Estate 900099 2483038 2433060 49978 Air Services 900099 419606 419606 1301403 1301403 33441906 10338698 10338698 34048 34048 1853608856 2139458 1866180486 2762727 -12571630 -623269 -13194899 -13194899 55003 149380 -94377 -94377 Fraud insurance claim 900099 296825 296825 Life Ins inc & proc 900099 68615 68615 Sponsorship 900099 15570 15570 -13702675 -13702675 -13321665 228544851 33391928 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8244312 204799023 33536133 33536133 238335156 Part II, Line 9: IUF reports its conservation easement on the income statement consistent with treatment for ordinary revenues and expenses on the financial statements. The building with the historical easement is being reported on the balance sheet at cost and is being depreciated over the life of the building. Part IV, Line 2b: The Foundation invests and administers net assets owned by the University and its affiliates under a management and custodial agreement. These are reflected as liabilities on the Foundation's statements of financial position. Part V, Line 4: The intended uses of the organization's endowment funds are to support Indiana University as it carries out its missions of teaching, research and public service. Part X, Line 2: Accounting Standards Codification (ASC) 740-10, Accounting for Uncertainty in Income Taxes, prescribes a comprehensive model for how an organization should measure, recognize, present, and disclose in its financial statements uncertain tax positions that an organization has taken or expects to take on a tax return. The IUF is subject to routine audits by taxing jurisdications; however, there are currently no audits for any tax periods in progress. The IUF believes it is no longer subject to income examinations for years prior to 2017. As of June 30, 2020 and 2019, the IUF has no uncertain tax positions. Part XI, Line 2d - Other Adjustments: Fundraising Event Expenses 149,380. Rental Expense 4,921,502. Agency Fund Reclass 9,653,611. Part XI, Line 4b - Other Adjustments: Management Fees 33,536,133. Income/Loss from K-1's -13,702,675. Part XII, Line 2d - Other Adjustments: Fundraising Event Expenses 149,380. Bad Debt Expense 3,173,428. Rental Expense 4,921,504. Part XII, Line 4b - Other Adjustments: Management Fees 33,536,133. 1 Central America and the Caribbean 0 0 Investment 224005365 East Asia and the Pacific 0 0 Fundraising 18600 Europe 0 0 Investment 16147663 North America 0 0 Investment 14797412 South Asia 0 0 Fundraising/Representation 9863 0 0 0 0 0 0 254978903 0 254978903 0 0 1 0 1 1 1 0 Part I, Line 2: The grant and assistance payments are verified with internal documents to ensure donor intent and criteria have been met before the payments are made. Part III Accounting Method: Schedule F, Part I, Line 3: The foreign activities that the IUF has been able to reasonably identify for either direct or indirect (thru reimbursement) support have been listed in Schedule F. The IUF exists to support the activities of Indiana University. There are activities supported by Indiana University, both domestic and foreign, that are reimbursed from IUF accounts. The IUF does not have a reasonable means to determine precisely if expenses reimbursed to Indiana University are foreign or domestic in nature. Appropriate due diligence has been taken to identify those which may be reportable. Little 500 Races 55003 55003 0 62065 38641 48674 0 55003 55003 62065 38641 48674 149380 -94377 1 Indiana University 401 E 7th Street Bloomington IN 47405 356001673 Gov't Entity 33628722 Academic and Student Program Support Indiana University 401 E 7th Street Bloomington IN 47405 356001673 Gov't Entity 56916903 Student Scholarship and Financial Aid Indiana University 401 E 7th Street Bloomington IN 47405 356001673 Gov't Entity 47868626 Faculty Support & Research Indiana University 401 E 7th Street Bloomington IN 47405 356001673 Gov't Entity 31819474 Endowment and Capital Additions 1 0 Scholarships, general 9 56683 Part I, Line 2: The grant and assistance payments are verified with internal documents to ensure donor intent and criteria have been met before the payments are made. X X X 1 1 X X X 0 1 0 1 0 0 0 1 0 Daniel C Smith President & CEO 419878 0 0 0 183106 0 95355 0 24685 0 723024 0 120000 0 Gary Stratten Executive VP Investments & CIO 294923 0 139229 0 15289 0 35355 0 35279 0 520075 0 0 0 Richard Dupree Executive VP for Development 323378 0 0 0 17079 0 35355 0 13948 0 389760 0 0 0 Jeffrey D Stumpf Exec VP for Finance & Operations 270600 0 10000 0 15427 0 35355 0 29515 0 360897 0 0 0 James Bergstrom Senior Director, Investments 197586 0 64543 0 1650 0 34184 0 34224 0 332187 0 0 0 D Abe Weldy Senior Director, Investments 201892 0 64615 0 1800 0 34217 0 28961 0 331485 0 0 0 Joyce Rogers External Relations for DEM 264167 0 0 0 2265 0 33613 0 30800 0 330845 0 0 0 Dorothy Metaj VP Development,Indianapolis 251059 0 6000 0 15851 0 34124 0 19236 0 326270 0 0 0 Paula Jenkins VP Development, Bloomington 227394 0 6000 0 13413 0 30479 0 20041 0 297327 0 0 0 Stacy Knapper Exec VP, Gen Counsel, Corp Board Sec 204436 0 0 0 14937 0 27186 0 33590 0 280149 0 0 0 Mary Bonk VP, Advancement Data Tech Services 219335 0 4000 0 2311 0 27530 0 19726 0 272902 0 0 0 Sarah Beggs Chief of Staff & VP Stratg Initiv 193236 0 0 0 2423 0 23793 0 33223 0 252675 0 0 0 Part