2025-05-06T10:27:57-05:00 2024-06-30 593204548 JAMES MOORE & CO PL 5931 NW 1ST PL GAINESVILLE FL 326072063 990 2023-07-01 237047106 FLORIDA INTERNATIONAL UNIVERSITY FOUNDATION INC FLOR 3053483758 11200 SW 8TH ST MARC 531 MIAMI FL 331992516 ADALIO SANCHEZ CHAIR 3053483758 2025-05-15 1 1 KEN KURDZIEL P00060407 3523781331 2025-03-31 2023 2025-03-06 01:10:19Z ADALIO SANCHEZ 11200 SW 8TH ST MARC 531 MIAMI FL 331992516 182844037 0 X HTTPS://GIVE.FIU.EDU/BUSINESS-GOVERNANCE/ X 1969 FL TO ENCOURAGE, SOLICIT, RECEIVE AND ADMINISTER GIFTS AND BEQUESTS OF PROPERTY AND FUNDS FOR SCIENTIFIC, EDUCATIONAL AND CHARITABLE PURPOSES FOR FIU AND ITS OBJECTIVES. 39 39 77 39 -87476 0 46759330 44267958 0 0 -1522360 6118185 -305688 -249332 44931282 50136811 40902034 47079519 0 0 2521491 1039608 191245 142466 5565650 9112368 7587857 52727138 55849450 -7795856 -5712639 445054887 483517822 7514825 12835197 437540062 470682625 X TO ENCOURAGE, SOLICIT, RECEIVE AND ADMINISTER GIFTS AND BEQUESTS OF PROPERTY AND FUNDS FOR SCIENTIFIC, EDUCATIONAL AND CHARITABLE PURPOSES, ALL FOR THE ADVANCEMENT OF FLORIDA INTERNATIONAL UNIVERSITY AND ITS OBJECTIVES (SEE SCHEDULE O FOR CONTINUATION). THE ORGANIZATION IS GOVERNED BY A BOARD OF DIRECTORS, WHOSE MEMBERS PLAY A SIGNIFICANT ROLE IN THE DEVELOPMENT OF THE UNIVERSITY AS A MAJOR EDUCATIONAL, CULTURAL AND ECONOMIC RESOURCE. THROUGH THE INVOLVEMENT OF THE DIRECTORS AND THEIR CONTRIBUTION OF TIME, LEADERSHIP AND FINANCIAL RESOURCES, THE MISSION OF THE UNIVERSITY IS ADVANCED. 0 0 47712124 47079519 329648 THE FLORIDA INTERNATIONAL UNIVERSITY FOUNDATION ACCEPTS CHARITABLE DONATIONS TO SUPPORT FLORIDA INTERNATIONAL UNIVERSITY IN ITS GOAL TO BE A LEADING URBAN PUBLIC RESEARCH UNIVERSITY FOCUSED ON STUDENT LEARNING, INNOVATION, AND COLLABORATION. THE FOUNDATION SUPPORTS THE UNIVERSITY'S MISSION BY PROVIDING FUNDS TO SUPPORT A DIVERSE STUDENT POPULATION, EXCEPTIONAL FACULTY, CUTTING EDGE RESEARCH, MODERN FACILITIES, AND COLLABORATIVE ENGAGEMENT WITH OUR LOCAL AND GLOBAL COMMUNITIES. 47712124 1 1 0 1 0 0 0 0 1 1 1 1 0 0 1 1 1 1 0 0 1 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 111 0 1 77 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 39 39 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 AK CA CO FL KY MA MD ME MN ND NH NJ NV NY OH OK OR PA SC UT WA WI WV X ADRIANNE PERDOMO 3053483758 11200 SW 8TH STREET - MARC 530 MIAMI FL 33199 ADALIO T SANCHEZ CHAIRPERSON 1.00 0.00 X X 0 0 0 FRANCISCO LOPEZ JR DIRECTOR, UNTIL 8/2023 1.00 0.00 X 0 0 0 HUMBERTO CABANAS ALUMNI CENTER STEERING COMM CHAIR 1.00 0.00 X 0 0 0 ANDRE L TEIXEIRA DIRECTOR 1.00 0.00 X 0 0 0 CANDIDO J VIYELLA DIRECTOR 1.00 0.00 X 0 0 0 T GENE PRESCOTT EX-OFFICIO 