2023-11-15T16:11:12-06:00 2022-12-31 861065772 DELOITTE TAX LLP 111 MONUMENT CIRCLE STE 4200 INDIANAPOLIS IN 462045108 990 2022-01-01 237025275 LYFORD CAY FOUNDATION INC C/O GILBRIDE TUSA LAST & SPELLANE LLC LYFO 2423624910 31 BROOKSIDE DRIVE GREENWICH CT 06836 BASIL P GOULANDRIS CHAIR 2423624910 2023-11-15 1 BASIL GOULANDRIS XXX-XX-XXXX 0 JEFFREY FRANK P00287234 3174648600 2023-11-14 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z BASIL P GOULANDRIS 31 BROOKSIDE DRIVE GREENWICH CT 06836 36875592 0 X WWW.LYFORDCAYFOUNDATIONS.ORG X 1969 NY SEE SCHEDULE O. 17 17 0 53 94990 0 1783854 2339259 0 0 5877275 309005 78733 95247 7739862 2743511 826195 1168237 0 0 696328 748078 0 0 299157 627810 715032 2150333 2631347 5589529 112164 32680397 30327131 224054 736597 32456343 29590534 X SEE SCHEDULE O. 0 0 674456 549000 257 THE FOUNDATION PROVIDES ACADEMIC AND TECHNICAL TRAINING & VOCATIONAL SCHOLARSHIPS FOR DESERVING BAHAMIAN STUDENTS ATTENDING COLLEGES, UNIVERSITIES AND OTHER EDUCATIONAL INSTITUTIONS INTERNATIONALLY. FOR THE FISCAL YEAR 2022, THIRTY-THREE (33) SCHOLARSHIPS WERE GRANTED TO THIRTY-THREE (33) INSTITUTIONS, TOTALING $549,000. 691283 605600 0 THE FOUNDATION PROVIDES GRANTS TO NOT-FOR-PROFIT ORGANIZATIONS THAT SEEK TO IMPROVE THE GENERAL EDUCATION, HEALTH AND WELFARE OF THE COMMUNITIES THAT THEY SERVE. IN 2022, GRANTS WERE MADE TO ELEVEN (11) ORGANIZATIONS, TOTALING $605,600. 526532 0 0 THE FOUNDATION PROVIDES AN EDUCATION INITIATIVE, F.O.C.U.S., WHICH IS AN EIGHT-YEAR SCHOOL ENRICHMENT PROGRAMME DESIGNED TO SET UNDER-RESOURCED STUDENTS ON A PATH TO COLLEGE AND CAREER SUCCESS THROUGH WEEKEND AND SUMMER CLASSES. IN 2021, THE PROGRAMME HOSTED TWO HUNDRED THIRTY-THREE (233) STUDENTS, FOR A TOTAL COST OF $526,532. 84965 SPECIAL PROJECTS AND VOLUNTEER PROGRAMME 84965 1977236 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10 0 1 0 1 1 1 BF 0 0 0 0 0 0 0 0 0 0 X 17 17 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X NICOLA VIRGILL-ROLLE PHD 2423624910 WESTERN ROAD NASSAU NEW PROVIDENCE BF X MR BASIL P GOULANDRIS CHAIR 7.00 X X 0 0 0 MRS SARAH A FARRINGTON VICE CHAIR 5.00 X X 0 0 0 MR JEFFREY A EVERETT PRESIDENT 5.00 X X 0 0 0 MR JOHN T CRONE IV TREASURER 5.00 X X 0 0 0 MR E PARKER NEAVE SECRETARY 5.00 X X 0 0 0 LADY CAMILLE BARNETT DIRECTOR 1.00 X 0 0 0 ROBIN D'ALESSANDRO DIRECTOR 1.00 X 0 0 0 MS SASKIA D'AGUILAR DIRECTOR 1.00 X 0 0 0 MR IAN D FAIR DIRECTOR 1.00 X 0 0 0 MRS JENNIFER FLANAGAN DIRECTOR 1.00 X 0 0 0 MR PHILIP HILLIER DIRECTOR 1.00 X 0 0 0 MRS LYNN HOLOWESKO DIRECTOR 1.00 X 0 0 0 MRS NANCY KELLY DIRECTOR 1.00 X 0 0 0 ROBIN SYMONETTE DIRECTOR 1.00 X 0 0 0 MS WENDY WARREN DIRECTOR 1.00 X 0 0 0 MRS PATRICIA THOMSON LEONARD DIRECTOR 1.00 X 0 0 0 MRS JUDITH A WHITEHEAD DIRECTOR 3.00 X 0 0 0 0 0 0 