I, Line 1a First Class or charter travel: The IUF maintains a policy governing all business expenses including travel. Should a business need (e.g. length of flight time, security concerns, lack of commercial air options, etc.) require the use of first-class or charter travel, the IUF Board of Directors has authorized the IUF CEO to approve its use. These costs were not treated as taxable income because the travel is business related. In compliance with the IRS intermediate sanctions rules and regulations, in order to be approved under IUF policy, first-class and charter travel must be deemed to be in the best interests of the IUF in order to merit approval. Travel for Companions: The IUF maintains a policy governing all business expenses which prohibits companion related expenses, except for the specifically defined role of Associate to the IUF President. The duties of this position, which are outlined in a formal policy and support the organization's mission, are fulfilled by the IUF President & CEO's spouse. The Associate to the IUF President incurs business related expenses on behalf of IUF, and those amounts are not treated as taxable. In all cases, travel for companions is considered in the IUF's efforts to ensure compliance with the intermediate sanctions law. Tax indemnification and gross-up payments: Tax indemnification and gross-up payments are only paid to staff in limited circumstances, and must be approved in accordance with IUF policies governing these types of payments. In the case of disqualified persons, indemnification payments are considered in the IUF's efforts to ensure compliance with the intermediate sanctions law. At least annually, the expenses incurred by all employees are reviewed to ensure appropriate taxation and reporting. Gross-up payments are established taking into account an estimated tax rate. However, employees receiving the payment are not grossed up for actual taxes incurred. The following gross-up payments were provided in 2019 in connection with the following items, and in all cases were treated as taxable income to the recipient: With the approval of the IUF Board of Directors: *allowances are made available to the IUF President & CEO for long-term disability and supplemental retirement payments to provide future retirement restoration. *allowances for vehicles are made available to certain Vice Presidents, Executive Vice Presidents and the IUF President & CEO. Part I, Line 4b Eligible executives participate in various non-qualified deferred compensation plans organized under code section 457(f). The exact purpose of each plan varies, but they include: compensation limitation make-up plans, deferral of a portion of incentive bonus type plans and other attributes of a deferred compensation plan. Any amount ultimately paid under the program to the executive is reported as compensation on Form 990, Schedule J, Part II, Column B in the year paid. Payments made in 2019: Daniel Smith $122,733 Credits made in 2019: Daniel Smith $60,000 Part I, Line 5 The Indiana University Foundation currently provides two incentive compensation plans: The Investment Incentive Compensation Plan is available to key personnel in the Investment Department. The primary goal of the plan is retention of key investment staff who are responsible for helping the IUF to achieve top quartile investment performance relative to its peers while reducing the volatility of performance over time. This plan is based on the premise of true value of dollars added by staff over an appropriate benchmark. IUF's Target Weighted Benchmark, and over a three-year period. The calculation of amount of bonus awarded is based on a formula similar to the industry standard and provides for a cap as a percentage of salary. This plan was developed and recommended by the Investment Committee of the IUF Board of Directors. The Major Gift Officers Evaluation/Incentive Program is designed to provide blueprints for and encourage our most gifted fundraisers to reach farther and inevitably increase their personal satisfaction and institutional value as development officers of Indiana University/Foundation. It rewards those who do so with eligibility for a year-end financial bonus. The calculation of amount of bonus awarded is based on definitive quantifiable indices for all participants, including dollars raised (both cash and deferred), opportunities (proposals), and contacts. Part I, Line 7 Management provides non-fixed payments in the form of bonuses available to all IUF staff from a discretionary fund. All bonuses are based on performance and merit. Laurie Burns McRobbie See Part V 231073 Employment of family member 0 Arabella McRobbie See Part V 61548 Employment of family member 0 Jane M Jorgensen See Part V 537200 Asset sale 0 Schedule L, Part IV, Business Transactions Involving Interested Persons: (a) Name of Interested Person: Laurie Burns McRobbie(b) Relationship Between Interested Person and the Organization: Spouse of Michael McRobbie, IUF Chairman of Board(c) Amount of Transaction: $231,072.72(d) Description of Transaction: Employment(e) Sharing of Organization's Revenues? No(a) Name of Interested Person: Arabella McRobbie(b) Relationship Between Interested Person and the Organization: Daughter of Michael McRobbie, IUF Chairman of Board, and is