1.00 0.00 X 0 0 0 CARMEL J BARRAU DIRECTOR 1.00 0.00 X 0 0 0 CLAUDIA PUIG DIRECTOR 1.00 0.00 X 0 0 0 CRISTINA DI MAURO INVESTMENT SUB-COMMITTEE CHAIR 1.00 0.00 X 0 0 0 DAVID M ZINN FIU VENTURES SUB-COMMITTEE CHAIR 1.00 0.00 X 0 0 0 ELIZABETH M BEJAR EX-OFFICIO/FIU PROVOST 1.00 40.00 X 0 507786 65886 FRANCIS A HONDAL FIU BOT FORMER PRESIDENT 1.00 0.00 X 0 0 0 GERALD C GRANT JR DEVELOPMENT MGMT CHAIR/VICE CHAIR 1.00 0.00 X X 0 0 0 NOEL J GUILLAMA-ALVAREZ DIRECTOR 1.00 0.00 X 0 0 0 IRA D GILLER REAL ESTATE SUB-COMMITTEE VICE CHAIR 1.00 0.00 X 0 0 0 JAMES W LOEWENHERZ DIRECTOR 1.00 0.00 X 0 0 0 JASON A SALTZMAN DIRECTOR, UNTIL 8/2023 1.00 0.00 X 0 0 0 JEFFREY L HORSTMYER DIRECTOR 1.00 0.00 X 0 0 0 JILL M GRANAT SECRETARY 1.00 0.00 X X 0 0 0 JUAN CARLOS ALEXANDER EX-OFFICIO/FIU ALUMNI, UNTIL 4/2024 1.00 0.00 X 0 0 0 JUAN J MARTINEZ FOUNDATION ENTERPRISE GROWTH VC 1.00 0.00 X 0 0 0 JUAN R FIGUEREO FOUNDATION ENTERPRISE GROWTH CHAIR 1.00 0.00 X 0 0 0 LATESSA DOTSON HALL MEMBERSHIP & BOARD MGMT CO-VC 1.00 0.00 X 0 0 0 ALBERT R TANO MEMBERSHIP & BOARD GOVERNANCE CHAIR 1.00 0.00 X 0 0 0 ELLIOT N STONE REAL ESTATE SUB-COMMITTEE CHAIR 1.00 0.00 X 0 0 0 CARLOS A SABATER DIRECTOR 1.00 0.00 X 0 0 0 MICHAEL A KAPPITT CAMPAIGN/MKTG CHAIR, UNTIL 10/2023 1.00 0.00 X 0 0 0 THOMAS C RAGAN DIRECTOR 1.00 0.00 X 0 0 0 NOEL C BARENGO EX-OFFICIO, UNTIL 9/2023 1.00 40.00 X 0 182514 37004 ORLANDO ROCHE DIRECTOR 1.00 0.00 X 0 0 0 RAKESH AND RACHANEE SARNA DIRECTOR 1.00 0.00 X 0 0 0 RICHARD BRILLIANT LONG-TERM STRATEGIC PLANNING CHAIR 1.00 0.00 X 0 0 0 RICHARD P TONKINSON DIRECTOR 1.00 0.00 X 0 0 0 SNEH GULATI EX-OFFICIO, AS OF 9/2023 1.00 0.00 X 0 164648 34870 ROBERT M NAMOFF DIRECTOR, UNTIL 3/2024 1.00 0.00 X 0 0 0 SANTANA WAY EX-OFFICIO/FIU SGA, UNTIL 5/2024 1.00 5.00 X 0 10118 0 SERGIO ABREU JR EX-OFFICIO 1.00 0.00 X 0 0 0 STEWART L APPELROUTH AUDIT SUB-COMMITTEE CHAIR 1.00 0.00 X 0 0 0 ROBERT A BAER SR DIRECTOR 1.00 0.00 X 0 0 0 MARCEL L NAVARRO FINANCE COMMITTEE CHAIR/TREASURER 1.00 0.00 X X 0 0 0 WALTER B GONZALEZ JR DIRECTOR 1.00 0.00 X 0 0 0 YOLANGEL HERNANDEZ SUAREZ DIRECTOR 1.00 40.00 X 0 384968 29009 MALCOLM BROWN DIRECTOR, AS OF 10/2023 1.00 0.00 X 0 0 0 ALBERT LORENZO DIRECTOR, AS OF 10/2023 1.00 0.00 X 0 0 0 HUGO MANTILLA DIRECTOR, AS OF 2/2024 1.00 0.00 X 0 0 0 CARLOS A SOMOZA DIRECTOR, AS OF 2/2024 1.00 0.00 X 0 0 0 DAVID ALMANSA EX-OFFICIO/FIU SGA, AS OF 5/2024 1.00 5.00 X 0 0 0 SEAN GAZITUA EX-OFFICIO/FIU ALUMNI, AS OF 4/2024 1.00 0.00 X 0 0 0 TINA M VIDAL-DUART ATHLETICS SUB-COMMITTEE CHAIR 1.00 0.00 X 0 0 0 ADRIANNE PERDOMO ASST. TREASURER 40.00 0.00 X 45468 109982 37337 PABLO G ORTIZ INTERIM CEO, 5/2023 - 11/2024 40.00 0.00 X 70609 319077 127360 