2025-06-18T13:36:52-05:00 2024-12-31 410746749 CLIFTONLARSONALLEN LLP 420 SOUTH ORANGE AVENUE SUITE 900 ORLANDO FL 32801 990 2024-01-01 591819213 POLK STATE COLLEGE FOUNDATION INC POLK 8632923749 999 AVENUE H NE WINTER HAVEN FL 33881 JOANIE MALONE CHIEF FINANCIAL OFFICER 8632923749 2025-06-18 1 1 TINA HENTON P00630282 4078021200 2025-06-18 2024 2025-03-06 01:10:19Z JOANIE MALONE 999 AVENUE H NE WINTER HAVEN FL 33881 14122073 0 X WWW.POLK.EDU/FOUNDATION X 1976 FL POLK STATE COLLEGE FOUNDATION WORKS IN TANDEM WITH POLK STATE COLLEGE TO HELP IT MEET ITS HALLMARKS AND COMMITMENT TO THE COMMUNITY OF ACCESS AND AFFORDABILITY TO HIGHER EDUCATION. SEE SCHEDULE O. 25 25 0 45 0 0 1729978 4675388 0 0 1400149 2719771 -116818 -182712 3013309 7212447 1472648 1488041 0 0 0 0 0 0 178485 809093 1190315 2281741 2678356 731568 4534091 45518078 51399651 2141237 1619971 43376841 49779680 X POLK STATE COLLEGE FOUNDATION WORKS IN TANDEM WITH POLK STATE COLLEGE TO HELP IT MEET ITS HALLMARKS AND COMMITMENT TO THE COMMUNITY OF ACCESS AND AFFORDABILITY TO HIGHER EDUCATION. SEE SCHEDULE O.SCHOLARSHIPS ARE A KEY WAY THE FOUNDATION ACCOMPLISHES THIS AND, AS SUCH, REMAINS THE FOUNDATION'S NUMBER-ONE FUNDRAISING PRIORITY. THE POLK STATE COLLEGE FOUNDATION IS GOVERNED BY A BOARD OF DIRECTORS COMPRISED OF COMMUNITY LEADERS, AS WELL AS A STRONG MANAGEMENT TEAM TO ENSURE THAT DONATIONS ARE WISELY MANAGED AND LEVERAGED TO MAXIMIZE THE BENEFIT TO THE STUDENTS. GIFTS AT EVERY LEVEL ARE APPRECIATED AND TRULY MAKE A DIFFERENCE IN THE LIVES OF POLK STATE STUDENTS. SOME STUDENTS, INDEED, NEED HELP PAYING FOR THE MAJORITY OF THEIR TUITION, WHILE OTHERS SIMPLY NEED HELP WITH THE COST OF A BOOK TO BE ABLE TO AFFORD TAKING A CLASS AT POLK. 0 0 2287738 1488041 0 THE POLK STATE COLLEGE FOUNDATION ASSISTS MORE THAN 1,000 STUDENTS ANNUALLY THROUGH AWARDING MORE THAN $1 MILLION IN SCHOLARSHIPS. THE MAJORITY OF SCHOLARSHIP AWARDS ARE DONOR DIRECTED AND HELP LIFT UP STUDENTS THROUGHOUT THE COLLEGE POPULATION. FIRST GENERATION, ALLIED HEALTH, PUBLIC SAFETY, ATHLETICS, THE ARTS AND EMERGENCY SCHOLARSHIPS ARE A FEW EXAMPLES OF DONOR DESIGNATIONS. IN ADDITION TO TRADITIONAL AND NON-TRADITIONAL SCHOLARSHIP AWARDS, THE FOUNDATION HAS A POPULAR ELEMENTARY SCHOLARSHIP PROGRAM, WHERE AT LEAST ONE GRADUATE OF EVERY ELEMENTARY SCHOOL IN POLK COUNTY IS AWARDED A SCHOLARSHIP TO ATTEND POLK STATE UPON GRADUATION FROM HIGH SCHOOL. THE FOUNDATION ALSO HELPS TO ELEVATE THE COLLEGE THROUGH AN ENDOWED TEACHING CHAIR PROGRAM THAT HONORS DISTINGUISHED FACULTY. (CONTINUED ON SCHEDULE O)POLK STATE COLLEGE HAS BEEN FURTHER STRENGTHENED BY DONOR CONTRIBUTIONS TO THE FOUNDATION FOR FACILITIES, EQUIPMENT, PROGRAMS AND TECHNOLOGY. 