0 0 0 0 0 2339259 2339259 541451 541451 33899635 34132081 -232446 -232446 -232446 CLCF ADMIN. FEES 561000 94990 94990 REIMBURSEMENTS 900099 257 257 95247 2743511 257 94990 309005 359000 359000 809237 809237 682092 441101 65990 175001 9410 6578 373 2459 43222 19994 10226 13002 13354 7434 2036 3884 11619 8714 2905 59605 59605 160867 160867 65873 12766 61 53046 58631 25468 11589 21574 98613 61956 20017 16640 43736 22948 10394 10394 1472 1301 141 30 10393 5230 4941 222 STUDENT FOOD 89385 89385 STUDENT SUPPLIES & SUPP 57403 57403 STUDENT TRANSPORTATION 39414 39414 TEACHING SUPPLIES 18021 18021 2631347 1977236 354954 299157 1132428 1993716 1855493 531040 0 0 67758 209750 0 0 0 0 0 0 0 0 1560 660 29623158 25285566 2306399 0 0 32680397 30327131 139554 147989 84500 588608 0 0 0 0 0 0 0 0 0 0 0 0 224054 736597 X 29693262 27160181 2763081 2430353 32456343 29590534 32680397 30327131 112164 -2977973 0 X 0 1 X 1 0 X 1947787 3711504 1616006 1783854 2339259 11398410 0 0 0 0 0 0 0 0 0 0 1947787 3711504 1616006 1783854 2339259 11398410 3552302 7846108 575764 566516 390529 512300 541451 2586560 22500 22500 63427 49758 94900 253085 23985 54803 63324 28975 257 171344 14409399 0.54450 0.54580 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: REIMBURSEMENTS - 2018 AMOUNT: $ 23,985. 2019 AMOUNT: $ 54,803. 2020 AMOUNT: $ 63,324. 2021 AMOUNT: $ 28,975. 2022 AMOUNT: $ 257. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2763081 0 -252580 65000 15148 2430353 2559358 0 271127 50500 0 16904 2763081 2284543 0 340827 52500 0 13512 2559358 1936032 0 404460 43000 0 12949 2284543 2214225 0 -204843 60000 0 13350 1936032 1.00000 0 0 0 EQUITY INVESTMENTS 2306399 F 2306399 -234462 -2977973 -2977973 2743511 0 2743511 2631347 0 2631347 0 2631347 PART V, LINE 4: THE ENDOWMENT FUNDS ARE INTENDED TO PROVIDE SCHOLARSHIPS FOR BAHAMIAN STUDENTS ATTENDING INTERNATIONAL COLLEGES AND UNIVERSITIES. 1 CENTRAL AMERICA AND THE CARIBBEAN 1 10 GRANT-MAKING GRANTS FOR COMMUNITY IMPROVEMENT 70600 CENTRAL AMERICA AND THE CARIBBEAN 1 10 PROGRAM SERVICES EDUCATION ASSISTANCE 563637 CENTRAL AMERICA AND THE CARIBBEAN 1 10 PROGRAM SERVICES ADMINISTRATIVE EXPENSES 1187866 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES EDUCATION ASSISTANCE 75000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMINISTRATIVE EXPENSES 14000 NORTH AMERICA 0 0 PROGRAM SERVICES ADMINISTRATIVE EXPENSES 100000 3 30 0 0 3 30 2011103 0 2011103 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 30000 CHECK 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 25000 ELECTRONIC FUND/WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 10000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 10000 ELECTRONIC FUND/WIRE TRANSFER 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 