employed as an IUF staff member(c) Amount of Transaction: $61,548.35(d) Description of Transaction: Employment(e) Sharing of Organization's Revenues? No(a) Name of Interested Person: Jane M. Jorgensen(b) Relationship Between Interested Person and the Organization: IUF Board Director(c) Amount of Transaction: $537,200(d) Description of Transaction: A bargain purchase of real property was made by the IUF of a property owned by Jane M. Jorgensen and spouse. A bargain sale is the purchase of property for less than its fair market value, the remainder of the value considered a donation. The IUF follows procedures and exercises due diligence before accepting gifts of real property. The procedures and due diligence followed are applied consistently to all real estate transactions. The valuation basis of the real property acquired by IUF was fair market value evidenced by an appraisal completed by a certified appraiser within 60 days of the sale.(e) Sharing of Organization's Revenues? No X 1 21000 X 499 42718445 Listed Values X 7 3371800 Professional Appraisals X 1 500 Professional Appraisals X 4 6855 Listed values X Misc. Household Items 1 105006 Listed values X Travel Exp. 21 19427 Actual costs X Donated items for events 3 9381 Actual costs 45 0 1 1 Part I, Column (b): The number of contributions listed in column (b) of Part I are either the number of contributions or the number of items received, depending on the nature of the contribution. Part I, Line 32b: IUF hires realtors and auctioneers to assist with selling donated items. IUF hires brokers to assist in selling gifts of stock and securities. Form 990, Part VI, Section A, line 2 Lacy M. Johnson, IUF Board Director and Harry L. Gonso, IUF Board Director were partners at Ice Miller, LLP. Form 990, Part VI, Section A, line 5 Did the organization become aware during the year of a significant (as defined by the IRS regulations governing disclosure in this form 990) diversion of the organization's assets? In 2019, the IU Foundation management was made aware that a non-management employee had stolen cash over a period of years. The amount of the theft (diversion of assets) is considered significant as defined by statute. The employee was terminated immediately, and a local police report was filed. It was subsequently referred by the local municipality to the FBI, which is currently pursuing the matter. A forensic audit was conducted by an external accounting firm that determined the total amount of the theft was $326,000. Of that, $299,000 was reimbursed by insurance to cover the loss less a deductible, forensic accounting, auditing, and legal costs. Cash handling procedures and related controls were evaluated and revised. Form 990, Part VI, Section B, line 11b The Form 990 is completed by IUF staff. A management team comprised of the Executive Vice President for Finance and Operations & Assistant Corporate Secretary; Executive Vice President, General Counsel and Corporate Secretary; Executive Vice President and Chief Investment Officer; Associate Vice President, Internal Audit and Risk Management; Vice President for Advancement Services & Managing Director of Capital Campaigns; Executive Vice President for Development; Controller; Associate Vice President, Tax & Institutional Reporting; Vice President, Talent Management and Human Resources; and Chief of Staff and VP, Strategic Initiatives review the Form 990, including all schedules line-by-line to determine accuracy and validity. The IUF engages an independent accounting firm to review the Form 990. The President & CEO then reviews and signs the Form 990 and the independent accounting firm signs as preparer. The IUF Audit Committee reviews the completed Form 990, including all schedules, without redactions. Once signed, an electronic version of the public disclosure copy of Form 990 is made available to the IUF Board of Directors via the internet. The public disclosure copy is provided in order to more thoroughly protect the privacy of donors. The Form 990 is then filed electronically with the IRS. Form 990, Part VI, Section B, line 12c Each July, the IUF provides a copy of its Conflicts of Interest Policy to all directors and officers. Directors and officers are required to read and comply with the policy which requires, at a minimum, annually disclosing the existence or non-existence of any conflicts of interest, real or perceived, in writing to the IUF Board Secretary. The disclosures are reviewed by IUF staff including the Executive Vice President for Finance and Operations & Assistant Corporate Secretary; Executive Vice President, General Counsel and Corporate Secretary; Executive Vice President and Chief Investment Officer; Board Secretary; Associate Vice President, Internal Audit and Risk Management; Chief of Staff and VP, Strategic Initiatives; Associate Vice President, Tax & Institutional Reporting; and the Assistant Vice President, Real Estate to determine validity and completeness based on staff knowledge of IUF activities and transactions. The results of this review, along with every disclosure in its entirety, are provided to the IUF Audit Committee Chair and Vice Chair. A report is then made by the Audit Committee Chair to the full Audit Committee. When applicable, the Audit Committee Chair will also report any disclosure