2287738 1 1 0 1 0 0 0 1 0 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 1 30 0 1 0 0 0 0 0 0 1 1 0 0 0 0 0 0 X 25 25 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X JOANIE MALONE CFO 8632923749 999 AVENUE H NE WINTER HAVEN FL 33881 DAVID FISHER CHAIR 0.50 X X 0 0 0 BO BOYTE VICE CHAIR 0.50 X 0 0 0 JENNIFER HALL TREASURER 0.50 X X 0 0 0 WENDY VENTORS DEVELOPMENT CHAIR/SECRETARY 0.50 X X 0 0 0 GRETA DUPUY PAST CHAIR 0.50 X 0 0 0 JAY BURNS BOARD MEMBER (THRU 6/30/24) 0.25 X 0 0 0 NANCY DODD BOARD MEMBER 0.25 X 0 0 0 JENNIFER FASKING BOARD MEMBER 0.25 X 0 0 0 SCOTT HART BOARD MEMBER 0.25 X 0 0 0 NIKKI HAYDE BOARD MEMBER 0.25 X 0 0 0 FRANK IDRIS BOARD MEMBER (THRU 6/30/24) 0.25 X 0 0 0 BILL JACOBS BOARD MEMBER 0.25 X 0 0 0 CYNDI JANTOMASO MEDP BOARD MEMBER 0.25 X 0 0 0 JENNIFER KINCART JONSSON BOARD MEMBER 0.25 X 0 0 0 GARRETT KENNY BOARD MEMBER 0.25 X 0 0 0 MICHELE LEDFORD BOARD MEMBER 0.25 X 0 0 0 DR CHRISTOPHER LOPEZ BOARD MEMBER 0.25 X 0 0 0 BETH LUCKET BOARD MEMBER 0.25 X 0 0 0 RYAN MCKELLEN BOARD MEMBER 0.25 X 0 0 0 DR PAUL MORIN BOARD MEMBER 0.25 X 0 0 0 MATT MUCCI BOARD MEMBER 0.25 X 0 0 0 KATHLEEN MUNSON BOARD MEMBER (THRU 6/30/24) 0.25 X 0 0 0 ANALISA NOVOSEL BOARD MEMBER 0.25 X 0 0 0 JASON PENROD BOARD MEMBER (THRU 6/30/24) 0.25 X 0 0 0 TY PINNER BOARD MEMBER 0.25 X 0 0 0 NICK PLOTT BOARD MEMBER 0.25 X 0 0 0 JAMES RING BOARD MEMBER (THRU 6/30/24) 0.25 X 0 0 0 CHRISTINE SAMUEL BOARD MEMBER 0.25 X 0 0 0 NIKKI SMITH BOARD MEMBER 0.25 X 0 0 0 MEG THORNTON BOARD MEMBER 0.25 X 0 0 0 JOANIE MALONE CHIEF FINANCIAL OFFICER 50.00 X 0 59959 8833 STEVEN WARNER EXECUTIVE DIRECTOR 60.00 X 0 120699 47321 0 180658 56154 0 0 1 0 WHITIS CONSULTING LLC 207 WEST PARK AVENUE SUITE A TALLAHASSEE FL 32301 LOBBYING 120000 1 375312 4300076 69167 4675388 937986 937986 8295153 6513368 1781785 1781785 1781785 210382 375312 396258 -185876 -185876 MISCELLANEOUS REVENUE 900099 3164 3164 3164 7212447 0 0 2537059 1488041 1488041 56782 56782 120000 120000 95120 95120 97089 19767 48408 28914 5599 5027 572 20706 5009 3925 11772 COLLEGE PROGRAM 669243 669243 OTHER OPERATING EXPENSE 93170 86457 3342 3371 EQUIPMENT & CONSTRUCTIO 27461 11637 1396 14428 DUES, LICENSES, & FEES 5145 2557 2588 2678356 2287738 212133 178485 4359711 6856036 67362 68068 1599596 2813537 164676 144098 61227 38811955 40940040 514778 516645 45518078 51399651 2141237 1619971 2141237 1619971 X 1425158 1919557 41951683 47860123 43376841 49779680 45518078 51399651 X 4534091 1854621 14127 X 0 1 X 1 0 X 1322767 1198423 2887657 1729978 4675388 11814213 1322767 1198423 2887657 1729978 4675388 11814213 11814213 497943 752101 840154 1246495 937986 4274679 64425 87203 48162 95657 213546 508993 16597885 0.71180 0.66940 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2020 AMOUNT: $ 64,425. 