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LIABILITY UNDER FIN 48 FOOTNOTE SCHEDULE D, PAGE 3, PART X EFFECTIVE JULY 1, 2007 , THE UNIVERSITY ADOPTED FASB INTERPRETATION NO. 48 (FIN 48), ACCOUNTING FOR UNCERTAINITY IN INCOME TAXES- AN INTERPRETATION OF FASB STATEMENT NO. 109. FIN 48 CLARIFIES THE ACCOUNTING FOR UNCERTAINITY IN INCOME TAX RECOGNIZED IN AN ENTITY'S FINANCIAL STATEMENTS. FIN 48 REQUIRES ENTITIES TO DETERMINE WHETER IT IS MORE LIKELY THAN NOT THAT A TAX POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUIHORITIES BEFORE ANY PART OF THE BENEFIT CAN BE RECORDED IN THE FINANCIAL STATEMENTS. IT ALSO PROVIDES GUIDANCE ON THE RECOGNITION, MEASUREMENT, AND CLASSIFICATION OF INCOME TAX UNCERTAINTIES, ALONG WITH ANY RELATED INTEREST OR PENALTIES. A TAX POSITION IS MEASURED AT THE LARGEST AMOUNT OF BENEFIT THAT IS GREATER THAN FIFTY PERCENT LIKELY OF BEING REALIZED UPON SETTLEMENT. THE ADOPTION OF FIN 48 HAD NO IMPACT ON THE UNIVERSITY'S FINANCIAL STATEMENTS. 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SCHOLARSHIPS ARE AWARDED BASED UPON AN EVALUATION OF OVERALL ACADEMIC PERFORMANCE. FEDERAL, STATE AND INSTITUTIONAL AID IS AWARDED BASED UPON NEED AS DEMONSTRATED BY THE INFORMATION SUPPLIED BY STUDENTS IN THE FREE APPLICATION FOR FEDERAL STUDENT AID (FAFSA). THE UNIVERSITY MAINTAINSRECORDS TO SUBSTANIATE AMOUNTS, ELIGIBILITY, AND SELECTION CRITERUA USED FOR GRANTS. EACH GRANT HAS A GRANT MANAGER TO MONITOR THE GRANT TO ENSURE THAT THE GRANT IS USED FOE PROPER PURPOSES. 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THE NYU BOARD OF TRUSTEES OR THE EXECUTIVE COMMITTEE OF THE NYU BOARD OF TRUSTEES, ACTING IN ACCORDANCE WITH THE CHARTER AND BY-LAWS OF NYU WILL EXERCISE THE MEMBERS RIGHTS AND OBLIGATIONS. POLICIES AND PROCEDURES GOVERNING CHAPTERS FORM 990, PAGE 6, PART VI, LINE 10B YES THE ORGANIZATION HAS WRITTEN POLICIES AND PROCEDURES GOVERNING THE ACTIVITIES OF THE CHAPTERS, AFFILIATESC AND BRANCHES ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 FORM 990, PAGE 6, PART VI, LINE 11B THE DRAFT RETURN WAS REVIEWED BY THE UNIVERSITY'S AUDIT COMMITTEE PRIOR TO FILING ENFORCEMENT OF CONFLICTS POLICY FORM 990, PAGE 6, PART VI, LINE 12C ALL EMPLOYEES MUST DECLARE ANY CONFLICTS OF INTEREST IN RESPONSE TO AN ANNUAL CERTIFICATION QUESTIONNAIRE. THE ASSISTANT VP OF FINANCIAL OPERATIONS REVIEWS THE QUESTIONNAIRES AND REPORTS TO THE CHAIR OF THE AUDIT COMMITTEE. THE CHAIR OF THE AUDIT COMMITTEE MAY REQUEST THE BOARD CHAIR TO REFER THE CONFLICT OF INTEREST SITUATION TO AN AD HOC COMMITTEE OF THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES. COMPLIANCE WITH THE POLICY CAN BE ACCOMPLISHED ONLY BY ELIMINATION OF THE CONFLICT OR BY APPOVAL OF THE TRANSACTION. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A COMPENSATION FOR THE OFFICERS, EXECUTIVE DIRECTOR AND KEY BEMPLOYEES IS DETERMINED BY THE POLYTECHNIC BOARD OF DIRECTORS ON THE RECOMMENDATION OF THE COMPENSATION COMMITTEE. NO INDIVIDUALS WITH A CONFLICT OF INTEREST MAY BE INVOLVED IN THE COMPENSATION DETERMINATION PROCESS, COMPARABILITY DATA FOR SIMILARITY QUALIFIED PERSONS IN FUNCTIONALLY COMPARABLE POSITIONS AT SIMILARITY SITUATED ORGANIZATIONS IS PREPARED BY THE ORGANIZATION AND REVIEWED BY THE BOARD OF DIRECTORS, THE MINUTES OF THE BOARD OF DIRECTORS AND THE COMPENSATION COMMITTEE DOCUMENT THE BOARD'S AND COMMITTEE'S DELIBERATIONS AND DECESIONS REGARDING COMPENSATION. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION FORM 990, PAGE 6, PART VI, LINE 19 THE GOVERNING DOCUMENTS, FORM 990 AND FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AND UPON REQUEST. 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