2026-03-24T19:08:58-05:00 2025-06-30 593204548 JAMES MOORE & CO PL 5931 NW 1ST PL GAINESVILLE FL 326072063 990 2024-07-01 237047106 FLORIDA INTERNATIONAL UNIVERSITY FOUNDATION INC FLOR 3053483758 11200 SW 8TH ST MARC 531 MIAMI FL 331992516 ADALIO SANCHEZ CHAIR 3053483758 2026-02-27 1 1 KEN KURDZIEL P00060407 3523781331 2026-03-16 2024 2025-03-06 01:10:19Z ADALIO SANCHEZ 11200 SW 8TH ST MARC 531 MIAMI FL 331992516 168121455 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. 42 39 81 40 -454777 0 44267958 43251576 0 0 6118185 13314733 -249332 -552938 50136811 56013371 47079519 48120863 0 0 1039608 974835 142466 40500 5552983 7587857 7784349 55849450 56920547 -5712639 -907176 483517822 537388670 12835197 16261328 470682625 521127342 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 48868642 48120863 39163 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. 48868642 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 1 0 0 0 0 1 0 0 0 1 1 0 0 0 1 78 0 1 81 1 1 1 0 0 0 0 1 1 0 0 0 1 0 0 0 X 42 39 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CA CO FL KY MA MD ME MN ND NH NJ NV NY OK OR PA SC UT WA WI WV AK OH X ADRIANNE PERDOMO 3053483758 11200 SW 8TH STREET - MARC 530 MIAMI FL 33199 ELIZABETH M BEJAR EX-OFFICIO/ FIU PROVOST 1.00 40.00 X 0 527513 72054 YOLANGEL HERNANDEZ SUAREZ DIRECTOR 1.00 40.00 X 0 345597 28425 SNEH GULATI EX-OFFICIO, AS OF 9/2023 1.00 40.00 X 0 209698 37985 SANTANA WAY EX-OFFICIO/FIU SGA, UNTIL 5/2024 1.00 5.00 X 0 9780 0 ADALIO T SANCHEZ CHAIRPERSON 1.00 0.00 X 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 FRANCIS A HONDAL DIRECTOR 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 LOEWENHERZ DIRECTOR 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 VICE CHAIR 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 THOMAS C RAGAN DIRECTOR 1.00 0.00 X 0 0 0 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 ROBERT M NAMOFF DIRECTOR, UNTIL 3/2024 1.00 0.00 X 0 0 0 SERGIO ABREU JR EX-OFFICIO 1.00 0.00 X 0 0 0 STEWART A 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 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 8239 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 N PERDOMO ASST TREASURER 40.00 0.00 X 16663 138113 40668 KENNETH C HALL CEO, AS OF 11/2024 40.00 0.00 X 286279 224277 183156 LINDA LEE MENAGE CHIEF CAMPAIGN OFFICER/INTERIM CDO 40.00 0.00 X 255646 0 45191 MELISSA HERNANDEZ CAO UNTIL 06/30/2025 40.00 0.00 X 214005 0 30291 SHIVANI JOSHI INTERIM AVP, UNTIL 8/2024 40.00 0.00 X 108091 59674 31986 MICHAEL MARTINEZ SENIOR DIRECTOR INFO SYSTEMS & DATA INTELLIGENCE 40.00 0.00 X 17376 133324 34743 CHRISTY MARTINEZ ASSISTANT VICE PRESIDENT, ADVANCEMENT OPERATIONS 40.00 0.00 X 79423 70813 14658 PABLO ORTIZ FORMER OFFICER 1.00 40.00 X 0 187112 48435 977483 1914140 567592 26 1 1 0 JPMORGAN CHASE 270 PARK AVENUE NEW YORK NY 10017 INVESTMENT OFFICER & CUSTODIAN 627563 COMPASS GROUP USA INC 2400 YORKMONT ROAD CHARLOTTE NC 28217 CATERING SERVICES 472923 EVERTRUE INC 330 CONGRESS STREET 2ND FLOOR BOSTON MA 02210 DONOR ENGAGEMENT PLATFORM 244154 MENA CATERING INC 7462 SW 48TH ST MIAMI