2021 AMOUNT: $ 87,203. 2022 AMOUNT: $ 48,162. 2023 AMOUNT: $ 95,657. 2024 AMOUNT: $ 213,546. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 120000 0 0 120000 0 X 0 35355528 224097 4261419 -1591001 95120 38154923 31560975 166706 4313001 -991411 90961 35355528 37621889 500025 -5022251 1052044 89696 31560975 34137822 185637 4165220 866790 37621889 32243113 52599 2617718 749966 25642 34137822 0.02950 0.66550 0.30500 0 0 0 X 9688647 1854621 702572 14127 2571320 7117327 95120 95120 7212447 3285808 702572 702572 2583236 95120 95120 2678356 PART III, LINE 4: COLLECTIONS AND RELATION TO EXEMPT PURPOSE PAINTINGS HAVE BEEN DONATED TO THE FOUNDATION AND THEY ARE ON DISPLAY AT THE COLLEGE. THE VALUE OF THE PAINTINGS IS $32,782. THE PAINTINGS ARE CONSIDERED WORKS OF ART WITH INEXHAUSTABLE LIVES. THE PAINTINGS RELATE TO THE ARTISTIC PROGRAMS OFFERED TO THE STUDENTS OF POLK STATE COLLEGE, FOR WHICH THE FOUNDATION PROVIDES FUNDING AND OTHER ASSISTANCE. PART V, LINE 4: THE FOUNDATION'S ENDOWMENT FUNDS ARE INTENDED TO PROVIDE A PERMANENT SOURCE OF INCOME FOR THE FULFILLMENT OF THE FOUNDATION'S MISSION. THE ENDOWMENT FUNDS PRINCIPAL IS INVESTED AND NOT SPENT. THE INCOME GENERATED FROM THE INVESTMENTS OF PRINCIPAL IS USED FOR THE FOUNDATION'S PURPOSES RELATED TO THE COLLEGE, INCLUDING ALLOCATIONS THAT ARE TRANSFERRED INTO RESTRICTED FUNDS FOR SCHOLARSHIPS AND AWARDS, COLLEGE PROPERTY AND EQUIPMENT, AND OTHER PROGRAM EXPENDITURES. THE EARNINGS ARE ALLOCATED PURSUANT TO FINANCIAL POLICIES ESTABLISHED BY THE FOUNDATION'S BOARD OF DIRECTORS. PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. HOWEVER, INCOME FROM CERTAIN ACTIVITIES NOT DIRECTLY RELATED TO THE FOUNDATION'S TAX-EXEMPT PURPOSE IS SUBJECT TO TAXATION AS UNRELATED BUSINESS INCOME. THE FOUNDATION QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION OTHER THAN A PRIVATE FOUNDATION UNDER SECTION 509(A)(1). THE FOUNDATION IDENTIFIES AND EVALUATES UNCERTAIN TAX POSITIONS, IF ANY, AND RECOGNIZES THE IMPACT OF UNCERTAIN TAX POSITIONS FOR WHICH THERE IS A LESS THAN MORE-LIKELY-THAN-NOT PROBABILITY OF THE POSITION BEING UPHELD WHEN REVIEWED BY THE RELEVANT TAXING AUTHORITY. INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX BENEFITS ARE RECORDED AS INCOME TAXES IN THE STATEMENT OF FINANCIAL POSITION. THE FOUNDATION HAS NOT