2025-11-24T12:03:25-06:00 2025-06-30 410746749 CLIFTONLARSONALLEN LLP 121 SOUTH TEJON STREET SUITE 1100 COLORADO SPRINGS CO 80903 990 2024-07-01 646022505 UNIVERSITY OF SOUTHERN MISSISSIPPI FOUNDATION UNIV 6012665210 118 COLLEGE DRIVE 5210 HATTIESBURG MS 39406 STACE MERCIER EXECUTIVE DIRECTOR 6012665210 2025-11-21 1 1 SARAH HINTZ P00492291 3037795710 2025-11-13 2024 2025-03-06 01:10:19Z STACE MERCIER 118 COLLEGE DRIVE 5210 HATTIESBURG MS 39406 49769762 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 69 -32332 14247 21197951 14051527 0 0 5603632 13615715 -11395 6279 26790188 27673521 9174632 10872479 0 0 37751 188324 7440 0 320718 2851724 3861319 12071547 14922122 14718641 12751399 194257683 214494117 738080 861382 193519603 213632735 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 10872479 10872479 0 THE FOUNDATION PROVIDES SUPPORT TO THE UNIVERSITY OF SOUTHERN MISSISSIPPI IN A MULTITUDE OF WAYS. THIS FISCAL YEAR, THE FOUNDATION SUPPORTED THE CONSTRUCTION OF A $2MM STATE-OF-THE-ART THERAPY PLAYGROUND FOR THE CHILDREN'S CENTER FOR COMMUNICATION AND DEVELOPMENT ON THE HATTIESBURG CAMPUS, PROVIDED 2,308 SCHOLARSHIPS TOTALING NEARLY $5.7MM, AND MADE MANY OTHER DISBURSEMENTS IN SUPPORT OF THE UNIVERSITY OF SOUTHERN MISSISSIPPI. 1500554 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. 12373033 1 1 0 1 0 0 0 0 0 1 1 1 0 1 1 1 0 1 0 0 1 0 0 0 1 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 1 109 0 1 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 30 0 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 0 0 0 CA KY MA MD MI MN NH NJ NY OR RI UT X X LESLEE L SMITH 6042665210 118 COLLEGE DRIVE 5210 HATTIESBURG MS 39406 X STACE MERCIER EXECUTIVE DIRECTOR/SECRETARY 40.00 X 142034 0 32593 ELISSA ERNST CHIEF DEVELOPMENT OFFICER 40.00 X 104572 0 25419 LESLEE SMITH CHIEF FINANCIAL OFFICER 40.00 X 87337 0 30979 CHRIS ANDERSON PRESIDENT 0.52 X X 0 0 0 OMAR NELSON VICE PRESIDENT 0.54 X X 0 0 0 WADE HOWK TREASURER AND FINANCE COMMITTEE CHAIR 0.23 X X 0 0 0 JOE QUINLAN IMMEDIATE PAST PRESIDENT 0.52 X X 0 0 0 REBECCA BOUDREAUX BOARD MEMBER 0.27 X 0 0 0 CARLEN CHESTANG BOARD MEMBER 0.38 X 0 0 0 ALAN COATS BOARD MEMBER 1.83 X 0 0 0 LISA CONN BOARD MEMBER 0.42 X 0 0 0 BEVERLY DALE BOARD MEMBER 1.96 X 0 0 0 ROBERT DONNELL BOARD MEMBER 0.46 X 0 0 0 CINDY GADDIS MEMBER-AT-LARGE 0.60 X 0 0 0 TOM GIBBENS BOARD MEMBER 0.35 X 0 0 0 KEVIN GILBERT BOARD MEMBER 0.29 X 0 0 0 CAROL JONES-RUSSELL POLICY AND BYLAWS COMMITTEE CHAIR 0.29 X 0 0 0 SCOTT LANEHART BOARD MEMBER 0.44 X 0 0 0 JOY LIGHTSEY BOARD MEMBER 0.40 X 0 0 0 VICKIE LOCK BOARD MEMBER 0.40 X 0 0 0 ADELE LYONS BOARD MEMBER 0.46 X 0 0 0 KEITH MOONEY BOARD MEMBER 0.54 X 0 0 0 GERALD MUMFORD BOARD MEMBER 1.62 