FL 33155 CATERING SERVICES 206368 AFRODITAS GARDEN CORP 8600 SW 109 AVENUE SUITE 108 MIAMI FL 33173 CATERING/EVENT SERVICES 159895 10 376254 874907 42000415 475935 43251576 8296130 -454777 8750907 249410 425484 -176074 -176074 -176074 116193267 111174664 5018603 5018603 5018603 77864 874907 493891 -416027 -416027 32512 14045 18467 18467 ADMISSION REVENUE 711210 20243 20243 PROGRAM REVENUE 900099 453 453 20696 56013371 39163 -454777 13177409 48120863 48120863 394253 213133 181120 465124 251446 213678 45831 24776 21055 30912 16711 14201 38715 20929 17786 110250 110250 381750 381750 40500 40500 752319 752319 1910 1910 205833 205833 FUNDRAISING AND DEVELOP 3309402 3309402 BUSINESS OFFICE OPERATI 1115418 18347 1097071 ADVANCEMENT OPERATIONS 876558 876558 FIU ALUMNI ASSOCIATION 564041 564041 466868 139939 12287 314642 56920547 48868642 2498922 5552983 19844008 20987511 339944 32197652 35007508 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36109080 11874578 3921395 337735286 284292410 6590144 29140468 13391672 306631350 276410044 45173370 -24121505 13169499 284292410 218684250 6375715 63059221 11709142 276410044 0.12280 0.47660 0.40060 0 0 37001541 3533558 40535099 5558311 1793938 3764373 861094 794590 66504 22000 22000 44387976 INTERNATIONAL EQUITY SECURITY 105094196 F CORPORATE BONDS 53752545 F LIMITED PARTNERSHIPS 101113507 F HEDGE FUNDS 937322 F REAL ASSETS 15414 F 260912984 DUE TO FLORIDA INTERNATIONAL UNIVERSITY 5364605 SPLIT INTEREST OBLIGATION 427243 5791848 X 115573098 54151494 7942733 -2715601 59378626 56194472 752319 -933420 -181101 56013371 65044662 7942733 933701 8876434 56168228 752319 752319 56920547 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. AS OF JUNE 30, 2025, THE FOUNDATION HAS RECEIVED $13,500,000 FROM THE UNIVERSITY 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 $30,433. 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, 2025 AND 2024, 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 -2,715,601. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON 990 PART VIII -425,484. SPECIAL EVENT EXPENSES REPORTED ON 990 PART VIII -493,891. COGS REPORTED ON 990 PART VIII -14,045. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM RELATED ORGANIZATION (REPORTED ON CONSOLIDATED FS) 281. RENTAL EXPENSES REPORTED ON 990 PART VIII 425,484. SPECIAL EVENT EXPENSES REPORTED ON 990 PART VIII 493,891. COGS REPORTED ON 990 PART VIII 14,045. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS N/A 6205889 0 0 0 0 0 0 6205889 0 6205889 1 0 1 1 1 0 X X X X X X X 1 STEVEN L SCHWARTZ 11200 SW 8TH ST MARC 531 MIAMI FL 331992516 PLANNED GIVING PROGRAM - CONSULTING SERVICES 0 0 40500 -40500 40500 -40500 CA CO FL KY MA MD ME MN ND NH NJ NV NY OH OK OR PA SC UT WA WI WV AK CHAMPION OF FREEDOM 610478 576276 34202 16437 42591 TORCH AWARDS 109390 87566 21824 18734 74692 108873 11547 6 232903 211065 21838 20123 13869 24863 162162 952771 874907 77864 38857 104998 133736 216300 493891 -416027 SCHEDULE G, PART I, LINE 2B, COLUMN (V) THE ORGANIZATION MADE PAYMENTS TO STEVEN SCHWARTZ FOR PLANNED GIVING AND CONSULTING SERVICES. 