2020-06-25T10:32:20-05:00 2019-06-30 KPMG LLP 60 South Street Boston MA 02111 990 2018-07-01 451556038 UNIVERSITY OF VERMONT AND STATE AGRICULTURAL COLLEGE FOUNDATION INC % CHARLES FEENEY UNIV 8026568600 411 MAIN STREET BURLINGTON VT 05401 CHARLES FEENEY VP & CFO 8026568600 2020-06-23 true MARY HANINK P01244578 6179881000 2020-06-12 199.207.253.96 04502320201775000007 2020-06-25 P B8F785239A258B2CDCAA976FC67D986F9A35F46C 072F242B0F8FA55BC44C4BBFD6D81B3F0B7E1C92 2018 2020-09-22 18:59:49Z SHANE JACOBSON PRESCEO 411 MAIN STREET BURLINGTON VT 05401 58959883 false X WWW.UVMFOUNDATION.ORG X 2011 VT THE MISSION OF THE UVM FOUNDATION IS TO SECURE AND MANAGE PRIVATE SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF VERMONT. 26 25 156 6055 216660 46392752 40996621 9880872 9915431 1772532 2315472 7541 58755 58053697 53286279 22587429 34614465 0 0 8277278 8987122 20228 65512 7720878 2889002 3187615 33773937 46854714 24279760 6431565 189581254 196994255 16120489 13958269 173460765 183035986 THE MISSION OF THE UVM FOUNDATION IS TO SECURE AND MANAGE PRIVATE SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF VERMONT. false false 34614465 34614465 9327973 THE FOUNDATION'S PRIMARY FUNCTION IS TO RAISE, RECEIVE, AND MANAGE FUNDS FOR SCHOLARSHIPS, PROFESSORSHIPS, AND FACILITIES AND OTHER SUPPORT FOR THE BENEFIT OF THE UNIVERSITY OF VERMONT AND STATE AGRICULTURAL COLLEGE AND BY OTHERWISE PERFORMING SUPPORT FUNCTIONS THAT CARRY OUT ITS CHARITABLE, SCIENNTIFIC, EDUCATIONAL, OR OTHER EXEMPT PURPOSES. 2377536 590005 ALUMNI ARE OFFRED OPPORTUNITIES TO ATTEND SOCIAL AND EDUCATIONAL EVENTS FOR AN ADMISSION FEE THAT COVERS, AT THE MOST, DIRECT EXPENSES, BUT NEVER COVERS ALL EXPENSES. EVENTS INCLUDE ALUMNI REUNIONS, HOMECOMINGS, BASEBALL GAMES, TENNIS MATCHES, DANCES, ETC. 36992001 true true false false false false false false false true true true false false true true true false false false false false false true false false false true false true false false false false false false false false true true false false true true true true false true 29 0 true 156 true true true false false false false true true false false false false false false X 26 25 false false true false false false false true true false false true true true true true true true true false CA KY MD MA MI MN NH NJ NY OR SC UT WI X X CHARLES FEENEY 8026568600 411 MAIN STREET BURLINGTON VT 05401 Kathy Battistoni Director 1.0 0.0 X 0 0 0 James Betts Director 1.0 0.0 X 0 0 0 Brian Boardman E 1119 Director/Ex Officio 1.0 0.0 X 0 0 0 Frank Bolden BEG 7118 Director 1.0 0.0 X 0 0 0 Robert P Brennan Jr Director 1.0 0.0 X 0 0 0 William Cimonetti Director 1.0 0.0 X 0 0 0 David Daigle Director/Ex Officio 1.0 0.0 X 0 0 0 Philip Daniels BEG 1119 Director/Ex Officio 1.0 0.0 X 0 0 0 Barbara Fiddler Director 