KENNETH C HALL CEO, AS OF 11/2024 40.00 0.00 X 37175 68204 8986 SHIVANI JOSHI INTERIM AVP, UNTIL 8/2024 40.00 0.00 X 159997 56532 38547 MELISSA HERNANDEZ CHIEF ADMINISTRATIVE OFFICER 40.00 0.00 X 207454 0 28801 LINDA LEE MANAGE CCO/INTERIM CDO 1.00 0.00 X 224706 0 41145 RAFAEL PROHIAS GENERAL COUNSEL 40.00 0.00 X 0 202502 36078 HOWARD R LIPMAN FORMER CEO 40.00 0.00 X 236309 260014 27543 CAROLYN JACKSON FORMER AVP (HCE) 40.00 0.00 X 143212 17542 21321 ADY ARGUELLES FORMER DEVELOPMENT OFFICER (HCE) 40.00 0.00 X 116697 20559 24157 1241627 2304446 558044 19 1 1 0 JPMORGAN CHASE 270 PARK AVENUE NEW YORK NY 10017 INVESTMENT OFFICER & CUSTODIAN 601022 COMPASS GROUP USA INC 2400 YORKMONT ROAD CHARLOTTE NC 28217 CATERING SERVICES 430004 SQUADUP INC 5877 OBAMA BLVD LOS ANGELES CA 90016 EVENT MANAGEMENT 235120 MENA CATERING INC 7462 SW 48TH ST MIAMI FL 33155 CATERING SERVICES 207544 HITEX MARKETING GROUP INC 1566 NW 108 AVE MIAMI FL 33172 PRINTING & ADVERTISING 166935 13 369101 490227 43408630 349774 44267958 7138864 -87476 7226340 238330 483516 -245186 -245186 -245186 130800989 131821668 -1020679 -1020679 -1020679 55145 490227 388939 -333794 -333794 29990 13103 16887 16887 MISCELLANEOUS INCOME 900099 160393 160393 WOLFSONIAN REVENUE 900099 113025 113025 ADMISSION REVENUE 711210 36587 36587 2756 2756 312761 50136811 329648 -87476 5626681 47079519 47079519 474436 257002 217434 433080 234599 198481 42324 22927 19397 43135 23366 19769 46633 25261 21372 3648 3648 104750 104750 403428 403428 142466 142466 711933 711933 2000 2000 CAPITAL CAMPAIGN 3267713 3267713 BUSINESS OFFICE OPERATI 1292313 128296 1164017 ADVANCEMENT OPERATIONS 721133 721133 ANNUAL GIVING & PRESIDE 678696 678696 402243 98881 24173 279189 55849450 47712124 2571676 5565650 17907086 19844008 25651765 32197652 46 0 11662 11730 53935 46177 25597895 2444274 22963620 23153621 155564251 170726819 222283760 236549520 618762 988295 445054887 483517822 450238 546820 102331 37753 91776 49129 6870480 12201495 7514825 12835197 X 57871116 70546472 7225742 7127263 372443204 393008890 437540062 470682625 445054887 483517822 X -5712639 40674939 -1819737 X 0 1 X 1 0 X 34204109 96274799 42053425 46759330 44267958 263559621 1283478 1341891 1357991 1359657 2029948 7372965 35487587 97616690 43411416 48118987 46297906 270932586 9763828 261168758 3654996 4287318 10661717 6097137 7464670 32165838 303098424 874755 0.86170 0.88050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 403428 403428 47308696 47712124 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 361430 484806 413959 403428 1663623 250000 250000 250000 250000 1000000 1500000 1 12142681 3581610 493874 15230417 1 X 306631350 10790829 36109080 