10000 CHECK 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 25000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 9600 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 10000 ELECTRONIC FUND/WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 25000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 CENTRAL AMERICA AND THE CARIBBEAN SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 538637 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 20 0 0 0 0 0 0 PART I, LINE 2: LYFORD CAY FOUNDATION, INC. MONITORS THE GRANTS IT MAKES TO SCHOLARSHIP RECIPIENTS BY REMITTING THE SCHOLARSHIP FUNDS DIRECTLY TO THE INSTITUTION. THE SCHOLARSHIP GRANT IS AUTOMATICALLY APPLIED AGAINST THE STUDENT'S TUITION AND OTHER ELIGIBLE EXPENSES. SCHOLARSHIP CRITERIA INCLUDE: - MUST BE A BAHAMIAN CITIZEN AND PROVIDE VERIFICATION OF SAME; - MUST BE ACCEPTED AT THE COLLEGE OR UNIVERSITY; - MUST HAVE A MINIMUM GPA OF 3.0 OUT OF A POSSIBLE 4.0 OR EQUIVALENT; - MUST SUBMIT A COMPLETE ONLINE APPLICATION WITH ALL SUPPORTING DOCUMENTATION, INCLUDING VERIFICATION OF FAMILY FINANCIAL RESOURCES, TWO (2) LETTERS OF RECOMMENDATION, A CURRENT RESUME, TWO (2) PERSONAL ESSAYS AND COPIES OF SCHOOL TRANSCRIPTS AND RELEVANT EXAMINATION RESULTS. THE SELECTION PROCESS IS AS FOLLOWS: (I) ALL SUBMITTED APPLICATIONS ARE REVIEWED. (II) NOTICEABLY WEAK CANDIDATES AND INCOMPLETE APPLICATIONS ARE ELIMINATED. (III) SELECTION AMONG THE REMAINING CANDIDATES IS WEIGHTED AS FOLLOWS: - ACADEMIC MERIT - 35% - FINANCIAL NEED - 35% - THE CALIBER OF THE PROPOSED COLLEGE OR UNIVERSITY - 10% - THE FIELD OF STUDY - 10% - THE CANDIDATE'S PERSONAL QUALITIES - 10% (INCLUDING HIS OR HER LEADERSHIP SKILLS, LEVEL OF COMMITMENT TO THE COMMUNITY, ABILITY TO THINK CLEARLY ABOUT PERSONAL STRENGTHS AND GOALS, MOTIVATION AND THE POTENTIAL TO SUCCEED IN COLLEGE) (IV) PRIORITY IS GIVEN TO THE FIELDS OF STUDY CONSIDERED MOST VALUABLE IN SERVING THE ECONOMIC AND SOCIAL NEEDS OF THE BAHAMAS. (V) FINANCIAL RESOURCES ARE CONSIDERED, INCLUDING THE COST OF ATTENDANCE AT THE PROPOSED COLLEGE OR UNIVERSITY AND OTHER SCHOLARSHIP AWARDS AND GRANTS RECEIVED BY THE APPLICANT. AN INDEPENDENT SCREENING COMMITTEE OF LOCAL PROFESSIONALS IS RESPONSIBLE FOR MAKING RECOMMENDATIONS ON CANDIDATES TO RECEIVE SCHOLARSHIPS. THE SCHOLARSHIP SELECTION IS CONFIRMED BY THE EXECUTIVE DIRECTOR AND, ULTIMATELY, RATIFIED BY THE BOARD. TO QUALIFY FOR SCHOLARSHIP RENEWAL, RECIPIENTS ARE REQUIRED TO SUBMIT AN OFFICIAL TRANSCRIPT SHOWING THAT THEY HAVE MAINTAINED THE MINIMUM GPA REQUIREMENTS FOR THEIR SCHOLARSHIP TYPE (I.E. UNDERGRADUATE - 3.0, GRADUATE - 3.5, AND TECHNICAL & VOCATIONAL - 2.75). EFFECTIVE 2008, SCHOLARSHIP RECIPIENTS ARE ALSO REQUIRED TO (I) SUBMIT A WRITTEN PERSONAL EVALUATION OF THEIR ACADEMIC