2023-11-13T22:28:49-06:00 2023-06-30 410746749 CLIFTONLARSONALLEN LLP 8390 EAST CRESCENT PARKWAY SUITE 300 GREENWOOD VILLAGE CO 80111 990 2022-07-01 646022505 UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION UNIV 6012665210 118 COLLEGE DRIVE 5210 HATTIESBURG MS 39406 STACE MERCIER EXECUTIVE DIRECTOR 6012665210 2023-11-10 1 STACE MERCIER XXX-XX-XXXX 1 SARAH HINTZ P00492291 3037795710 2023-11-10 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z STACE MERCIER 118 COLLEGE DRIVE 5210 HATTIESBURG MS 39406 56581977 0 X WWW.USMFOUNDATION.COM X 1959 MS BUILD RELATIONSHIPS WITH ALUMNI AND FRIENDS IN ORDER TO SECURE PRIVATE FUNDS FOR THE BENEFIT OF USM. 30 30 0 71 -7483 0 5980213 14389191 0 0 12813038 3357568 320293 -34521 19113544 17712238 10189671 8889935 0 0 148614 148057 29760 37093 511731 3642681 3787906 14010726 12862991 5102818 4849247 151472857 165505905 1122307 890323 150350550 164615582 TO BUILD RELATIONSHIPS WITH ALUMNI AND FRIENDS IN ORDER TO SECURE PRIVATE FUNDS AND OTHER RESOURCES FOR THE BENEFIT OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI (USM). THE FOUNDATION RECEIVES, INVESTS AND DISTRIBUTES PRIVATE GIFTS IN SUPPORT OF THE UNIVERSITY'S MISSION. 0 0 8889935 8889935 THE FOUNDATION PROVIDES SUPPORT TO THE UNIVERSITY OF SOUTHERN MISSISSIPPI IN A MULTITUDE OF WAYS. THIS FISCAL YEAR, THE FOUNDATION PROVIDED 2,430 SCHOLARSHIPS TOTALING $5.5MM AND PROCESSED MANY OTHER GRANTS AND TRANSFERS THAT FOSTER ACADEMIC EXCELLENCE, STUDENT SUCCESS AND INNOVATION AND DISCOVERY AT USM. 1860481 0 0 THE FOUNDATION PROVIDES OTHER SUPPORT ON BEHALF OF THE UNIVERSITY THAT ENABLES FACULTY, STAFF AND STUDENTS OPPORTUNITIES TO EXCEL IN TEACHING, RESEARCH, CREATIVE ACTIVITES, OUTREACH AND SERVICE. 10750416 1 1 0 1 0 0 0 0 0 1 1 1 0 1 1 1 0 1 0 0 1 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 1 0 0 1 1 0 0 0 1 115 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 30 30 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 CA KY MA MD MI MN NH NJ NY OR RI UT X X LESLEE SMITH 6012665210 118 COLLEGE DRIVE 5210 HATTIESBURG MS 39406 X STACE MERCIER EXECUTIVE DIRECTOR/SECRETARY 40.00 X 132856 0 28075 LESLEE SMITH CHIEF FINANCIAL OFFICER 40.00 X 82275 0 29697 JENNIFER PAYNE MEMBER-AT-LARGE 0.46 X 14700 0 0 KELSEY RUSHING PRESIDENT 0.38 X X 0 0 0 JOE QUINLAN VICE PRESIDENT AND RDC CHAIR 0.61 X X 0 0 0 SHONNA BROWN TREASURER AND FIN. COMMITTEE CHAIR 0.39 X X 0 0 0 LOUIE EHRLICH IMMEDIATE PAST PRESIDENT 0.62 X X 0 0 0 REED ALLISON DIRECTOR 0.56 X 0 0 0 CHRIS ANDERSON POLICY AND BYLAWS COMMITTEE CHAIR 0.42 X 0 0 0 REBECCA BOUDREAUX DIRECTOR 0.11 X 0 0 0 CARLEN CHESTANG DIRECTOR 0.27 X 0 0 0 ALAN COATS DIRECTOR 0.23 X 0 0 0 LISA CONN DIRECTOR 0.11 X 0 0 