11874578 3921395 337735286 284292410 6590144 29140468 13391672 306631350 276410044 45173370 -24121505 13169499 284292410 218684250 6375715 63059221 11709142 276410044 216382258 7769388 6150622 11618018 218684250 0.63200 0.36800 0 0 15600000 3533558 19133558 5558312 1652792 3905520 884025 791482 92543 22000 22000 23153621 INTERNATIONAL EQUITY SECURITY 96673634 F CORPORATE BONDS 41698238 F LIMITED PARTNERSHIPS 97164663 F HEDGE FUNDS 1012985 F 236549520 DUE TO FLORIDA INTERNATIONAL UNIVERSITY 11774252 SPLIT INTEREST OBLIGATION 427243 12201495 X 97039547 40674939 7849606 -1795434 46729111 50310436 711933 -885558 -173625 50136811 63883311 7849606 896188 8745794 55137517 711933 711933 55849450 PART IV, LINE 1B: IN MARCH 2016, THE NATIONAL INSTITUTES OF HEALTH ("NIH") AWARDED A GRANT IN THE AMOUNT OF $9,500,000 TO THE UNIVERSITY, WITH ANNUAL INSTALLMENTS IN THE AMOUNT OF $1,900,000 PAYABLE OVER FIVE YEARS IN SUPPORT OF RESEARCH IN THE AREA OF MINORITY HEALTH AND HEALTH DISPARITIES. IN JULY 2023, NIH AWARDED ANOTHER GRANT IN THE AMOUNT OF $10,000,000 TO THE UNIVERSITY, WITH ANNUAL INSTALLMENTS IN THE AMOUNT OF $2,000,000 PAYABLE OVER FIVE YEARS IN SUPPORT OF FIU-HEALTH DISPARITIES INITIATIVE. PURSUANT TO THE TERMS OF THE GRANT, THE NIH REQUIRES THAT THE FUNDS BE HELD AS AN ENDOWMENT FOR A PERIOD OF AT LEAST 20 YEARS. THEREAFTER, THE FUNDS MAY BE USED TO SUPPORT THIS RESEARCH INITIATIVE. THE UNIVERSITY TRANSFERRED A TOTAL OF $11,500,000 AS OF JUNE 30, 2024 TO THE FOUNDATION TO BE HELD AS A TERM ENDOWMENT. THE ENDOWMENT WILL BE MANAGED CONSISTENT WITH THE FOUNDATION'S POLICIES AND PROCEDURES. THE ENDOWMENT'S MARKET VALUE IS REFLECTED WITHIN THE STATEMENTS OF FIDUCIARY NET POSITION, AND THE ANNUAL APPRECIATION IS PRESENTED IN THE STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN FIDUCIARY NET POSITION. PART IV, LINE 2B: THE FOUNDATION HOLDS FUNDS DEPOSITED FOR DISBURSEMENT PROCESSING ON BEHALF OF A FAMILY FOUNDATION IN THE AMOUNT OF $37,753. PART V, LINE 4: THE FOUNDATION'S ENDOWMENT CONSISTS OF DONATIONS RECEIVED BY THE FOUNDATION IN WHICH THE DONOR HAS FORMALLY INDICATED THAT THE FUNDS MUST BE HELD AND INVESTED IN PERPETUITY. EARNINGS DERIVED FROM THE INVESTED ENDOWED FUNDS ARE AVAILABLE FOR SPENDING BASED ON THE DONOR'S EXPLICIT INTENT. PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN AND HAS CONCLUDED THAT AS OF JUNE 30, 2024 AND 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. IF THE FOUNDATION WERE TO INCUR AN INCOME TAX LIABILITY IN THE FUTURE, INTEREST AND PENALTIES WOULD BE REPORTED AS INCOME TAXES. THE FOUNDATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. PART XI, LINE 2D - OTHER ADJUSTMENTS: BAD DEBT EXPENSES NETTED WITH CONTRIBUTIONS ON FS -1,795,434. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON 990 PART VIII -483,516. SPECIAL EVENT EXPENSES REPORTED ON 990 PART VIII -388,939. COGS REPORTED ON 990 PART VIII -13,103. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM RELATED ORGANIZATION (REPORTED ON CONSOLIDATED FS) 10,630. RENTAL EXPENSES REPORTED ON 990 PART VIII 483,516. SPECIAL EVENT EXPENSES REPORTED ON 990 PART VIII 388,939. COGS REPORTED ON 990 PART VIII 13,103. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 14488929 0 0 0 0 0 0 14488929 0 14488929 1 0 1 1 1 0 X X X X X X X 1 THE SUPERLATIVE GROUP 2843 FRANKLIN BLVD CLEVELAND OH 44113 SPONSORSHIP & NAMING RIGHTS CONSULTING SERVICES 0 0 142466 142466 142466 142466 AK CA CO FL KY MA MD ME MN ND NH NJ NV NY OH OK OR PA SC UT WA WI WV NURSING 50TH ANNIVERSARY 241360 218272 23088 8748 56726 2885 55208 BREW MIAMI 61879 42467 19412 9446 47355 20451 5 234140 223256 10884 22040 22357 11336 129390 537379 483995 53384 40234 79083 61576 205049 385942 -332558 SCHEDULE G, PART I, LINE 2B, COLUMN (V) THE ORGANIZATION MADE PAYMENTS TO THE SUPERLATIVE GROUP FOR SPONSORSHIP AND NAMING RIGHTS CONSULTING SERVICES. 1 FLORIDA INTERNATIONAL UNIVERSITY 11200 SW 8TH STREET MIAMI FL 33199 650177616 115(1) 47079519 0 UNIVERSITY/STUDENT ASSISTANCE 1 0 PART I, LINE 2: ALL GRANT FUNDS ARE REVIEWED FOR COMPLIANCE WITH DONOR INTENT AND DISBURSED OR TRANSFERRED IN SUPPORT OF FLORIDA INTERNATIONAL UNIVERSITY. X 1 0 0 0 0 0 0 0 0 0 0 ELIZABETH M BEJAR EX-OFFICIO/FIU PROVOST 0 507786 0 0 0 0 0 44029 0 21857 0 573672 0 0 HOWARD R LIPMAN FORMER CEO 236309 260014 0 0 0 0 7916 8710 5198 5719 249423 274443 0 0 PABLO G ORTIZ INTERIM CEO, 5/2023 - 11/2024 70609 319077 0 0 0 0 19130 86448 3947 17835 93686 423360 0 0 YOLANGEL HERNANDEZ SUAREZ DIRECTOR 0 384968 0 0 0 0 0 28966 0 43 0 413977 0 0 LINDA LEE MANAGE CCO/INTERIM CDO 224706 0 0 0 0 0 21289 0 19856 0 265851 0 0 0 SHIVANI JOSHI INTERIM AVP, UNTIL 8/2024 159997 56532 0 0 0 0 13811 4880 14672 5184 188480 66596 0 0 RAFAEL PROHIAS GENERAL COUNSEL 0 202502 0 0 0 0 0 25229 0 10849 0 238580 0 0 MELISSA HERNANDEZ CHIEF ADMINISTRATIVE OFFICER 207454 0 0 0 0 0 19597 0 9204 0 236255 0 0 0 NOEL C BARENGO EX-OFFICIO, UNTIL 9/2023 0 182514 0 0 0 0 0 17148 0 19856 0 219518 0 0 SNEH GULATI EX-OFFICIO, AS OF 9/2023 0 164648 0 0 0 0 0 15014 0 19856 0 199518 0 0 ADRIANNE PERDOMO ASST. TREASURER 45468 109982 0 0 0 0 5113 12368 5808 14048 56389 136398 0 0 CAROLYN JACKSON FORMER AVP (HCE) 143212 17542 0 0 0 0 10150 1243 8845 1083 162207 19868 0 0 ADY ARGUELLES FORMER DEVELOPMENT OFFICER (HCE) 116697 20559 0 0 0 0 10691 1883 9848 1735 137236 24177 0 0 PART I, LINE 1A THE