1.0 0.0 X 0 0 0 David Godkin Director 1.0 0.0 X 0 0 0 Meg Guzewicz Director 1.0 0.0 X 0 0 0 David Haas Director 1.0 0.0 X 0 0 0 James Hebert BEG 7118 Director 1.0 0.0 X 0 0 0 John A Hilton Jr E 7118 Director/Fndn Chair Emeritus 1.0 0.0 X X 0 0 0 Penrose Jackson E 63019 Director/Ex Officio 1.0 0.0 X 0 0 0 Shane Jacobson Director/Ex Officio/Fndn Pres 43.0 0.0 X X 377840 0 48698 Eugene W Kalkin Director 1.0 0.0 X 0 0 0 James R Keller Director/Chair 3.0 0.0 X X 0 0 0 Deborah McAneny Director 1.0 0.0 X 0 0 0 Donald H McCree III Director/Treasurer 2.0 0.0 X X 0 0 0 Susan Marchand Higgins Director (BEG 7/1/18) 1.0 0.0 X 0 0 0 David Reines Director 1.0 0.0 X 0 0 0 Diane L Seder Director/Vice Chair 2.0 0.0 X X 0 0 0 Scott S Segal Director/Secretary 2.0 0.0 X X 0 0 0 Claudia Serwer Director 1.0 0.0 X 0 0 0 William Shean BEG 7118 Director 1.0 0.0 X 0 0 0 E Thomas Sullivan E 63019 Director/Ex Officio/Univ Pres 2.0 0.0 X 0 0 0 Whit Wagner BEG 7118 Director 1.0 0.0 X 0 0 0 Mark Metivier Assistant VP and Controller 40.0 0.0 X 122443 0 24170 Charles Feeney VP & CFO 40.0 0.0 X 160965 0 35834 Mark Dorgan VP FOR DEVELOPMENT 40.0 0.0 X 224878 0 46956 Kathleen Kelleher VP FOR PRINCIPAL GIFTS 40.0 0.0 X 222121 0 39717 Alan Ryea VP FOR ALUMNI RELATIONS 40.0 0.0 X 183795 0 42859 Kathleen DesJardins AVP FOR ADVANCEMENT SERVICES 40.0 0.0 X 131439 0 33025 Amy Palmer-Ellis ASST VP GIFT PLANNING 40.0 0.0 X 125593 0 37256 Meredyth Armitage Asst VP Development 40.0 0.0 X 134484 0 35066 Scott Danis Dir Info Sys Programmer 40.0 0.0 X 106578 0 20690 Alexa Woodward Exec Dir Corp & Found 40.0 0.0 X 105989 0 21358 1896125 0 385629 16 false true false THE UNIVERSITY OF VERMONT MEDICAL C PO BOX 1902 BURLINGTON VT 05402 LEASED EMPLOYEES 140077 MARKETING COMMUNICATION RESOURCE I 4800 E 345th st WILLOUGHBY OH 44094 PRINT & MAIL SERVICE 113367 KPMG LLP 60 SOUTH STREET BOSTON MA 02111 AUDIT & TAX 105975 UNIVERSITY OF VERMONT 85 SOUTH PROSPECT STREET BURLINGTON VT 05405 PRINT,TUITION,REPAIR 583329 4 100 40996521 8937366 40996621 SERVICE AGREEMENT - UNIVERSITY SUPPORT 900099 9327973 9327973 ALUMNI ACTIVITIES 900099 587458 427029 160429 9915431 2363568 23 2363545 0 56208 56208 0 0 0 5625508 5673604 -48096 -48096 -48096 0 0 0 0 0 0 0 0 0 MISCELLANEOUS REVENUE 900099 2547 2547 2547 53286279 9757549 216660 2315449 34614465 34614465 0 0 0 1626639 277938 503450 845251 0 5260868 873413 616121 3771334 488503 72029 63332 353142 1144825 215406 139453 789966 466287 80657 72547 313083 77372 394 53899 23079 39534 35974 3560 110936 110936 0 65512 65512 10120 10120 0 50132 18533 10736 20863 1003742 174899 184925 643918 270544 47460 53222 169862 0 103549 68340 6216 28993 376640 35485 36418 304737 0 641867 286525 69336 286006 0 0 350153 225482 23330 101341 151820 151820 MISCELLANEOUS EXPENSES 1206 975 