RECOGNIZED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. IF THERE WERE AN UNRECOGNIZED TAX BENEFIT, THE FOUNDATION WOULD RECOGNIZE INTEREST ACCRUED RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST AND PENALTIES IN OPERATING EXPENSES. PART XI, LINE 2D - OTHER ADJUSTMENTS: BENEFICIAL INTEREST IN TRUST 14,127. NIGHT OF LEGACY 291229 247717 43512 100425 3350 131511 GOLF TOURNAMENT 55564 28361 27203 1100 26103 218 4 238901 99234 139667 14158 49553 40439 1166 28235 585694 375312 210382 15258 75656 140864 4516 159964 396258 -185876 1 SCHOLARSHIPS AND AWARDS 854 1488041 N/A N/A PART I, LINE 2: PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS AS A DIRECT-SUPPORT ORGANIZATION FOR, AND A COMPONENT UNIT OF, POLK STATE COLLEGE, THE FOUNDATION PROVIDES SUPPORT FOR THE COLLEGE ITSELF AS WELL AS FOR THE STUDENTS AND FACULTY (SEE INDIVIDUAL RECIPIENTS BELOW). IN ADDITION TO SUPPLYING GENERAL SUPPORT FOR THE COLLEGE, THE FOUNDATION PROVIDES THE COLLEGE WITH SOME FUNDING FOR EQUIPMENT, FIXTURES, TECHNOLOGY AND OTHER PROGRAMS AND FACILITIES. GENERALLY, THE FOUNDATION EXPENDS THE FUNDS DIRECTLY TO THE VENDORS AND IS ABLE TO REGULARLY MONITOR THE OUTCOMES OF ITS GRANTS TO THE COLLEGE SINCE THE FOUNDATION IS LOCATED ON THE MAIN CAMPUS OF THE COLLEGE. FOR INDIVIDUAL RECIPIENTS, THE POLK STATE COLLEGE FOUNDATION, INC. MONITORS THE RECIPIENTS OF THE GRANT FUNDS IN CONJUNCTION WITH POLK STATE COLLEGE, TO ASSURE THAT THE REQUIREMENTS OF THE GRANT ARE MET, SUCH AS MAINTENANCE OF GRADE POINT AVERAGES, CREDIT HOURS TAKEN, APPROVED COURSES OF STUDY, CONTINUANCE OF FINANCIAL NEED, AND COMPLIANCE WITH ANY DONOR RESTRICTIONS. DETAILED RECORDS ARE MAINTAINED BY SCHOLARSHIP OR OTHER TYPE OF GRANT, AS WELL AS BY RECIPIENT. 0 0 0 0 0 0 0 0 0 STEVEN WARNER EXECUTIVE DIRECTOR 0 120699 0 0 0 0 0 0 0 47321 0 168020 0 0 X AUCTION ITEMS 61 69167 0 0 0 FORM 990, PART VI, SECTION A, LINE 1A THE EXECUTIVE COMMITTEE SHALL CONSIST OF THE OFFICERS OF THE BOARD, THE REPRESENTATIVE OF THE DISTRICT BOARD OF TRUSTEES, AND THE PRESIDENT OF THE COLLEGE (OR THE PRESIDENT'S DESIGNEE). THE CHAIR OF THE BOARD SHALL BE CHAIR OF THE EXECUTIVE COMMITTEE. A MAJORITY OF THE EXECUTIVE COMMITTEE PRESENT AT A MEETING SHALL CONSTITUTE A QUORUM FOR THE TRANSACTION OF ANY BUSINESS THAT MAY COME BEFORE THEM. ALL RESOLUTIONS SHALL BE DETERMINED BY A MAJORITY VOTE. THE EXECUTIVE COMMITTEE SHALL MEET AT THE CALL OF THE CHAIR OF THE BOARD. THE EXECUTIVE COMMITTEE SHALL HAVE AND MAY EXERCISE ALL POWERS AND AUTHORITY OF THE BOARD SUBJECT ONLY TO THE RESTRICTIONS OR LIMITATIONS SPECIFIED BY THE BYLAWS; HOWEVER, THE EXECUTIVE COMMITTEE