0 BECKY COWART DIRECTOR 0.36 X 0 0 0 BEVERLY DALE DIRECTOR 0.36 X 0 0 0 ROBERT DONNELL DIRECTOR 0.37 X 0 0 0 TOM GIBBENS DIRECTOR 0.21 X 0 0 0 KEVIN GILBERT DIRECTOR 0.21 X 0 0 0 WADE HOWK DIRECTOR 0.25 X 0 0 0 CAROL JONES-RUSSELL DIRECTOR 0.22 X 0 0 0 JOY LIGHTSEY DIRECTOR 0.23 X 0 0 0 VICKIE LOCK DIRECTOR 0.23 X 0 0 0 ADELE LYONS DIRECTOR 0.26 X 0 0 0 KEITH MOONEY DIRECTOR 0.46 X 0 0 0 OMAR NELSON DIRECTOR 0.27 X 0 0 0 EDDIE PEASANT DIRECTOR (THROUGH JULY 2022) 0.00 X 0 0 0 RHONDA PHILLIPS DIRECTOR 0.12 X 0 0 0 RODERICK POSEY DIRECTOR 0.39 X 0 0 0 TRACY POWELL DIRECTOR 0.42 X 0 0 0 CHUCK SCIANNA DIRECTOR 0.30 X 0 0 0 DEMARIO SMITH DIRECTOR 0.11 X 0 0 0 STEVE STRICKLAND INVESTMENT COMMITTEE CHAIR 0.63 X 0 0 0 SUZANNE SWINK DIRECTOR (THROUGH DECEMBER 2022) 0.00 X 0 0 0 ADALIUS THOMAS DIRECTOR 0.26 X 0 0 0 229831 0 57772 2 0 1 1 SEI 1 FREEDOM VALLEY DR OAKS PA 19456 INVESTMENT MANAGEMENT FEES 649179 CODARAY CONSTRUCTION - LLC PO BOX 16628 HATTIESBURG MS 39404 BUILDING CONSTRUCTION SERVICES 383193 BLACKBAUD INC PO BOX 930256 ATLANTA GA 31193 SOFTWARE SERVICES 314313 TECHNOLOGY PARTNERZ LTD 82 ADONCOUR ST LONGUEUIL QC CA DATA ANALYTICS SERVICES 100759 4 117070 14272121 557332 14389191 3277508 -7483 3284991 38740320 130252 38715840 74672 24480 55580 80060 80060 32060 117070 79227 -47167 -47167 QPQ INCOME 900099 9144 9144 MISCELLANEOUS INCOME 900099 3502 3502 12646 17712238 0 -7483 3330530 X 8614551 8614551 273384 273384 2000 2000 148057 42886 105171 16879 16879 42292 42292 31532 31532 37093 37093 763784 763784 538133 313229 192571 32333 316849 159422 110162 47265 111849 53570 38063 20216 152718 20891 76140 55687 150 150 205489 165491 19869 20129 435102 255745 113269 66088 24911 24911 47721 10030 35922 1769 CAPITAL OUTLAY 685601 671242 14359 DUES & SUBSCRIPTIONS 257106 88702 60352 108052 MEALS & ENTERTAINMENT 94388 74113 12305 7970 TRAINING & DEVELOPMENT 34859 16364 8537 9958 28543 28543 12862991 10750416 1600844 511731 3453276 3373595 2168021 3503864 254395 165005 690599 548591 108695 142008 98136710 105592397 34282407 37425437 13069353 15303599 151472857 165505905 1062133 834718 60174 55605 1122307 890323 X 14652167 16632108 135698383 147983474 150350550 164615582 151472857 165505905 X 4849247 7684715 1731070 X X 0 1 X 1 0 X 5655552 6751559 15727499 5980213 14389191 48504014 5655552 6751559 15727499 5980213 14389191 48504014 7853768 40650246 2623559 2807765 2281880 2929780 3277508 13920492 30833 3104 24201 337061 12646 407845 62832351 0.64700 0.57630 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: QUID PRO QUO - 2021 AMOUNT: $ 16,146. 2022 AMOUNT: $ 9,144. MISCELLANEOUS INCOME - 2018 AMOUNT: $ 30,833. 2019 AMOUNT: $ 3,104. 2020 AMOUNT: $ 1,816. 