231 46854714 36992001 2141835 7720878 313371 1465588 32941992 37915532 24390024 24430379 3218311 1301613 0 0 0 0 0 0 0 0 360586 385177 30824214 1022507 29551860 29801707 734416 2468547 98070694 99225712 0 0 0 0 0 0 189581254 196994255 10613324 8305768 0 0 78660 42416 0 0 0 0 0 0 2687500 2437500 0 0 2741005 3172585 16120489 13958269 X 10980424 11338116 66491143 65298175 95989198 106399695 173460765 183035986 189581254 196994255 X 6431565 2797835 345821 X false true X true false X 32031480 56323351 44740207 46240100 40996621 220331759 0 0 32031480 56323351 44740207 46240100 40996621 220331759 28578282 191753477 174345 770341 1335517 1796367 2363545 6440115 0 3172 -1274 0 0 2547 4445 226776319 48984463 0.84556 0.81020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 103915814 13561072 4145818 953371 3590516 547849 116530968 88789512 12161632 7202999 709495 3178281 350553 103915814 68728077 17214082 6453578 585917 2603739 416569 88789512 33500789 37260950 158808 494654 1277805 420011 68728077 29700427 4770342 484293 350655 948353 155265 33500789 0.03200 0.84527 0.12273 true true true 21300000 21300000 9187992 831973 8356019 282102 136414 145688 54120 54120 29801707 INVESTMENTS 88960261 F BENEFICIAL INT HELD BY OTHERS 1316615 F PARTNERSHIPS 8948836 F 99225712 0 LONG TERM DEBT W/ RELATED PARTY 2700000 OTHER LIABILITIES 137585 GIFTS PENDING ACCEPTANCE 335000 3172585 X 56407477 2797835 711453 3509288 52898189 388090 388090 53286279 46832256 46832256 22458 22458 46854714 PART V, LINE 2 THE FOUNDATION HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES, AND THE JUNE 30, 2019 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF PART V, LINE 2, THE FOUNDATION HAS REPORTED ITS YEAR END ENDOWMENT BALANCE WITHOUT DONOR RESTRICTIONS AS QUASI-ENDOWMENT AND ITS YEAR END BALANCE WITH DONOR RESTRICTIONS AS PERMANENT ENDOWMENT AND TEMPORARILY RESTRICTED ENDOWMENT. PART V, LINE 4 THE FOUNDATION'S ENDOWMENT IS A CONSOLIDATED POOL OF ENDOWMENTS BENEFITTING THE UNIVERSITY OF VERMONT (UVM), BASED ON DONOR RESTRICTIONS OR BOARD DESIGNATIONS. EACH ENDOWMENT SUPPORTS A PURPOSE AT UVM, SUCH AS SCHOLARSHIPS (19%), PROFESSORSHIPS (40%) OR OTHER ACADEMIC AND CAMPUS PROGRAMS (41%). THE BOARD-APPROVED SPENDING POLICY PROVIDES A STABLE AND UNIFORM FUNDING STREAM FOR THESE PURPOSES. THE BOARD MONITORS INVESTMENT PERFORMANCE AND INFLATION TO MAXIMIZE ANNUAL SPENDING DISTRIBUTIONS TO UVM WHILE PRESERVING PURCHASING POWER IN PERPETUITY IN ACCORDANCE WITH DONOR AGREEMENTS AND BOARD RESOLUTIONS. PART X, LINE 2 UVM FOUNDATION GENERALLY DOES NOT PROVIDE FOR INCOME TAXES BECAUSE IT IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ASC 740, INCOME TAXES, PERMITS AN ENTITY TO RECOGNIZE THE BENEFIT AND REQUIRES ACCRUAL OF AN UNCERTAIN TAX POSITION ONLY WHEN THE POSITION IS