1 FLORIDA INTERNATIONAL UNIVERSITY 11200 SW 8TH STREET MIAMI FL 33199 650177616 115(1) 48120863 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. 0 0 0 0 0 0 0 0 0 KENNETH C HALL CEO, AS OF 11/2024 286279 224277 0 0 0 0 91357 71571 11342 8886 388978 304734 0 0 ELIZABETH M BEJAR EX-OFFICIO/ FIU PROVOST 0 527513 0 0 0 0 0 50005 0 22049 0 599567 0 0 YOLANGEL HERNANDEZ SUAREZ DIRECTOR 0 345597 0 0 0 0 0 28389 0 36 0 374022 0 0 LINDA LEE MENAGE CHIEF CAMPAIGN OFFICER/INTERIM CDO 255646 0 0 0 0 0 25152 0 20039 0 300837 0 0 0 SNEH GULATI EX-OFFICIO, AS OF 9/2023 0 209698 0 0 0 0 0 17946 0 20039 0 247683 0 0 MELISSA HERNANDEZ CAO UNTIL 06/30/2025 214005 0 0 0 0 0 21005 0 9286 0 244296 0 0 0 PABLO ORTIZ FORMER OFFICER 0 187112 0 0 0 0 0 39362 0 9073 0 235547 0 0 SHIVANI JOSHI INTERIM AVP, UNTIL 8/2024 108091 59674 0 0 0 0 10485 5789 10123 5589 128699 71052 0 0 ADRIANNE N PERDOMO ASST TREASURER 16663 138113 0 0 0 0 2221 18408 2157 17882 21041 174403 0 0 MICHAEL MARTINEZ SENIOR DIRECTOR INFO SYSTEMS & DATA 17376 133324 0 0 0 0 1695 13008 2311 17729 21382 164061 0 0 CHRISTY MARTINEZ ASSISTANT VICE PRESIDENT, ADVANCEMEN 79423 70813 0 0 0 0 7749 6909 0 0 87172 77722 0 0 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. 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. THE BELL'S -PATRICIA B AND DANIEL BOARD -FORMER BOARD MEMBER/CURRENT BOARD-MEMBERS-NON-VOTING PROVIDE THE NECESSARY FUNDING FOR A MAJOR CONSTRUCTION PROJECT ON CAMPUS X 10000000 10000000 0 1 1 10000000 X 39 475935 FMV 13 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 2024 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 V, LINE 7H THE ORGANIZATION RECEIVED A BOAT DONATION IN FEBRUARY 2024. FORM 1098-C WAS REMITTED IN THE FOLLOWING CALENDAR YEAR. 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 ARTICLE 1 BOARD OF DIRECTORS: DIRECTOR INITIAL TERM: THE 2025 BYLAWS EXPLICITLY DEFINE THE INITIAL ONE-YEAR TERM AS A PROBATIONARY TERM, CLARIFYING THE EVALUATIVE NATURE OF A NEW DIRECTOR'S FIRST YEAR. ARTICLE 3 COMMITTEES: -COMMITTEE SERVICE REQUIREMENT: THE 2025 BYLAWS NEWLY REQUIRE THAT EACH DIRECTOR SERVE ON AT LEAST ONE STANDING COMMITTEE DURING THEIR TENURE. -COMMITTEE RESTRUCTURING: THE PRIOR FOUNDATION ENTERPRISE GROWTH COMMITTEE (INCLUDING FIU VENTURES) WAS REMOVED. IN ITS PLACE, THE 2025 BYLAWS ESTABLISH A NEW FIU HEALTH COMMITTEE, REFLECTING A STRATEGIC FOCUS ON HEALTH-RELATED ACADEMIC UNITS. -DEVELOPMENT COMMITTEES SIMPLIFIED: THE FORMER MULTI-TIERED STRUCTURE CONSISTING OF A DEVELOPMENT MANAGEMENT COMMITTEE WITH SUBCOMMITTEES WAS SIMPLIFIED INTO A SINGLE DEVELOPMENT COMMITTEE, STREAMLINING FUNDRAISING GOVERNANCE. -REAL ESTATE OVERSIGHT SHIFT: REAL ESTATE OVERSIGHT MOVED FROM THE FORMER ENTERPRISE GROWTH COMMITTEE STRUCTURE TO A REAL ESTATE SUB-COMMITTEE REPORTING THROUGH THE FINANCE COMMITTEE. 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 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. 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 -84,000. PROVISION FOR UNCOLLECTIBLE PROMISE -2,715,601. 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