FOUNDATION WILL REIMBURSE CARRIER EXPENSES FOR COACH. BUSINESS CLASS TRAVEL OR ONE UPGRADE MAY BE REIMBURSED FOR THE UNIVERSITY PRESIDENT, FOUNDATION CEO, FOUNDATION CDO, VICE-PRESIDENTS, AND DEANS. IF ANY OTHER EMPLOYEE WISHES TO FLY BUSINESS CLASS FOR AN INTERNATIONAL TICKET EXCEEDING 4 HOURS, APPROVAL IS REQUIRED PRIOR TO TICKET PURCHASE FROM VICE-PRESIDENT OR DEAN. FOR ANY TRAVELER, FIRST CLASS TRAVEL, ONLY IF EXCEEDING 4 HOURS, MUST HAVE APPROVAL GRANTED FROM THE FOUNDATION CEO AND DEPARTMENT'S CORRESPONDING VICE PRESIDENT, PRIOR TO THE TRAVEL OCCURRING. PART I, LINE 3 THE ORGANIZATION RELIED ON FLORIDA INTERNATIONAL UNIVERSITY (FIU), A RELATED ORGANIZATION, TO ESTABLISH THE COMPENSATION OF THE ORGANIZATION'S CEO. THE PROCESS TO HIRE THE ORGANIZATION'S CEO INCLUDES A WRITTEN EMPLOYMENT CONTRACT AND APPROVAL BY THE ORGANIZATION'S BOARD OF DIRECTORS. THE PROCESS TO HIRE OTHER OFFICERS OR KEY EMPLOYEES INCLUDES A DETAILED REVIEW OF FIU'S COMPENSATION DEPARTMENT, WHICH INCLUDES AN ANALYSIS OF COMPARABLE SALARIES WITHIN FIU AND THE FLORIDA STATE UNIVERSITY SYSTEM. X 19 349774 FMV 0 0 1 1 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS. PART I, LINE 32B: THE FIU FOUNDATION HAS A GIFT CLEARING ACCOUNT AT JP MORGAN CHASE FOR THE ACCEPTANCE AND SALE OF GIFTS OF SECURITIES. FORM 990, PART V, LINES 2A AND 2B THE NUMBER OF EMPLOYEES REPORTED ON PART V, LINE 2A REPRESENTS THE NUMBER OF EMPLOYEES OF THE FILING ORGANIZATION DURING THE TAX YEAR 2023 WHICH WERE REPORTED ON FORM W-3 BY FLORIDA INTERNATIONAL UNIVERSITY (FIU). SIMILARLY THE SALARY EXPENSES WERE ALL REPORTED ON FORM 941, EMPLOYER'S QUARTERLY FEDERAL TAX RETURN, OF FIU. FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE OF THE DIRECTORS OF THE FOUNDATION SHALL HAVE AND MAY EXERCISE ALL POWERS AND AUTHORITY OF THE BOARD WHEN THE DIRECTORS ARE NOT IN SESSION, SUBJECT ONLY TO SUCH RESTRICTIONS OR LIMITATIONS AS THE DIRECTORS MAY FROM TIME TO TIME SPECIFY, EXCEPT THAT THE EXECUTIVE COMMITTEE SHALL HAVE NO AUTHORITY TO ALTER, AMEND, OR REPEAL THE ARTICLES OF INCORPORATION OR BYLAWS OF THE FOUNDATION, TO REMOVE DIRECTORS OR OFFICERS OR TO ELECT OFFICERS. THE EXECUTIVE COMMITTEE MAY ELECT DIRECTORS THAT HAVE BEEN RECOMMENDED BY THE MEMBERSHIP & BOARD MANAGEMENT COMMITTEE, PROVIDED THAT THE MEMBERSHIP & BOARD MANAGEMENT COMMITTEE CIRCULATES ITS RECOMMENDATIONS TO THE FULL BOARD PRIOR TO THE EXECUTIVE COMMITTEE MEETING WHERE NEW DIRECTORS WILL BE ELECTED. THE EXECUTIVE COMMITTEE SHALL MEET AT THE CALL OF THE CHAIRPERSON OF THE DIRECTORS. A MAJORITY OF THE VOTING MEMBERS OF THE EXECUTIVE COMMITTEE SHALL CONSTITUTE A QUORUM AND A MAJORITY VOTE OF THE VOTING MEMBERS OF THE COMMITTEE