2021 AMOUNT: $ 3,291. 2022 AMOUNT: $ 3,502. INS PROCEEDS IN EXCESS OF CSV - 2020 AMOUNT: $ 22,385. 2021 AMOUNT: $ 22,731. CHANGE IN UNCOLL PLEDGES - 2021 AMOUNT: $ 294,893. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 0 0 0 0 1 31532 31532 0 PART II-B, LINE 1: THE USM FOUNDATION DID NOT DIRECTLY ATTEMPT TO INFLUENCE NATIONAL, STATE OR LOCAL LEGISLATION, BUT DID PROVIDE FUNDING TO ONE UNIVERSITY PAID LEGISLATIVE ADVOCATE. NUMEROUS EXPENDITURES WERE MADE MOSTLY FOR MEALS AND TRAVEL. THE UNIVERSITY ALSO HOSTS STATE LEGISLATORS THROUGHOUT THE YEAR ON CAMPUS. TOTAL EXPENDITURES FOR THESE ACTIVITIES FOR THE YEAR WERE $31,532. 123989847 6152084 9461890 2798408 1631250 1654331 133519832 136184892 6359974 -11973172 2522294 2180455 1879098 123989847 103517868 12724612 25658665 2600932 1483247 1632074 136184892 104877602 2589320 1068803 2205386 1209442 1603029 103517868 100915283 3824004 5160193 2217346 1304119 1500413 104877602 0.06883 0.84041 0.09076 1 0 5000 5000 16978 12189 4789 51532 617089 536402 132219 142008 HEDGE FUNDS 23905360 F PRIVATE EQUITY 7592628 F REAL ESTATE INVESTMENT FUNDS 5759484 F CLOSELY HELD STOCK 167965 F 37425437 DUE FROM EXTERNALLY MANAGED TRUSTS 11967432 OTHER RECEIVABLES 522103 CSV OF LIFE INSURANCE POLICIES 2814064 15303599 GIFT ANNUITIES PAYABLE 55605 55605 X 28366798 7684715 1923332 1810297 11418344 16948454 763784 763784 17712238 14101766 1923332 79227 2002559 12099207 763784 763784 12862991 PART V, LINE 4: PROVIDE CONSISTENT SUPPORT TO THE UNIVERSITY FOR PURPOSES INTENDED BY DONORS. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAXES ON RELATED INCOME UNDER INTERNAL REVENUE CODE SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3). FOUNDATION AVIATION HOLDINGS, LLC IS DISREGARDED AS AN ENTITY SEPARATE FROM THE FOUNDATION FOR PURPOSES OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE. THE FOUNDATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. AS OF JUNE 30, 2023 AND 2022, THERE WERE NO KNOWN MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF OTHER ASSETS 38,691. SPECIAL EVENT EXPENSES 79,227. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 1,422,425. GAIN OR LOSS ON EXTERNALLY MANAGED TRUSTS 269,954. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES 79,227. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 23905361 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICE AWARD AND HONORARIUM 2700 NORTH AMERICA 0 0 DATA ANALYTICS PROJECT 61898 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICE REIMBURSEMENT 60 0 0 0 0 0 0 23970019 0 23970019 1 0 1 0 0 0 PART I, LINE 2: THE USM FOUNDATION PAID ONE AWARD TO A FOREIGN INDIVIDUAL IN THE AMOUNT OF $2,000. THIS WAS PART OF AN ANNUAL AWARD