SHALL NOT HAVE THE AUTHORITY TO ALTER, AMEND, OR REPEAL THE BYLAWS OR TO SUSPEND OR TERMINATE THE MEMBERSHIP OF ANY DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY THE ORGANIZATION'S PUBLIC ACCOUNTING FIRM BASED ON DATA SUPPLIED BY THE ORGANIZATION. ONCE A REVIEW IS PERFORMED BY MANAGEMENT OF THE ORGANIZATION, THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR THEIR FINAL REVIEW AND APPROVAL. FORM 990, PART VI, SECTION B, LINE 12C 1. PRESUMED CONFLICTS OF INTEREST: FOR PURPOSES OF THIS POLICY, A CONFLICT OF INTEREST IS PRESUMED TO ARISE WHEN THE FOUNDATION HAS OR IS CONSIDERING A TRANSACTION OR OTHER BUSINESS RELATIONSHIP WITH A DIRECTOR A DIRECTOR'S FAMILY MEMBER (DEFINED TO INCLUDE A SPOUSE, CHILD OR HOUSEHOLD MEMBER) OR WITH AN OUTSIDE ENTITY IN WHICH THE DIRECTOR OR FAMILY MEMBER HAS A MATERIAL FINANCIAL INTEREST. A FINANCIAL INTEREST IS PRESUMED TO BE MATERIAL IF IT ENTAILS: ANY OWNERSHIP OR INVESTMENT INTEREST (INCLUDING STOCK, OPTIONS, A PARTNERSHIP INTEREST OR ANY OTHER OWNERSHIP OR INVESTMENT INTEREST) VALUED AT MORE THAN $10,000, EXCEPT EQUITY IN A PUBLICLY TRADED COMPANY AMOUNTING TO LESS THAN A FIVE (5) PERCENT OWNERSHIP INTEREST IN THE COMPANY; RECEIPT OF NON-DIVIDEND COMPENSATION (INCLUDING SALARY, CONSULTING FEES, ROYALTY PAYMENTS OR OTHER REMUNERATION) OF MORE THAN $10,000 IN ANY 12-MONTH PERIOD IN THE PAST THREE YEARS, OR THE EXPECTATION OF SUCH COMPENSATION IN THE FUTURE; REAL PROPERTY, PERSONAL PROPERTY, INTELLECTUAL PROPERTY OR ANY OTHER INTEREST VALUED AT $10,000 OR MORE; A POSITION OF REAL OR APPARENT AUTHORITY IN AN OUTSIDE ENTITY, SUCH AS DIRECTOR, OFFICER, DIRECTOR, OR PARTNER. A DIRECTOR IS NOT DEEMED TO HAVE A MATERIAL FINANCIAL INTEREST IN A PUBLICLY TRADED ENTITY BY REASON OF AN INVESTMENT IN THAT ENTITY BY ANOTHER PUBLICLY TRADED ENTITY, SUCH AS THROUGH A MUTUAL FUND, OF WHICH THE DIRECTOR DOES NOT CONTROL INVESTMENT DECISIONS. A CONFLICT OF INTEREST MAY ALSO ARISE WHEN A DIRECTOR OR FAMILY MEMBER HAS OR IS CONSIDERING AN INVESTMENT IN AN ENTITY, SUCH AS A FUND OR PARTNERSHIP, THAT IS NOT PUBLICLY TRADED AND IN WHICH THE FOUNDATION HAS OR IS CONSIDERING AN INVESTMENT. BECAUSE SUCH PARALLEL INVESTMENTS MAY CREATE AT LEAST AN APPEARANCE THAT THE DIRECTOR IS BENEFITING FROM THE FOUNDATION'S PARTICIPATION IN THE ENTITY, DIRECTORS SHOULD PROMPTLY DISCLOSE TO THE BOARD ANY MATERIAL FINANCIAL INTEREST IN ANY SUCH ENTITY IN WHICH THE DIRECTOR OTHERWISE KNOWS THE FOUNDATION HAS OR IS CONSIDERING AN INVESTMENT. ORDINARILY, THE DIRECTOR SHOULD NOT PARTICIPATE IN ANY DECISION OF THE BOARD OR OF ANY BOARD COMMITTEE REGARDING SUCH INVESTMENT BY THE FOUNDATION; SUCH PARTICIPATION MAY, HOWEVER, BE PERMITTED UPON A FINDING, BY VOTE OF TWO-THIRDS OF THE DIRECTORS PRESENT AT A DULY CONSTITUTED BOARD MEETING, THAT THE INTERESTS OF THE FOUNDATION FULLY WARRANT SUCH PARTICIPATION. 