PRESENT, AFTER A QUORUM HAS BEEN DECLARED, SHALL BE REQUIRED TO ENACT BUSINESS OF THE EXECUTIVE COMMITTEE. WHEN URGENCY PRECLUDES A FORMAL MEETING, MATTERS MAY BE HANDLED BY TELEPHONE IN ACCORDANCE WITH PROVISIONS OF THESE BYLAWS AND THE REQUIREMENTS OF FLORIDA LAW REGARDING MEETINGS OF THE DIRECTORS. ALL ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE REPORTED TO THE DIRECTORS AT THE NEXT ENSUING MEETING OF THE BOARD, OR WHEN DEEMED SUFFICIENTLY IMPORTANT BY THE CHAIRPERSON AND THE UNIVERSITY PRESIDENT, SUCH ACTIONS SHALL BE REPORTED TO THE DIRECTORS WITHIN THIRTY (30) DAYS AFTER SUCH ACTION IS TAKEN, OR AT A MEETING OF THE DIRECTORS IF A MEETING IS HELD WITHIN THAT PERIOD OF TIME. ALL ACTIONS OF THE EXECUTIVE COMMITTEE SHALL BE INCLUDED IN THE MINUTES OF THE BOARD. FORM 990, PART VI, SECTION A, LINE 2 RAKESH SARNA, DIRECTOR, AND RACHANEE SARNA, DIRECTOR HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION UPDATED ITS BYLAWS AS OF 10/21/2023. SUCH REVISIONS INCLUDE THE FOLLOWING: 1. THE DESIGNATED EX OFICIO MEMBERS SHALL INCLUDE THE UNIVERSITY PRESIDENT, THE VICE CHAIR OF THE FACULTY SENATE, THE VICE PRESIDENT OF THE STUDENT GOVERNMENT ASSOCIATION, THE PRESIDENT OF THE ALUMNI ASSOCIATION, THE CHAIRPERSON OF THE FIU PRESIDENT'S COUNCIL, AND OTHERS WHO MAY BE DESIGNATED BY THE DIRECTORS FROM TIME TO TIME. 2. ADDITION OF THE ATHLETICS SUB-COMMITTEE. THE ATHLETICS SUB-COMMITTEE SHALL BE A SUBCOMMITTEE OF THE DEVELOPMENT MANAGEMMENT COMMITTEE. THE ATHLETICS SUB-COMMITTEE SHALL BE RESPONSIBLE FOR SUPPORTING THE FOUNDATION'S OVERALL EFFORTS FOR FUNDRAISING FOR FIU ATHLETICS, AND, ON BEHALF OF THE FOUNDATION, PROVIDE SUPPORT FOR ENGAGING FANS, ALUMNI AND LOYAL SUPPORTERS OF FIU ATHLETICS IN ORDER TO GENERATE FINANCIAL CONTRIBUTIONS FOR THE PURPOSE OF ENRICHING THE OVERALL EDUCATIONAL AND ATHLETIC EXPERIENCE FOR ALL FIU STUDENT-ATHLETES. 3. ADDITION OF THE FOUNDATION ENTERPRISE GROWTH COMMITTEE. THE FOUNDATION ENTERPRISE GROWTH COMMITTEE SHALL BE RESPONSIBLE FOR IDENTIFYING AND ANALYZING POTENTIAL ALTERNATIVE REVENUE STREAMS FOR THE FOUNDATION, THAT ARE ALIGNED WITH THE UNIVERSITY'S VALUES AND GOALS, THAT MAY RESULT IN POTENTIAL INCREMENTAL FUNDING OPPORTUNITIES (I.E., BY LEVERAGING NEWLY ACQUIRED OR EXISTING FOUNDATION TANGIBLE OR INTANGIBLE ASSETS) THAT WOULD IN TURN ALLOW THE FOUNDATION TO ACHIEVE IMPROVED ORGANIZATIONAL SELF-SUFFICIENCY. 4. CHANGING THE REAL ESTATE SUB-COMMITTEE TO BE A SUBCOMMITTEE OF THE FOUNDATION ENTERPRISE GROWTH COMMITTEE, RATHER THAN THE FINANCE COMMITTEE. 