COMPETITION AND WINNERS WERE SELECTED BY A COMMITTEE. THERE WAS NO MONITORING NECESSARY ONCE THE AWARD WAS PAID TO THE INDIVIDUAL. THE USM FOUNDATION ALSO PAID $700 TO A FOREIGN INDIVIDUAL WHO GAVE A VIRTUAL LECTURE DURING A FORUM CONDUCTED BY USM. AS PAYMENT WAS MADE AFTER SERVICES WERE PROVIDED, THERE WAS NO MONITORING NECESSARY ONCE THE PAYMENT WAS MADE TO THE INDIVIDUAL. THE USM FOUNDATION PROVIDED A REIMBURSEMENT OF AN EXPENSE TO A POTENTIAL STUDENT OF USM. THERE WAS NO MONITORING NECESSARY AFTER THE PAYMENT WAS MADE. PART I, LINE 3: INVESTMENT EXPENDITURES ARE ACCOUNTED FOR ON AN ACCRUAL BASIS. PART III ACCOUNTING METHOD: X X X X X X 1 MARTS & LUNDY 1200 WALLSTREET WEST LYNDHURST NJ 07071 CAMPAIGN CONSULTING 0 14389192 37093 14352099 14389192 37093 14352099 AL AK AR CA CO CT DC FL GA HI IL KS KY ME MA MD MI MN MO MS NC ND NH NJ NM NV OH OK OR PA RI TN UT VA WA WV WI SC NY LA RUN FOR THE ROSES 32250 24075 8175 361 2629 1396 GOLF TOURNAMENT 55770 41070 14700 12273 5274 5328 477 3 61110 51925 9185 1554 6950 31088 2842 9055 149130 117070 32060 13827 7311 38991 9566 9532 79227 -47167 1 THE UNIVERSITY OF SOUTHERN MISSISSIPPI 118 COLLEGE DRIVE 5143 HATTIESBURG MS 39406 646000818 501(C)(3) 8201533 359259 VARIOUS TRANSFERS OF GIFTS OF PROPERTY USM PROGRAMS THE UNIVERSITY OF SOUTHERN MISSISSIPPI ALUMNI ASSOCIATION 118 COLLEGE DRIVE 5013 HATTIESBURG MS 39406 640763097 501(C)(3) 37659 0 N/A N/A USM ALUMNI PROGRAMS THE UNIVERSITY OF SOUTHERN MS ATHLETIC FOUNDATION 118 COLLEGE DRIVE 5017 HATTIESBURG MS 39406 640929171 501(C)(3) 11085 0 N/A N/A USM ATHLETICS 3 0 NON-CASH AWARDS 7 0 780 FMV PROFESSIONAL BUSINESS ATTIRE AND PLAQUES MONETARY AWARDS 63 272604 0 N/A N/A PART I, LINE 2: THE FOUNDATION MONITORS THE USE OF FUNDS BY REQUIRING DOCUMENTATION FROM AUTHORIZED SPENDING AUTHORITIES TO SUBSTANTIATE THAT ALL MONIES PAID FOR PROGRAM SUPPORT ARE USED FOR THE PURPOSES OUTLINED IN THE DOCUMENTS GOVERNING THE FUNDS FROM WHICH THE WITHDRAWAL IS BEING MADE. THESE PURPOSES INCLUDE SCHOLARSHIPS, GENERAL SUPPORT FOR ACADEMIC DIVISIONS, RESEARCH, FACULTY AND STAFF COMPENSATION AND OTHER RESTRICTED SUPPORT FOR PROGRAMS AT THE UNIVERSITY OF SOUTHERN MISSISSIPPI. 0 0 0 0 0 0 0 0 0 STACE MERCIER EXECUTIVE DIRECTOR/SECRETARY 131172 0 0 0 1684 0 22866 0 5209 0 160931 0 0 0 LESLEE SMITH CHIEF FINANCIAL OFFICER 82275 0 0 0 0 0 15843 0 13854 0 111972 0 0 0 PART I, LINE 3: THE UNIVERSITY OF SOUTHERN MISSISSIPPI, A RELATED ORGANIZATION, PROVIDES COMPENSATION FOR ALL WHO WORK FOR THE FOUNDATION, INCLUDING THE EXECUTIVE DIRECTOR. THE PROCESS FOR DETERMINING COMPENSATION, REVIEW AND APPROVAL, AND SUBSTANTIATION OF THIS DELIBERATION AND DECISION IS HANDLED BY THE UNIVERSITY. THIS WAS LAST