X 0 0 0 JENNIFER PAYNE BOARD MEMBER 0.33 X 0 0 0 RHONDA PHILLIPS BOARD MEMBER 0.15 X 0 0 0 RODERICK POSEY BOARD MEMBER 0.52 X 0 0 0 TRACY POWELL RESOURCE DEVELOPMENT COMMITTEE CHAIR 0.60 X 0 0 0 CHUCK SCIANNA BOARD MEMBER - THRU 1/14/2025 0.29 X 0 0 0 DEMARIO SMITH BOARD MEMBER 0.35 X 0 0 0 STEVE STRICKLAND INVESTMENT COMMITTEE CHAIR 0.65 X 0 0 0 EDWARD TAYLOR BOARD MEMBER 0.13 X 0 0 0 ADALIUS THOMAS BOARD MEMBER 0.21 X 0 0 0 SUSAN WILLIAMS BOARD MEMBER 0.25 X 0 0 0 ALVIS WRIGHT BOARD MEMBER 0.37 X 0 0 0 333943 0 88991 0 0 1 1 SEI 1 FREEDOM VALLEY DR OAKS PA 19456 INVESTMENT MANAGEMENT FEES 874430 CODARAY CONSTRUCTION - LLC PO BOX 16628 HATTIESBURG MS 39404 BUILDING CONSTRUCTION SERV. 256336 UC INNOVATION INC 2855 MICHELLE STE 190 IRVINE CA 92606 SOFTWARE SERVICES 148758 LANDSCAPE STRUCTURES INC PO BOX 86 MINNEAPOLIS MN 55486 PLAYGROUND INSTALLATION 113688 4 164260 13887267 1328264 14051527 4193553 -42329 4235882 31444168 22022006 9422162 9422162 -8903 9431065 48295 164260 74235 -25940 -25940 QPQ INCOME 900099 31260 18900 12360 MISCELLANEOUS INCOME 900099 959 959 32219 27673521 0 -32332 13654326 X 10818104 10818104 54375 54375 188324 164376 23948 85115 85115 66303 66303 966281 966281 516502 265374 227557 23571 266867 157266 89298 20303 129523 76095 36503 16925 367319 7951 244977 114391 268139 207141 36391 24607 9834 9834 477380 342864 116290 18226 19783 19783 83913 30854 51231 1828 CAPITAL OUTLAY 294652 268180 26472 DUES & SUBSCRIPTIONS 143149 38582 52056 52511 MEALS & ENTERTAINMENT 101798 78755 9230 13813 TRAINING & DEVELOPMENT 38507 17658 10254 10595 26254 26254 14922122 12373033 2228371 320718 2864221 5081253 7055548 7912391 21254 21254 273499 294613 1664599 592458 1290321 1072141 121821225 130608921 44025695 52986657 16905920 16516887 194257683 214494117 682162 808343 55918 53039 738080 861382 X 20483651 24546983 173035952 189085752 193519603 213632735 194257683 214494117 X 12751399 7609434 -247701 X X 0 1 X 1 0 X 15727499 5980213 14389191 21197951 14051527 71346381 15727499 5980213 14389191 21197951 14051527 71346381 16314938 55031443 2281880 2931762 3284991 3749469 4235882 16483984 24201 335786 12646 23587 13319 409539 88239904 0.62370 0.61540 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: QPQ INCOME - 2021 AMOUNT: $ 14,871. 2022 AMOUNT: $ 9,144. 2023 AMOUNT: $ 13,885. 2024 AMOUNT: $ 12,360. MISCELLANEOUS INCOME - 2020 AMOUNT: $ 1,816. 2021 AMOUNT: $ 3,291. 2022 AMOUNT: $ 3,502. 2023 AMOUNT: $ 857. 2024 AMOUNT: $ 959. INS PROCEEDS IN EXCESS OF CSV - 2020 AMOUNT: $ 22,385. 2021 AMOUNT: $ 22,731. 2023 AMOUNT: $ 8,845. 