YEAR, (II) COMPLETE TWENTY (20) HOURS OF VOLUNTEER COMMUNITY SERVICE, AND (III) COMPLETE, ON AN ANNUAL BASIS, A COST OF ATTENDANCE FORM DETAILING THEIR EDUCATIONAL EXPENSES, OTHER SCHOLARSHIP AWARDS AND GRANTS, ETC. GRANTS ARE MADE WITH THE UNDERSTANDING THAT THE RECIPIENT WILL RETURN TO LIVE AND WORK IN THE BAHAMAS WHEN HIS OR HER EDUCATION HAS BEEN COMPLETED. PART III ACCOUNTING METHOD: 1 AVERETT UNIVERSITY 420 WEST MAIN STREET DANVILLE VA 24541 540129860 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION BROOKLYN COLLEGE 2900 BEDFORD AVENUE BROOKLYN NY 11210 136400434 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION EMBRY-RIDDLE AERONAUTICAL UNIVERSITY 1 AEROSPACE BOULEVARD DAYTONA BEACH FL 321143900 590936101 501(C)(3) 29000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION FLORIDA INSTITUTE OF TECHNOLOGY 150 WEST UNIVERSITY BOULEVARD MELBOURNE FL 329016975 596046500 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION FLORIDA INTERNATIONAL UNIVERSITY 11200 SW 8TH STREET MIAMI FL 33199 650177616 501(C)(3) 30000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION FLORIDA SOUTHERN COLLEGE 111 LAKE HOLLINGSWORTH DRIVE LAKELAND FL 33801 590624401 501(C)(3) 25000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION HARTWICK COLLEGE 1 HARTWICK DRIVE ONEONTA NY 13820 150533561 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION HOWARD UNIVERSITY 2400 6TH STREET NW WASHINGTON DC 20059 530204707 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION KETTERING UNIVERSITY 1700 UNIVERSITY AVENUE FLINT MI 485046214 382410852 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION LYNN UNIVERSITY 3601 N MILITARY TRAIL BOCA RATON FL 334315507 591023117 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION MIDWESTERN STATE UNIVERSITY 3410 TAFT BOULEVARD WICHITA FALLS TX 76308 756001738 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION NORTHEASTERN JUNIOR COLLEGE 100 COLLEGE AVENUE STERLING CO 80751 383721881 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION PIMA MEDICAL INSTITUTE 11125 EQUITY DRIVE HOUSTON TX 77041 860260863 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION SPRING HILL COLLEGE 4000 DAUPHIN STREET MOBILE AL 36608 630302179 501(C)(3) 7500 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION TULANE UNIVERSITY 6823 ST CHARLES AVENUE NEW ORLEANS LA 70118 720423889 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF CALIFORNIA AT BERKELEY CAMPANILE WAY BERKELEY CA 94720 946002123 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF FLORIDA 201 CRISER HALL GAINESVILLE FL 32611 596002052 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF MINNESOTA 420 DELAWARE STREET SE MINNEAPOLIS MN 55455 416007513 501(C)(3) 30000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF THE OZARKS 415 NORTH COLLEGE AVENUE CLARKSVILLE AR 72830 710236867 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION WESTERN ILLINOIS UNIVERSITY 1 UNIVERSITY CIRCLE MACOMB IL 614551390 376046814 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION WICHITA STATE UNIVERSITY 1845 FAIRMOUNT STREET WICHITA KS 672600058 486121167 501(C)(3) 7500 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 11 PART I, LINE 2: LYFORD CAY FOUNDATION, INC. MONITORS THE GRANTS IT MAKES TO SCHOLARSHIP RECIPIENTS BY REMITTING THE SCHOLARSHIP FUNDS DIRECTLY TO THE INSTITUTION. THE SCHOLARSHIP GRANT IS AUTOMATICALLY APPLIED AGAINST THE STUDENT'S TUITION AND OTHER ELIGIBLE EXPENSES. SCHOLARSHIP CRITERIA INCLUDE: - MUST BE A BAHAMIAN CITIZEN AND PROVIDE VERIFICATION OF SAME; - MUST BE ACCEPTED AT THE COLLEGE OR UNIVERSITY; - MUST HAVE A MINIMUM GPA OF 3.0 OUT OF A POSSIBLE 4.0 OR EQUIVALENT; - MUST SUBMIT A COMPLETE ONLINE APPLICATION WITH ALL SUPPORTING DOCUMENTATION, INCLUDING VERIFICATION OF FAMILY FINANCIAL RESOURCES, TWO (2) LETTERS OF RECOMMENDATION, A CURRENT RESUME, TWO (2) PERSONAL ESSAYS AND COPIES OF SCHOOL TRANSCRIPTS AND RELEVANT EXAMINATION RESULTS. THE SELECTION PROCESS IS AS FOLLOWS: (I) ALL SUBMITTED APPLICATIONS ARE REVIEWED. (II) NOTICEABLY WEAK CANDIDATES AND INCOMPLETE APPLICATIONS ARE ELIMINATED. (III) SELECTION AMONG THE REMAINING CANDIDATES IS WEIGHTED AS FOLLOWS: - ACADEMIC MERIT - 35% - FINANCIAL NEED - 35% - THE CALIBER OF THE PROPOSED COLLEGE OR UNIVERSITY - 10% - THE FIELD OF STUDY - 10% - THE CANDIDATE'S PERSONAL QUALITIES - 10% (INCLUDING HIS OR HER LEADERSHIP SKILLS, LEVEL OF COMMITMENT TO THE COMMUNITY, ABILITY TO THINK CLEARLY ABOUT PERSONAL STRENGTHS AND GOALS, MOTIVATION AND THE POTENTIAL TO SUCCEED IN COLLEGE) (IV) PRIORITY IS GIVEN TO THE FIELDS OF STUDY CONSIDERED MOST VALUABLE IN SERVING THE ECONOMIC AND SOCIAL NEEDS OF THE BAHAMAS. (V) FINANCIAL RESOURCES ARE CONSIDERED, INCLUDING THE COST OF ATTENDANCE AT THE PROPOSED COLLEGE OR UNIVERSITY AND OTHER SCHOLARSHIP AWARDS AND GRANTS RECEIVED BY THE APPLICANT. AN INDEPENDENT SCREENING COMMITTEE OF LOCAL PROFESSIONALS IS RESPONSIBLE FOR MAKING RECOMMENDATIONS ON CANDIDATES TO RECEIVE SCHOLARSHIPS. THE SCHOLARSHIP SELECTION IS CONFIRMED BY THE EXECUTIVE DIRECTOR AND, ULTIMATELY, RATIFIED BY THE BOARD. TO QUALIFY FOR SCHOLARSHIP RENEWAL, RECIPIENTS ARE REQUIRED TO SUBMIT AN OFFICIAL TRANSCRIPT SHOWING THAT THEY HAVE MAINTAINED THE MINIMUM GPA REQUIREMENTS FOR THEIR SCHOLARSHIP TYPE (I.E. UNDERGRADUATE - 3.0, GRADUATE - 3.5, AND TECHNICAL & VOCATIONAL - 2.75). EFFECTIVE 2008, SCHOLARSHIP RECIPIENTS ARE ALSO REQUIRED TO (I) SUBMIT A WRITTEN PERSONAL EVALUATION OF THEIR ACADEMIC YEAR, (II) COMPLETE TWENTY (20) HOURS OF