MORE LIKELY THAN NOT TO BE SUSTAINED IN THE EVENT OF EXAMINATION BY TAX AUTHORITIES. IN EVALUATING WHETHER A TAX POSITION HAS MET THE RECOGNITION THRESHOLD, UVM FOUNDATION MUST PRESUME THAT THE POSITION WILL BE EXAMINED BY THE APPROPRIATE TAXING AUTHORITY THAT HAS FULL KNOWLEDGE OF ALL RELEVANT INFORMATION. ASC 740 ALSO PROVIDES GUIDANCE ON THE RECOGNITION, MEASUREMENT, AND CLASSIFICATION OF INCOME TAX UNCERTAINTIES, ALONG WITH ANY RELATED INTEREST OR PENALTIES. TAX POSITIONS DEEMED TO MEET THE MORE LIKELY THAN NOT THRESHOLD ARE RECORDED AS A TAX EXPENSE IN THE CURRENT YEAR. UVM FOUNDATION HAS ANALYZED ALL OPEN TAX YEARS, DEFINED BY THE STATUTES OF LIMITATIONS FOR ALL MAJOR JURISDICTIONS. OPEN TAX YEARS ARE THOSE THAT ARE OPEN FOR EXAM BY TAXING AUTHORITIES. MAJOR JURISDICTIONS FOR UVM FOUNDATION INCLUDE FEDERAL AND THE STATE OF VERMONT. AS OF JUNE 30, 2019, OPEN FEDERAL AND VERMONT TAX YEARS FOR UVM FOUNDATION INCLUDE TAX YEARS ENDED JUNE 30, 2016, 2017, AND 2018. UVM FOUNDATION HAS NO EXAMINATIONS IN PROGRESS. UVM FOUNDATION BELIEVES THAT IT HAS NO SIGNIFICANT UNCERTAIN TAX POSITIONS. ON DECEMBER 22, 2017, THE PRESIDENT SIGNED INTO LAW H.R. 1, ORIGINALLY KNOWN AS THE TAX CUTS AND JOBS ACT. THE NEW LAW (PUBLIC LAW NO. 115-97) INCLUDES SUBSTANTIAL CHANGES TO THE TAXATION OF INDIVIDUALS, BUSINESSES, MULTINATIONAL ENTERPRISES AND OTHERS. SPECIFICALLY, THE NEW LAW CONTAINS SEVERAL PROVISIONS THAT RESULT IN CHANGES TO THE TAX TREATMENT OF TAX-EXEMPT ORGANIZATIONS AND THEIR DONORS. UVM FOUNDATION HAS REVIEWED THESE PROVISIONS AND HAS CONCLUDED THE ENACTMENT OF THE NEW LAW WILL NOT HAVE A MATERIAL EFFECT ON OPERATIONS. PART XI, LINE 2D EQUITY TRANSFER TO UVM $ (677,051) EQUITY TRANSFER FROM UVM $ 1,410,962 INVESTMENT ACCOUNTING $ (10,200) INVESTMENT MANAGEMENT FEES $ (10,120) INVESTMENT INSURANCE $ (1,422) INVESTMENT LEGAL $ (716) ---------------- TOTAL $ 711,453 PART XI, LINE 4B UNCOLLECTABLE PLEDGES $ 388,090 PART XII, LINE 4A INVESTMENT ACCOUNTING $ 10,200 INVESTMENT MANAGEMENT FEES $ 10,120 INVESTMENT INSURANCE $ 1,422 INVESTMENT LEGAL $ 716 -------------- TOTAL $ 22,458 X X X X X true GIVECAMPUS INC 903 G STREET SE WASHINGTON DC 20003 ONLINE PRODUCT false 2500 2500 AK CA CO KY ME MD MA MI MN MO NV NH NJ NY ND OH OK OR SC UT WA WI PART I, LINE 2B, COLUMN (III) AND (V) GIVECAMPUS INC PROVIDES AN ONLINE PLATFORM FOR FUNDRAISING. true UNIVERSITY OF VT & STATE AGRI COLLEGE 85 SO PROSPECT STREET BURLINGTON VT 05401 030179440 501(C)(3) 30849860 FMV SEE PART IV SEE PART IV UNIVERSITY OF VT & STATE AGRI COLLEGE 85 SO PROSPECT STREET BURLINGTON VT 05401 030179440 501(C)(3) 3238605 FMV SEE PART IV SEE PART IV HILLEL AT THE UNIVERSITY OF VT 80 COLCHESTER AVENUE UNIVERSITY OF VERMONT CAMPUS BURLINGTON VT 05405 810554021 501(C)(3) 526000 FMV SEE PART IV SEE