COMPLETED IN 2021. PART II THE UNIVERSITY OF SOUTHERN MISSISSIPPI, AN UNRELATED ORGANIZATION, PAID COMPENSATION TO: STACE MERCIER $131,172 BASE COMPENSATION $1,684 OTHER COMPENSATION $22,866 DEFERRED COMPENSATION $5,209 NONTAXABLE BENEFITS LESLEE SMITH $82,275 BASE COMPENSATION $15,843 DEFERRED COMPENSATION $13,854 NONTAXABLE BENEFITS X 4 291438 APPRAISAL X 12 196673 AVERAGE STOCK PRICE X EQUIPMENT 4 64321 FAIR MARKET VALUE/AP X MUSICAL INST. 1 4900 FAIR MARKET VALUE 4 0 1 1 PART I, COLUMN (B): THE NUMBER OF CONTRIBUTIONS WAS USED TO COMPLETE PART I, COLUMN (B) OF SCHEDULE M. FOR CONTRIBUTIONS OF SECURITIES, EACH GIFT WAS COUNTED SEPARATELY (RATHER THAN EACH SHARE RECEIVED). PART I, LINE 32B: THE FOUNDATION EMPLOYS REALTORS TO LIST AND SELL CONTRIBUTIONS OF REAL ESTATE. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE CONSISTS OF NINE MEMBERS, ONE OF WHOM SHALL BE THE PRESIDENT OF THE FOUNDATION, WHO SHALL BE THE CHAIR, ONE OF WHOM SHALL BE THE VICE PRESIDENT, ONE OF WHOM SHALL BE THE TREASURER, ONE OF WHOM SHALL BE THE IMMEDIATE PAST PRESIDENT, ONE OF WHOM SHALL BE THE MEMBER-AT-LARGE, ONE OF WHOM SHALL BE THE CHAIR OF THE INVESTMENT COMMITTEE, ONE OF WHOM SHALL BE THE CHAIR OF THE RESOURCE DEVELOPMENT COMMITTEE, ONE OF WHOM SHALL BE THE CHAIR OF THE POLICY AND BYLAWS COMMITTEE, AND ONE OF WHOM SHALL BE THE NON-VOTING, EX-OFFICIO SECRETARY. THE BOARD SHALL MANAGE THE BUSINESS OF THE FOUNDATION. ALL CORPORATE POWERS OF THE FOUNDATION SHALL BE EXERCISED BY OR UNDER THE AUTHORITY OF THE BOARD, AND THE OFFICERS OF THE FOUNDATION SHALL BE SUPERVISED UNDER THE DIRECTION OF THE BOARD. THE BOARD SHALL BE CHARGED WITH THE MANAGEMENT AND DIRECTION OF THE AFFAIRS OF THIS FOUNDATION, WITH THE GENERAL DUTY OF PROMOTING THE WELFARE AND GROWTH OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI AND WITH CARRYING OUT THE PURPOSES OF THE FOUNDATION. THE PRESIDENT OF THE FOUNDATION, OR HIS/HER DESIGNEE, SHALL HAVE THE SOLE AUTHORITY TO SPEAK OR ISSUE PUBLIC STATEMENTS CONCERNING OFFICIAL POSITIONS TAKEN BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE AN INDEPENDENT PUBLIC ACCOUNTING FIRM BASED ON INFORMATION SUPPLIED BY MANAGEMENT. ONCE THE DRAFT IS REVIEWED BY MANAGEMENT, THE FINANCE COMMITTEE AND EXECUTIVE COMMITTEE RECEIVED THE FORM 990 DRAFT FOR REVIEW PRIOR TO BEING FILED. COMMENTS WERE ADDRESSED AND, IF SO DETERMINED, THE FORM WAS UPDATED AS NECESSARY. A COMPLETE COPY OF THE FORM 990 WAS PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS EACH MEMBER OF THE BOARD AND EACH MEMBER OF ALL COMMITTEES SIGNS A WRITTEN STATEMENT CERTIFYING THAT HE/SHE AGREES AND IS IN COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE OR SHE SHALL LEAVE THE