VOLUNTEER COMMUNITY SERVICE, AND (III) COMPLETE, ON AN ANNUAL BASIS, A COST OF ATTENDANCE FORM DETAILING THEIR EDUCATIONAL EXPENSES, OTHER SCHOLARSHIP AWARDS AND GRANTS, ETC. GRANTS ARE MADE WITH THE UNDERSTANDING THAT THE RECIPIENT WILL RETURN TO LIVE AND WORK IN THE BAHAMAS WHEN HIS OR HER EDUCATION HAS BEEN COMPLETED. FORM 990, PART I, LINE 1: LYFORD CAY FOUNDATION, INC. SUPPORTS THE DEVELOPMENT OF THE BAHAMAS BY INVESTING ITS RESOURCES DIRECTLY IN PHILANTHROPIC INITIATIVES, INCLUDING: POST-SECONDARY EDUCATION, THE SUPPORT OF BAHAMIAN NOT-FOR-PROFIT ORGANIZATIONS AND THE PREPARATION OF BAHAMIAN STUDENTS FOR POST-SECONDARY OPPORTUNITIES. FORM 990, PART III, LINE 1: LYFORD CAY FOUNDATION, INC. SUPPORTS THE DEVELOPMENT OF THE BAHAMAS BY INVESTING ITS RESOURCES DIRECTLY IN PHILANTHROPIC INITIATIVES. THE FOUNDATION'S PRIMARY MEANS OF ACHIEVING THIS AIM IS VIA THE AWARDING OF SCHOLARSHIPS FOR POST-SECONDARY EDUCATION AND TECHNICAL TRAINING; THE SUPPORT OF BAHAMIAN NOT-FOR-PROFIT CHARITABLE ORGANIZATIONS TARGETING THE EMOTIONAL, EDUCATIONAL AND RECREATIONAL NEEDS OF CHILDREN AND YOUNG ADULTS, THE ENVIRONMENT AND OTHER PRESSING SOCIAL ISSUES; AND TO PROVIDING EFFECTIVE PROGRAMS THAT ENHANCE THE PREPARATION OF A LARGER NUMBER OF BAHAMIAN STUDENTS FOR POST-SECONDARY OPPORTUNITIES AND THE CAREERS OF A GLOBALLY-COMPETITIVE WORLD. FORM 990, PART VI, SECTION A, LINE 2 JUDITH WHITEHEAD & BASIL GOULANDRIS - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11B BEFORE THE FORM IS SUBMITTED FOR FILING WITH THE IRS, IT IS SUBMITTED TO THE FOUNDATION'S AUDIT COMMITTEE FOR REVIEW AND APPROVAL. ONCE ANY NECESSARY ADJUSTMENTS HAVE BEEN MADE, THE FORM IS FORWARDED TO THE FOUNDATION'S EXECUTIVE COMMITTEE FOR FINAL APPROVAL. THE FORM IS PROVIDED TO ALL MEMBERS OF THE BOARD SUBSEQUENT TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, ALL DIRECTORS, OFFICERS AND EMPLOYEES ARE REQUIRED TO COMPLETE AN ACKNOWLEDGEMENT OF THE STATEMENT OF POLICY ON CONFLICTS OF INTEREST. THE EXECUTIVE DIRECTOR IS RESPONSIBLE FOR COMPILING A LIST OF CONFLICTS DECLARED IN ACCORDANCE WITH THE PROCEDURE AND SUBMITS THE LIST TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE IS RESPONSIBLE FOR REVIEWING SUCH LISTING AND MONITORING ITS COMPLIANCE. FOUNDATION DIRECTORS, OFFICERS AND EMPLOYEES ARE ENCOURAGED TO PARTICIPATE IN THE DISCUSSION ON GRANTS TO ORGANIZATIONS TO WHICH THEY HAVE OFFICIAL AND DISCLOSED CONNECTIONS; HOWEVER, THEY MAY NOT VOTE AS A MEMBER OF THE BOARD OF DIRECTORS UPON ANY PROPOSED GRANT TO SUCH APPLICANTS. ALL CONFLICTS ARE TO BE NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON BEING REQUESTED FROM THE ORGANIZATION. A SUMMARIZED VERSION OF THE FINANCIAL STATEMENTS ARE ALSO PRESENTED IN THE FOUNDATION'S ANNUAL REPORT PUBLICATION.