PART IV 2 PART I, LINE 2 THE FOUNDATION OPERATES ON A REIMBURSABLE BASIS AND REQUIRES A REPORT OF EXPENSES ON A QUARTERLY BASIS FOR REVIEW BY THE CONTROLLER FOR APPROPRIATENESS PRIOR TO DISTRIBUTION OF FUNDS. PART II, LINE 2G NONCASH ASSISTANCE INCLUDES CONTRIBUTIONS OF VARIOUS SMALL GIFTS OF APPLE WATCHES, ART, BOOKS, COLLECTIBLES, A HORSE, REAL ESTATE AND GIFT CARDS. PART II, LINE 1H AND 2H PURPOSES OF THE GRANTS AND ASSISTANCE INCLUDE: UNIVERSITY EDUCATIONAL DEPARTMENT USE; SCHOLARSHIPS, FELLOWSHIPS, AND AWARDS; PROFESSORSHIPS, RESEARCH, AND FACULTY SUPPORT; CAPITAL CONSTRUCTION; AND, OTHER ACADEMIC AND STUDENT SUPPORT. PART II, LINE 3H THE PURPOSE OF THE GRANTS AND ASSISTANCE IS TO PROVIDE PROGRAMMING AND SERVICES TO ENRICH THE LIVES OF THE UNIVERSITY COMMUNITY AT LARGE INCLUDING BUT NOT LIMITED TO JEWISH UNDERGRADUATE AND GRADUATE STUDENTS. X X X true true X X false false false false false false false true false Shane Jacobson Director/Ex Officio/Fndn Pres 372275 5565 27500 21198 426538 Mark Dorgan VP FOR DEVELOPMENT 224878 23223 23733 271834 Kathleen Kelleher VP FOR PRINCIPAL GIFTS 222121 24983 14734 261838 Alan Ryea VP FOR ALUMNI RELATIONS 161629 22166 19126 23733 226654 Kathleen DesJardins AVP FOR ADVANCEMENT SERVICES 131439 15961 17064 164464 Amy Palmer-Ellis ASST VP GIFT PLANNING 125593 13523 23733 162849 Meredyth Armitage Asst VP Development 134484 14111 20955 169550 Charles Feeney VP & CFO 160965 16056 19778 196799 PART I, LINE 1A THE FOUNDATION HAS A POLICY THAT ALLOWS A SPOUSE OR PARTNER TO ACCOMPANY ON A FOUNDATION TRIP FOR BONA FIDE BUSINESS REASONS WITH PRIOR APPROVAL FROM A SUPERVISOR. ONE DIRECTOR HAD HIS SPOUSE ACCOMPANY HIM FOR BONAFIDE BUSINESS REASONS. THE FOUNDATIONS POLICY ALSO ALLOWS A SPOUSE OR PARTNER TO TRAVEL WITH THE FOUNDATION REPRESENTATIVE FOR PERSONAL REASONS AT THE EXPENSE OF THE SPOUSE OR PARTNER. THIS TYPE OF TRAVEL MUST HAVE PRIOR APPROVAL OF THE SUPERVISOR. ONE KEY EMPLOYEE HAD HER SPOUSE TRAVEL WITH HER AT THEIR OWN EXPENSE. The Foundation pays for one officers membership to a golf club for bona fide business reasons. The expense is a taxable benefit to the officer. As described for Part I, Line 7 below, in September 2018, all individuals listed in Schedule J received a one-time payment which was grossed up for related tax amounts. PART I, LINE 3 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS IS CHARGED WITH SERVING AS THE COMPENSATION COMMITTEE PER THE BY-LAWS OF THE FOUNDATION. THE COMPENSATION COMMITTEE HAS THE ULTIMATE DECISION OF ENTERING INTO AN EMPLOYMENT CONTRACT. PART I, LINE 7 In September 2018, all INDIVIDUALS listed in Schedule J received a one-time discretionary payment of $500 (then grossed-up) in recognition of successfully completing the Move Mountains Campaign and in June 2018, CEO