BOARD, COMMITTEE, SUBCOMMITTEE OR COUNCIL MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD, COMMITTEE, SUBCOMMITTEE OR COUNCIL MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS; PROVIDED, HOWEVER, IF THE INTERESTED PERSON BELIEVES A CONFLICT OF INTEREST EXISTS, THE BOARD, COMMITTEE, SUBCOMMITTEE OR COUNCIL SHALL BE GUIDED BY THE BELIEF OF THE INTERESTED PERSON IN REACHING ITS DECISION. DETERMINATION OF A CONFLICT OF INTEREST FOR STAFF SHALL BE MADE BY THE EXECUTIVE COMMITTEE. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD, COMMITTEE, SUBCOMMITTEE OR COUNCIL MEETING, BUT AFTER SUCH PRESENTATION, HE/SHE MUST LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT THAT RESULTS IN THE CONFLICT OF INTEREST. THE MINUTES OF THE BOARD AND ALL COMMITTEES, SUBCOMMITTEES OR COUNCILS WITH BOARD-DELEGATED POWERS SHALL CONTAIN: (A) THE NAMES OF THE PERSONS WHO DISCLOSED OR OTHERWISE WERE FOUND TO HAVE A FINANCIAL INTEREST IN CONNECTION WITH AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE NATURE OF THE FINANCIAL INTEREST, ANY ACTION TAKEN TO DETERMINE WHETHER A CONFLICT OF INTEREST WAS PRESENT AND THE DECISIONS OF THE BOARD, COMMITTEE, SUBCOMMITTEE OR COUNCIL AS TO WHETHER A CONFLICT OF INTEREST IN FACT EXISTED. (B) THE NAMES OF THE PERSONS WHO WERE PRESENT FOR DISCUSSIONS OR VOTES RELATING TO THE TRANSACTION OR ARRANGEMENT, THE CONTENT OF THE DISCUSSION, INCLUDING ANY ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT AND A RECORD OF ANY VOTES TAKEN IN CONNECTION THEREWITH. DURING THE FISCAL YEAR, THERE WERE NO CONFLICTS OF INTEREST IDENTIFIED. FORM 990, PART VI, SECTION B, LINE 15 THE UNIVERSITY OF SOUTHERN MISSISSIPPI, AN UNRELATED ORGANIZATION, PROVIDES COMPENSATION FOR ALL WHO WORK FOR THE FOUNDATION, INCLUDING THE EXECUTIVE DIRECTOR. THE PROCESS FOR DETERMINING COMPENSATION, REVIEW AND APPROVAL, AND SUBSTANTIATION OF THIS DELIBERATION AND DECISION IS HANDLED BY THE UNIVERSITY. THIS WAS LAST COMPLETED IN 2021. FORM 990, PART VI, SECTION C, LINE 19 THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION'S BYLAWS, CONFLICT OF INTEREST POLICY, FORM 990 AND AUDITED FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC ON THE FOUNDATION'S WEBSITE. FORM 990, PART VII/PART IX: THE FOUNDATION DOES NOT REPORT WITHIN THE STATEMENT OF REVENUES AND STATEMENT OF FUNCTIONAL EXPENSES CONTRIBUTED SALARIES AND THE CORRESPONDING EXPENSES ASSOCIATED WITH INDIVIDUALS WORKING ON FOUNDATION AFFAIRS SINCE THESE INDIVIDUALS ARE EMPLOYEES OF THE UNIVERSITY AND THE UNIVERSITY DONATES THE SALARIES AND COSTS OF EMPLOYMENT TO THE FOUNDATION. THE AMOUNT REPORTED IN PART IX, LINE 7 REFLECTS REIMBURSEMENTS MADE BY THE FOUNDATION TO THE UNIVERSITY FOR SUPPLEMENTAL PAY