2. DISCLOSURE OF FINANCIAL INTERESTS: A DIRECTOR WHO HAS A KNOWN MATERIAL FINANCIAL INTEREST IN A PENDING OR PROPOSED TRANSACTION OR BUSINESS ARRANGEMENT INVOLVING THE FOUNDATION SHALL PROMPTLY DISCLOSE TO THE BOARD THE EXISTENCE OF THE INTEREST AND OTHER MATERIAL INFORMATION THAT THE DIRECTOR MAY HAVE REGARDING THE TRANSACTION OR ARRANGEMENT. IN ADDITION, EACH DIRECTOR SHALL ANNUALLY SIGN AND SUBMIT TO THE SECRETARY OF THE FOUNDATION A STATEMENT DISCLOSING ALL MATERIAL FINANCIAL INTERESTS, KNOWN TO THE DIRECTOR, OF THE DIRECTOR OR A FAMILY MEMBER, IN ANY OUTSIDE ENTITY WITH WHICH THE DIRECTOR KNOWS THE FOUNDATION HAS OR IS CONSIDERING A TRANSACTION OR OTHER BUSINESS RELATIONSHIP, OR AFFIRMING THAT THE DIRECTOR KNOWS OF NO SUCH INTERESTS. 3. DETERMINATION WHETHER CONFLICT OF INTEREST EXISTS: THE SECRETARY SHALL REVIEW ANNUAL DISCLOSURE STATEMENTS TO DETERMINE WHETHER A MATERIAL FINANCIAL INTEREST HAS BEEN DISCLOSED. IF A MATERIAL FINANCIAL INTEREST HAS BEEN DISCLOSED, THE SECRETARY SHALL PROMPTLY SUBMIT TO THE CHAIR OF THE BOARD FINANCE COMMITTEE OR, IF THE INTERESTS INVOLVE THE CHAIR OF THE FINANCE COMMITTEE, ANOTHER MEMBER OF THE FINANCE COMMITTEE, SUCH DISCLOSURE FORMS TOGETHER WITH ANY ADDITIONAL INFORMATION ABOUT THE CURRENT OR PROPOSED TRANSACTION OR BUSINESS RELATIONSHIP THAT MAY GIVE RISE TO A CONFLICT OF INTEREST THAT THE SECRETARY IN CONSULTATION WITH THE FINANCE COMMITTEE BELIEVES MAY BE INFORMATIVE. THE FINANCE COMMITTEE SHALL REVIEW THE MATTER AND DETERMINE WHETHER THERE IS A CONFLICT OF INTEREST. IF THE INTERESTS BEING REVIEWED INVOLVE A MEMBER OF THE FINANCE COMMITTEE, THE MEMBER SHALL NOT PARTICIPATE IN OR BE PRESENT DURING THE COMMITTEE'S CONSIDERATION OF THE MATTER EXCEPT AS REQUESTED BY THE COMMITTEE TO ANSWER QUESTIONS OR PROVIDE INFORMATION. THE FINANCE COMMITTEE MAY REVIEW SUCH INFORMATION AS IT DEEMS PERTINENT, INCLUDING POSING QUESTIONS TO THE INTERESTED DIRECTOR INVOLVED. IF THE FINANCE COMMITTEE DETERMINES THAT THERE IS A CONFLICT OF INTEREST, IT SHALL SO ADVISE THE INTERESTED DIRECTOR, WHO SHALL HAVE AN OPPORTUNITY TO ADDRESS THE MATTER WITH THE FINANCE COMMITTEE. IF THE FINANCE COMMITTEE OR THE DIRECTOR INVOLVED BELIEVES THAT TO DO SO IS INDICATED, THE MATTER MAY BE REFERRED TO THE BOARD. IF A CONFLICT OF INTEREST DETERMINATION IS REFERRED TO THE BOARD, EITHER FOLLOWING REVIEW BY THE