received a one-time payment of $15,000 per the terms of his appointment as determined by the compensation committee. X 16 3106375 FMV X 5575 FMV X 198 5670056 FMV X 1 13800 FMV X Volunteer travel 23 27708 FMV X Catering and misc 23 2116 FMV X Equipment 15 99936 FMV X Horses 2 11800 FMV 2 false true true PART I, COLUMN B PART I, COLUMN B IS REPORTING THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32A THE UVM FOUNDATION USES SERVICES OF A REALTOR TO SELL PIECES OF DONATED REAL ESTATE. PART VI, SECTION A, QUESTION 4 IN MAY 2019, THE BY-LAWS WERE CHANGED TO INCREASE THE TERM OF CHAIR (SECTION 5) AND VICE CHAIR (SECTION 6) FROM 2 YEARS TO 3 YEARS. PART VI, SECTION B, QUESTION 11B THE FORM 990 HAS BEEN REVIEWED BY THE OFFICERS OF THE FOUNDATION AND A COMPLETE COPY OF THE FEDERAL 990 HAS BEEN PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS BEFORE FILING WITH THE INTERNAL REVENUE SERVICE. PART VI, SECTION B, QUESTION 12C THE BOARD OF DIRECTORS APPROVED A CONFLICT OF INTEREST POLICY AND THE OVERVIEW ADDRESSES THE QUESTIONS IN PART VI: THE GOALS OF THE POLICY ARE TO IDENTIFY WHEN AND HOW CONFLICTS MAY ARISE, PROMOTE A PROCESS FOR EACH DIRECTOR TO DISCLOSE CONFLICTS, AND ELABORATE HOW THE BOARD CAN MANAGE CONFLICTS OF INTEREST. THERE IS NOTHING INHERENTLY WRONG WITH A CONFLICT SO LONG AS THE CONFLICT IS DISCLOSED AND MANAGED APPROPRIATELY. - A CONFLICT EXISTS WHEN THERE IS AN APPARENT OR ACTUAL DIVERGENCE BETWEEN A DIRECTOR'S PRIVATE INTERESTS AND HIS/HER FIDUCIARY DUTY. THIS INCLUDES TIMES WHEN RELEVANT MATERIAL FACTS AFFECT A DIRECTOR, A MEMBER OF HIS/HER FAMILY, OR AN AFFILIATE. - IT IS NOT A CONFLICT TO SERVE IN LEADERSHIP CAPACITIES FOR OTHER NONPROFIT ORGANIZATIONS, UNIVERSITY/COLLEGE FOUNDATIONS, OR INSTITUTIONS OF HIGHER EDUCATION. - IT IS NOT POSSIBLE FOR OUR POLICY TO INCLUDE AN ALL-INCLUSIVE LIST OF SITUATIONS GIVING RISE TO A CONFLICT OF INTEREST. THE POLICY DOES GIVE EXAMPLES OF SITUATIONS PRESENTING POTENTIAL, ACTUAL OR APPARENT CONFLICTS: (I) COMMERCIAL TRANSACTIONS BETWEEN A DIRECTOR AND THE FOUNDATION (II) CONFIDENTIAL, PROPRIETARY OR PRIVILEGED INFORMATION NOT TO BE SHARED WITH THE PUBLIC (III) DIVERTING BUSINESS OPPORTUNITIES AWAY FROM THE FOUNDATION FOR PRIVATE GAIN (IV) DIRECTORS CANNOT HIRE, SUPERVISE OR EVALUATE IMMEDIATE FAMILY MEMBERS OR AFFILIATES (V) DIRECTORS SHALL NOT ACCEPT COMPENSATION, GIFTS OR OTHER ITEMS IN EXCHANGE FOR INFLUENCING FOUNDATION OPERATIONS AND ACTIVITIES (VI) DIRECTORS CAN ACCEPT FROM THE FOUNDATION MODEST VALUE GIFTS OR OTHER ITEMS IN CONNECTION WITH BUSINESS AND SERVICE ON THE BOARD OF DIRECTORS (VII) DIRECTORS CAN EMPLOY FOUNDATION ADMINISTRATION FOR PRIVATE CONSULTING WITH PRIOR APPROVAL - UVM TRUSTEES AND EMPLOYEES WHO SERVE AS DIRECTORS ARE SUBJECT TO THE POLICY. THEY ARE NOT