requiring action to the IUF Executive Committee and Committee on Directors and Governance. When applicable, the Audit Committee Chair will also report any disclosure requiring action to the IUF Board and all relevant Board committees. In addition to the Conflicts of Interest Policy, each July the IUF provides a background survey and a request for information for Form 990 disclosures to all officers, directors and key employees. As with the Conflicts of Interest, disclosures related to the survey and Form 990 are reviewed by staff and provided verbatim to the IUF Audit Committee Chair and Vice Chair. A report is then made by the Audit Committee Chair to the full Audit Committee. When applicable, the Audit Committee Chair will also report any disclosure requiring action to the IUF Executive Committee and Committee on Directors and Governance. When applicable, the Audit Committee Chair will also report any disclosure requiring action to the IUF Board and all relevant Board committees. Form 990, Part VI, Section B, line 15 Each June, the IUF Compensation Committee approves the compensation arrangements for disqualified persons in accordance with IRS regulation section 53.4958-6 "Rebuttable presumption that a transaction is not an excess benefit transaction". Individuals defined as disqualified persons who receive compensation from the IUF include: the President & CEO; Executive Vice President for Finance and Operations & Assistant Corporate Secretary; Executive Vice President for Development; Executive Vice President and Chief Investment Officer; Executive Vice President, General Counsel and Corporate Secretary; Senior Advisor, IUF; and the Assistant Director of Development, Parent Engagement. The compensation arrangement for each individual is approved in advance for the upcoming fiscal year period July 1 thru June 30 by the Compensation Committee which is an authorized body of the IUF Board of Directors. The Compensation Committee is composed entirely of independent directors who do not have a conflict of interest (within the meaning of paragraph (c)(1)(iii) of section 53.4958-6) with respect to the compensation arrangement for each disqualified person. The Compensation Committee determines if each compensation arrangement in its entirety is reasonable through the use of relevant information including, but not limited to, compensation levels paid by similarly situated organizations, both taxable and tax-exempt, for functionally comparable positions; the availability of similar services in the geographic area of the applicable tax-exempt organization; current compensation surveys compiled by independent firms; and actual written offers from similar institutions competing for the services of the disqualified person. Upon approval of the compensation arrangement for each disqualified person, the Compensation Committee provides written documentation noting the terms of the transaction that was approved and the date it was approved; the members of the Committee who were present during review of the arrangement that was approved and those who voted on it; the comparability data obtained and relied upon by the Committee and how the data was obtained; and, if applicable, any actions taken with respect to consideration of the arrangement by anyone who is otherwise a member of the Committee but who had a conflict of interest with respect to the arrangement. The Compensation Committee's most recent review and approval of compensation arrangements for all disqualified persons was June,2020. Form 990, Part VI, Section C, line 18 We recognize that good governance practices provide safeguards to help ensure that our funds are consistently used in accordance with our mission, tax-exempt purpose, and donor intent. Copies of the IUF's Forms 990 and Form 990T can be requested through the IUF office. The current year 990 tax return is available through the IUF's website @ www.iufoundation.iu.edu. Form 990 and 990T are available upon request for the past three years in accordance with IRC Section 6104(d) through the IUF's office. Form 990, Part VI, Section C, line 19 We recognize that good governance practices provide safeguards to help ensure that our funds are consistently used in accordance with our mission, tax-exempt purpose, and donor intent. Copies of all the IUF's governing documents and conflict of interest policy can be requested through the IUF office. The audited financial statements (past four years), conflict of interest policy and other specific governance documents are available through the IUF's website @ www.iufoundation.iu.edu. Form 990; Part VII; Column B IUF Board Directors generally attend three in person meetings per year with additional participation in supplemental calls throughout the year, as needed. Currently, no methodology has been used to capture and reflect an accurate representation of time spent per week for each director; therefore, time spent has been represented as 0.00. Form 990, Part XI, line 9: Income/Loss from K-1's 13,702,675. Bad Debt Expense -3,173,428. Split Interest Agreements -764,911. CVI GVF Holdings 8 Ltd PO Box 309 Grand Cayman CJ KY1-1104 Investment CJ IUF C 65360 608816 0.99000 1 Charitable Remainder Trusts (91) Trust IN 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 CVI GVF Holdings 8 Ltd S 826503 FMV