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FORM 990, PART VI, SECTION B, LINE 11 | AN ELECTRONIC COPY OF THE FORM 990 IS SENT TO THE GOVERNING BOARD FOR REVIEW PRIOR TO FILING WITH THE IRS. IF CHANGES ARE NECESSARY, THE REVISED FORM 990 IS REDISTRIBUTED PRIOR TO FILING; OTHERWISE, THE FORM 990 IS FILED. |
FORM 990, PART VI, SECTION B, LINE 12C | THE GOVERNING BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO RECEIVE AND SIGN AN ANNUAL CONFLICT OF INTEREST STATEMENT WHICH ARE MAINTAINED BY THE UNIVERSITY FOUNDATION ADVANCEMENT OFFICE. TO AVOID CONTRACTS OR TRANSACTIONS ENTERED INTO BY THE GOVERNING BOARD OF THE CSU, CHICO RESEARCH FOUNDATION FROM BEING VOIDED, A BOARD MEMBER MUST DISCLOSE A FINANCIAL INTEREST WHICH COULD BE IMPACTED BY THE ACTION OF THE GOVERNING BOARD. UNDER THESE CIRCUMSTANCES THE BOARD MEMBER MUST REFRAIN FROM ANY ACTION TO INFLUENCE OR APPROVE SUCH A TRANSACTION. THE CSU, CHICO RESEARCH FOUNDATION CHIEF EXECUTIVE OFFICER SHALL PROVIDE THE CAMPUS CHIEF FINANCIAL OFFICER WITH A REPORT OF COMPLIANCE WITH THIS POLICY. THE REPORT SHOULD INCLUDE THE NAMES, POSITIONS, TERMS OF OFFICE AND DATE COMPLIANCE STATEMENTS WERE SIGNED. THIS REPORT SHALL BE FORWARDED TO THE CAMPUS CHIEF FINANCIAL OFFICER ANNUALLY BY JUNE 30. VIOLATIONS OF THE CONFLICT OF INTEREST POLICY SHALL BE REPORTED TO THE CAMPUS CHIEF FINANCIAL OFFICER UPON DISCOVERY. |
FORM 990, PART VI, SECTION B, LINE 15 | THE BOARD OF DIRECTORS APPROVES COMPENSATION BASED ON CSU SYSTEM-WIDE COMPARABILITY DATA AS WELL AS LOCAL BENCHMARKING COMPARABILITY DATA. IF ANY BOARD MEMBER HAS A CONFLICT OF INTEREST REGARDING COMPENSATION, THAT BOARD MEMBER DOES NOT PARTICIPATE IN THE DECISION MAKING PROCESS OR VOTE. THE DECISION IS DOCUMENTED BY THE BOARD. THIS PROCESS WAS LAST DONE ON JULY 1, 2014. |
FORM 990, PART VI, SECTION C, LINE 19 | THE FOUNDATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, TAX RETURNS AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST AND VIA THE ORGANIZATION'S WEBSITE. |
FORM 990, PART X, COLUMN A: | AS A RESULT OF AN INTERNAL REVIEW OF THE FOUNDATION'S SPONSORED PROGRAMS ACCOUNTS FOR THE YEAR ENDED JUNE 30, 2016, IT WAS DISCOVERED THAT ACCOUNTS RECEIVABLE - NET AND UNRESTRICTED NET POSITION WERE MISSTATED. ACCORDINGLY, THE FOUNDATION HAS RESTATED ITS RESULT FOR THE YEAR ENDED JUNE 30, 2015. THE EFFECT OF THE RESTATEMENT WAS TO INCREASE ACCOUNTS RECEIVABLE - NET AND UNRESTRICTED NET POSITION BY $2,097,819. THE INCREASE IN ACCOUNTS RECEIVABLE - NET IS DUE TO PRIOR PERIODS' REVENUE BEING RECORDED AS ACCOUNTS RECEIVABLE - NET FOR CERTAIN PROJECTS. THE BEGINNING OF YEAR ACCOUNTS RECEIVABLE - NET AND UNRESTRICTED NET POSITION BALANCES REPORTED IN THE CURRENT YEAR FORM 990 HAVE BEEN RECLASSIFIED TO CONFORM TO THE PRESENTATION IN THE AUDITED FINANCIAL STATEMENTS ISSUED FOR THE YEAR ENDED 6/30/16. |
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