AUTOMATICALLY DISQUALIFIED FROM PARTICIPATING IN FOUNDATION BOARD DISCUSSIONS AND BUSINESS. RARE OCCASIONS MAY EXIST WHEN THEY WILL BE DISQUALIFIED FROM VOTING ON SPECIFIC MATTERS. - PROTOCOL (I) DIRECTORS ANNUALLY FILE CONFLICTS DISCLOSURE FORM BY MAY 30 (II) PRIOR TO COMMITTEE OR FULL BOARD MEETINGS, CONFLICTS MUST BE DISCLOSED AND MANAGED. THEY WILL BE EVALUATED BY PRESIDENT & CEO, COMMITTEE/BOARD CHAIR, AND THE AUDIT COMMITTEE. (III) DEPENDING UPON THE CONFLICT, DIRECTOR MAY OR MAY NOT BE ABLE PARTICIPATE IN THE DISCUSSION AND/OR VOTE ON AGENDA ITEM RELATED TO CONFLICT. (IV) IF NECESSARY, WE CAN REQUEST THE OPINION OF FOUNDATION LEGAL COUNSEL. PART VI, SECTION B, QUESTIONS 15A AND 15B THE EXECUTIVE COMMITTEE SHALL ALSO SERVE AS THE COMPENSATION COMMITTEE, CHARGED WITH PERIODICALLY AND NO LESS THAN ONCE ANNUALLY REVIEWING AND APPROVING, FOLLOWING RECOMMENDATIONS FROM THE PRESIDENT AND CHIEF EXECUTIVE OFFICER, THE COMPENSATION AND BENEFITS THE FOUNDATION WILL PROVIDE TO ITS CORPORATE OFFICERS (WITH THE PRESIDENT AND CHIEF EXECUTIVE OFFICER RECUSING HIM OR HERSELF WITH RESPECT TO ANY DELIBERATIONS OR DECISIONS REGARDING HIS OR HER COMPENSATION). THE BOARD OF DIRECTORS HAS DELEGATED THE HIRING DECISION FOR ALL NON-OFFICERS TO THE PRESIDENT AND CHIEF EXECUTIVE OFFICER. PART VI, SECTION C, QUESTION 19 THE UVM FOUNDATION MAINTAINS A DOCUMENT LIBRARY ON ITS WEBSITE FOR THE PUBLIC TO VIEW GOVERNANCE & POLICIES, GIVING FORMS, FINANCIAL REPORTS, MEETING AGENDAS, AND MEETING MINUTES. WWW.UVMFOUNDATION.ORG PART X, LINES 27, 28, AND 29 PRESENTATION OF NET ASSETS THE FOUNDATION HAS ADOPTED FASB ASU 2016-14, PRESENTATION OF THE FINANCIAL STATEMENTS OF NOT-FOR-PROFIT ENTITIES, AND THE JUNE 30, 2019 AUDITED FINANCIAL STATEMENTS CLASSIFY NET ASSETS AS EITHER NET ASSETS WITHOUT DONOR RESTRICTIONS OR NET ASSETS WITH DONOR RESTRICTIONS. FOR PURPOSES OF FORM 990, PART X, LINES 27, 28, AND 29, THE FOUNDATION HAS CLASSIFIED NET ASSETS AS UNRESTRICTED, TEMPORARILY RESTRICTED, OR PERMANENTLY RESTRICTED FOR CONSISTENCY WITH PRIOR YEAR INFORMATION. PART XI, LINE 9 EQUITY TRANSFER FROM UVM $ 1,410,962 EQUITY TRANSFER TO UVM $ (677,051) UNCOLLECTABLE PLEDGES $ (388,090) ------------- TOTAL $ 345,821 UVMF HOLDINGS LLC 411 MAIN STREET BURLINGTON VT 05401 300877053 INVEST HOLD VT 1153962 30665972 UVM FOUNDATI UVM FOUNDATION RETIREE HEALTH PLAN TRUST 411 MAIN STREET BURLINGTON VT 05401 320443476 HEALTH BENEFI VT 501(C)(9) UVM FOUNDATI true false false false false false false false false false false false false false false false true false false false UVM FOUNDATION RETIREE HEALTH PLAN TRUST P 68336 FMV PART VII THE FOUNDATION USUALLY MAKES A TRANSFER OF CASH TO THE UVM FOUNDATION RETIREE HEALTH PLAN TRUST TWICE A MONTH FOR COVERED EMPLOYEES FOR HEALTH BENEFITS IN RETIREMENT.