FINANCE COMMITTEE OR IF DISCLOSURE IS MADE IN THE FIRST INSTANCE TO THE BOARD (FOR EXAMPLE, WHERE A DIRECTOR BECOMES AWARE OF A POSSIBLE CONFLICT OF INTEREST DURING OR JUST BEFORE A MEETING OF THE BOARD), UNLESS THE DIRECTOR ELECTS RECUSAL, THE BOARD SHALL DECIDE WHETHER A CONFLICT OF INTEREST EXISTS. THE BOARD MAY QUESTION THE INTERESTED DIRECTOR, AND THE DIRECTOR SHALL HAVE AN OPPORTUNITY TO ADDRESS TO THE BOARD WHETHER THERE IS A CONFLICT. THE INTERESTED DIRECTOR SHALL LEAVE THE BOARD MEETING WHILE THE DISINTERESTED MEMBERS OF THE BOARD DETERMINE, BY MAJORITY VOTE, WHETHER THE FINANCIAL INTEREST GIVES RISE TO A CONFLICT OF INTEREST. IF IT IS DETERMINED THAT NO CONFLICT OF INTEREST EXISTS, THE INTERESTED DIRECTOR MAY REJOIN THE MEETING AND PARTICIPATE FULLY IN THE DISCUSSION OF AND VOTE ON THE PROPOSED TRANSACTION OR ARRANGEMENT. 4. CONSIDERATION OF MATTERS INVOLVING CONFLICT OF INTEREST: IF THE BOARD DETERMINES THAT A DIRECTOR HAS A CONFLICT OF INTEREST IN A MATTER BEFORE THE BOARD, THE BOARD MAY PERMIT THE INTERESTED DIRECTOR TO MAKE A PRESENTATION REGARDING THE MATTER, BUT THE INTERESTED DIRECTOR SHALL BE REQUIRED TO LEAVE THE MEETING PRIOR TO THE DISCUSSION OF, AND THE VOTE ON, THE PROPOSED TRANSACTION OR ARRANGEMENT. THE BOARD SHALL APPROVE THE TRANSACTION OR ARRANGEMENT ONLY UPON A FINDING, BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS, THAT THE TRANSACTION OR ARRANGEMENT IS IN THE FOUNDATION'S BEST INTEREST, IS FOR THE FOUNDATION'S BENEFIT, AND IS FAIR AND REASONABLE TO THE FOUNDATION. THE BOARD MAY ENGAGE SUCH CONSULTANTS AS IT DEEMS NECESSARY OR USEFUL TO ASSIST ITS DETERMINATION OF THESE ISSUES. 5. RECORD OF PROCEEDINGS: WHENEVER THE BOARD HOLDS A MEETING AT WHICH A DIRECTOR'S FINANCIAL INTEREST IN A MATTER IS DISCLOSED, A DETERMINATION REGARDING THE EXISTENCE OF A CONFLICT OF INTEREST IS MADE, OR A TRANSACTION OR ARRANGEMENT WITH RESPECT TO WHICH A DIRECTOR HAS A CONFLICT OF INTEREST IS CONSIDERED, THE BOARD'S CONSIDERATION OF THESE ISSUES SHALL BE REFLECTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS, FINANCIAL STATEMENTS, TAX RETURNS, AND OTHER INFORMATION AVAILABLE TO THE PUBLIC UPON REQUEST. NORMALLY, THE FOUNDATION EMAILS THE INFORMATION TO THE PERSON OR ORGANIZATION REQUESTING IT. THE INFORMATION MAY BE VIEWED IN THE FOUNDATION OFFICES OR MAILED, IF PREFERRED BY THE REQUESTING PARTIES. FORM 990, PART XI, LINE 9: BENEFICIAL INTEREST IN TRUST 14,127. POLK STATE COLLEGE 999 AVENUE H NE WINTER HAVEN FL 33881 591209033 PUBLIC INSTITUTION THAT EDUCATES AND CREATES FL 115(1) N/A N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0