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C. FINANCIAL REPORTING GUIDELINES AND AUDIT REQUIREMENTS

1. At the request of the President of the University, the Foundation will forward to him, on an annual basis, a financial report audited by an independent certified public accountant. This report shall include a description of all expenditures by program and an identification of all investments, including real estate.

Foundations recording annual revenues less than $50,000 will not be required to present an audited financial report but only a financial report compiled by a qualified accounting firm, including the items previously mentioned.

2. The following items shall supplement the annual financial report to the President of the University:

• a. Notice of any litigation or threat of litigation brought against the Foundation, its officers or directors.
• b. Notice of any planned major capital expenditure.
• c. A copy of each IRS form 990, and 990T if applicable, as filed.
• d. A detailed list of any compensation, prize or award paid to any University employee or member of the employee's immediate family, whether in the form of money or property or the use of money or property.
• e. A detailed list of all private firms responsible for managing or investing the Foundation's assets and the fee, if any.
• f. Notice of any audit or review by any tax authorities or action taken, or threatened action, that would adversely affect the tax exempt status of the Foundation.