5. ADDITION OF THE FIU VENTURES SUB-COMMITTEE. THE FIU VENTURES SUB-COMMITTEE SHALL BE A SUBCOMMITTEE OF THE FOUNDATION ENTERPRISE GROWTH COMMITTEE. THE FIU VENTURES SUB-COMMITTEE SHALL BE RESPONSIBLE FOR THE ORGANIZATION AND MANAGEMENT OF A FOUNDATION INVESTMENT FUND THAT WILL SEEK TO RAISE CAPITAL FROM ACCREDITED INVESTORS WITH THE GOAL OF MAKING EQUITY INVESTMENTS IN EARLY-STAGE, HIGH GROWTH COMPANIES. ALL ACTIONS OF THE FIU VENTURES SUB-COMMITTEE SHALL BE REPORTED TO AND APPROVED BY THE FOUNDATION ENTERPRISE GROWTH COMMITTEE. 6. INCLUDING LANGUAGE THAT CANDIDATES FOR SPECIAL MEMBERSHIP WILL BE REVIEWED BY THE CHAIRPERSON OF THE MEMBERSHIP AND BOARD GOVERNANCE, SUBJECT TO THE CONFIRMATION BY THE MEMBERSHIP AND BOARD GOVERNANCE COMMITTEE, BASED UPON CERTAIN CRITERIA AND SUBJECT TO CERTAIN DUTIES, OBLIGATIONS AND TERM REQUIREMENTS AS ESTABLISHED BY THE BOARD FROM TIME TO TIME. 7. UPDATING CHAIRPERSON EMERITUS TO HONOR PAST CHAIRPERSONS OF THE BOARD WHO HAVE RENDERED EXTRAORDINARY SERVICE TO THE FOUNDATION. FORM 990, PART VI, SECTION B, LINE 11B AN INITIAL DRAFT IS REVIEWED BY THE ASSISTANT VICE-PRESIDENT AND THE CHAIR OF THE AUDIT SUBCOMMITTEE FOR ACCURACY BEFORE FORM 990 IS FILED. THE APPROVED DRAFT FORM 990 IS SUBSEQUENTLY SENT TO ALL BOARD MEMBERS FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C EACH FOUNDATION BOARD AND COMMITTEE MEMBER HAS A CONTINUING OBLIGATION TO BE FAMILIAR WITH THE FLORIDA STATUTES REGARDING ETHICS AND CONFLICTS OF INTEREST AND THE TERMS OF THE POLICY; DISCLOSE TO THE FOUNDATION BOARD AND/OR COMMITTEE CHAIR ANY POSSIBLE PERSONAL, FAMILIAL OR BUSINESS RELATIONSHIPS THAT MIGHT REASONABLY GIVE RISE TO A CONFLICT INVOLVING THE FOUNDATION; AND ACKNOWLEDGE BY HIS OR HER EXECUTION OF THE "CONFLICT OF INTEREST DISCLOSURE FORM" THAT HE OR SHE IS IN COMPLIANCE WITH THE LETTER AND SPIRIT OF THIS POLICY AND APPLICABLE LAWS. BEGINNING EVERY FISCAL YEAR A FORM IS MAILED TO EVERY BOARD MEMBER FOR REVIEW AND UPDATE. FORM 990, PART VI, SECTION B, LINE 15 ALL EMPLOYEES ARE DIRECTLY PAID BY FLORIDA INTERNATIONAL UNIVERSITY (FIU); HOWEVER, THE FUNDING SOURCE FOR EACH EMPLOYEE MAY BE SPLIT BETWEEN FOUNDATION AND FIU. THE PROCESS TO HIRE THE FOUNDATION'S CEO INCLUDES A WRITTEN EMPLOYMENT CONTRACT AND APPROVAL BY THE FOUNDATION BOARD OF DIRECTORS. THE PROCESS TO HIRE OTHER OFFICERS OR KEY EMPLOYEES INCLUDES A DETAILED REVIEW OF FIU'S COMPENSATION DEPARTMENT, WHICH INCLUDES AN ANALYSIS OF COMPARABLE SALARIES WITHIN FIU AND THE FLORIDA STATE UNIVERSITY SYSTEM. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE PUBLIC ON THEIR WEBSITE AND UPON REQUEST. THE FINANCIAL STATEMENTS AND FORM 990 ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGES IN VALUE OF SPLIT-INTEREST -24,303. PROVISION FOR UNCOLLECTIBLE PROMISE -1,795,434. 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