AND STUDENT WAGES. AS SUCH, TAXES AND BENEFITS ARE PROCESSED AND REPORTED THROUGH THE UNIVERSITY. PART VII, SECTION A, LINE 1A, #3: PLEASE NOTE THAT THE REPORTABLE COMPENSATION INCLUDED IN COLUMN D IS NOT ASSOCIATED WITH BOARD OR OTHER SERVICES PROVIDED BY THE DIRECTOR TO THE USM FOUNDATION. THIS PAYMENT REPRESENTS A PAYMENT FOR SERVICES PROVIDED BY THE DIRECTOR TO THE UNIVERSITY OF SOUTHERN MISSISSIPPI. FORM 990, PART IX: THE EXPENSES REPORTED IN PART IX COLUMN (B) LINES 11-25 REFLECT EXPENSES PAID ON BEHALF OF THE UNIVERSITY. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF OTHER ASSETS 38,691. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS 1,422,425. LOSS ON EXTERNALLY MANAGED TRUSTS 269,954. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF THE INDEPENDENT ACCOUNTANT HAS NOT CHANGE FROM THE PRIOR YEAR. FOUNDATION AVIATION HOLDINGS LLC 118 COLLEGE DR 5210 HATTIESBURG MS 39406 263637085 LEASING MS 0 0 USM FOUNDATION BMC AND KC CRAT 202 SOUTH 40TH AVENUE HATTIESBURG MS 39402 646207876 INVESTMENTS MS N/A T 46053 0.49730 0 JEG CRAT 1581 AMERIPRISE FINANCIAL CENTER MINNEAPOLIS MN 55474 207371805 INVESTMENTS MS N/A T 49611 0.18640 0 EDK CRUT 11301 US HIGHWAY ONE NORTH PALM BEACH FL 33408 656419443 INVESTMENTS FL N/A T 177895 0.02470 0 P-JP CRUT 150 S WARNER RD SUITE 200 KING OF PRUSSIA PA 19406 816588160 INVESTMENTS AZ N/A T 119520 0.30750 0 P-MP CRUT 150 S WARNER RD SUITE 200 KING OF PRUSSIA PA 19406 816591136 INVESTMENTS AZ N/A T 6917554 0.53390 0 GO TRUST 11 NORTH WATER STREET 28TH FLOOR MOBILE AL 36602 636067686 INVESTMENTS AL N/A T 3456130 1.00000 0 BBDM TRUST 450 ROSE STREET WILLIAM B STURGILL LEXINGTON KY 40506 387274178 INVESTMENTS KY N/A T 80016 0.07970 0 JR TRUST PO BOX 1071 HATTIESBURG MS 39403 836144563 INVESTMENTS MS N/A T 1120654 0.73180 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PART IV, COLUMN G THE AMOUNT IN THIS COLUMN IS CALCULATED AS THE PRESENT VALUE OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION'S BENEFICIAL INTEREST IN EACH CHARITABLE REMAINDER TRUST DIVIDED BY THE TOTAL ASSETS OF EACH TRUST AS OF JUNE 30, 2023. PART IV, COLUMN H: THE AMOUNT IN THIS COLUMN IS CALCULATED BY DIVIDING THE PRESENT VALUE OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION'S BENEFICIAL INTEREST BY THE TOTAL AMOUNT OF THE CHARITABLE REMAINDER TRUST. PART II THE UNIVERSITY OF SOUTHERN MISSISSIPPI HAS BEEN REMOVED AS A RELATED TAX-EXEMPT ORGANIZATION FROM SCHEDULE R, PART II. THERE HAS BEEN NO CHANGE IN THE RELATIONSHIP BETWEEN THE UNIVERSITY OF SOUTHERN MISSISSIPPI AND THE UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION, ONLY A CHANGE IN THE INTERPRETATION OF THE IRS REGULATIONS IN REGARDS TO RELATED ENTITIES.