| FORM 990, PART VI, SECTION B, LINE 11B |
THE TREASURER AND EXECUTIVE DIRECTOR REVIEW AND APPROVE THE FORM 990 PRIOR TO FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C |
THE ORGANIZATION RELIES ON SELF-REPORTING. ANY CONFLICTS OF INTEREST ARE DISCLOSED AT BI-ANNUAL MEETINGS IN THE FALL AND SPRING. |
| FORM 990, PART VI, SECTION B, LINE 15 |
FOUNDATION EMPLOYEES ARE CONTRACTED FROM THE UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL. THEIR COMPENSATION IS DETERMINED IN ACCORDANCE WITH THE PAY AND EMPLOYEE BENEFIT PRACTICES OF THE NORTH CAROLINA STATE GOVERNMENT. |
| FORM 990, PART VI, SECTION C, LINE 19 |
DOCUMENTS ARE AVAILABLE UPON REQUEST |
| FORM 990, PART XI, LINE 9: |
CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 273,500. DONATED SUPPORT 2,407,954. BAD DEBT EXPENSE -85,475. CHANGE IN FAIR VALUE OF INVESTMENTS 23,386,125. THE FOUNDATION HAS RESTATED THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2016 DUE TO A CHANGE IN ACCOUNTING POLICY. THE FOUNDATION PREVIOUSLY REPORTED THE CASH BALANCE OF REIMBURSED DEVELOPMENT ASSESSMENT FEES AS FUNDS HELD IN TRUST ON THE STATEMENT OF FINANCIAL POSITION. ALL TRANSACTIONS OF THAT UNIVERSITY ACCOUNT WERE REPORTED ON THE FOUNDATION'S FINANCIAL STATEMENTS. THAT ACCOUNT WILL NOW BE REPORTED IN THE FINANCIAL STATEMENTS OF THE UNIVERSITY. ALL DISBURSEMENTS FROM THAT ACCOUNT ARE REPORTED BY THE FOUNDATION AS DONATED SUPPORT. THE FOLLOWING SUMMARIZES THE CHANGES THAT HAVE BEEN REFLECTED FOR THE YEAR ENDED JUNE 30, 2016: $(2,131,988) DECREASE IN FUNDS HELD IN TRUST (225,185) DECREASE IN ACCRUED EXPENSES (3,013,506) DECREASE IN DEVELOPMENT ASSESSMENT FEE INCOME (5,480) DECREASE IN INTEREST INCOME (253,451) DECREASE IN GRANTS TO THE COLLEGE (38,685) DECREASE IN STAFF RELATED EXPENSES 2,650,046 INCREASE IN DONATED SUPPORT $(1,906,803) DECREASE IN NET ASSETS AT JUNE 30, 2016 |
| FORM 990, PART XII, LINE 2C, OVERSIGHT OF THE AUDIT: |
THE FOUNDATION'S AUDIT & FINANCE COMMITTEE IS RESPONSIBLE FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. |
Attach to Form 990 or 990-EZ.