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 1 9834 0 1 25692 35526 0 PART II-B, LINE 1: THE USM FOUNDATION DID NOT DIRECTLY ATTEMPT TO INFLUENCE NATIONAL, STATE OR LOCAL LEGISLATION, NOR DIRECTLY OR INDIRECTLY CONDUCTED POLITICAL CAMPAIGN ACTIVITIES BUT DID PROVIDE FUNDING TO ONE UNIVERSITY PAID LEGISLATIVE ADVOCATE. NUMEROUS EXPENDITURES WERE MADE MOSTLY FOR MEALS AND TRAVEL. THE UNIVERSITY ALSO HOSTS BIPARTISAN STATE LEGISLATORS THROUGHOUT THE YEAR ON CAMPUS. TOTAL EXPENDITURES FOR LOBBYING ACTIVITIES FOR THE YEAR WERE $35,526. 153147443 5585552 18085042 3240391 2204819 2070656 169302171 133519832 9811614 15940449 3053324 1301964 1769164 153147443 123989847 6152084 9461890 2798408 1631250 1654331 133519832 136184892 6359974 -11973172 2522294 2180455 1879098 123989847 103517868 12724612 25658665 2600932 1483247 1632074 136184892 0.05883 0.85985 0.08132 0 1 1 979000 979000 16978 15547 1431 51532 617089 576911 91710 1072141 HEDGE FUNDS 30393845 F PRIVATE EQUITY 17025018 F REAL ESTATE INVESTMENT FUNDS 5567794 F 52986657 DUE FROM EXTERNALLY MANAGED TRUSTS 13161206 OTHER RECEIVABLES 554471 CSV OF LIFE INSURANCE POLICIES 2801210 16516887 GIFT ANNUITIES PAYABLE 53039 53039 X 36172534 7609434 2029326 -173466 9465294 26707240 966281 966281 27673521 16059402 2029326 74235 2103561 13955841 966281 966281 14922122 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, 2025 AND 2024, THERE WERE NO MATERIAL UNCERTAIN TAX POSITIONS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF OTHER ASSETS -1,330. SPECIAL EVENT EXPENSES 74,235. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -334,464. GAIN ON EXTERNALLY MANAGED TRUSTS 88,093. PART XII, LINE 2D - OTHER ADJUSTMENTS: SPECIAL EVENT EXPENSES 74,235. 1 CENTRAL AMERICA AND THE CARIBBEAN 0 0 INVESTMENTS 30393845 NORTH AMERICA 0 0 PROGRAM SERVICES SPEAKER / LECTURE FEES 3000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES SPEAKER / LECTURE EXPENSES 1835 SUB-SAHARAN AFRICA 0 0 PROGRAM SERVICES RESEARCH 1000 NORTH AMERICA 0 0 CONTRIBUTION REVENUE EAST ASIA AND THE PACIFIC 0 0 CONTRIBUTION REVENUE 0 0 0 0 0 0 30399680 0 30399680 1 0 1 0 0 0 PART I, LINE 3: THE ORGANIZATION USED THE ACCRUAL METHOD OF ACCOUNTING TO ACCOUNT FOR INVESTMENTS AND EXPENDITURES IN PART I COLUMN (F). RUN FOR THE ROSES 75425 53030 22395 3913 1515 2750 2470 GOLF TOURNAMENT 56600 42390 14210 1861 8059 12755 1959 4 80530 68840 11690 637 508 1926 24191 3846 7845 212555 164260 48295 637 2369 5839 33765 19351 12274 74235 -25940 1 UNIVERSITY OF SOUTHERN MISSISSIPPI 118 COLLEGE DRIVE 5143 HATTIESBURG MS 39406 646000818 501(C)(3) 10777049 18759 VARIOUS TRANSFERS OF GIFTS OF PROPERTY USM PROGRAMS UNIVERSITY OF SOUTHERN MISSISSIPPI ALUMNI ASSOCIATION 118 COLLEGE DRIVE 5013 HATTIESBURG MS 39406 640763097 501(C)(3) 9310 0 N/A N/A USM ALUMNI PROGRAMS UNIVERSITY OF SOUTHERN MS ATHLETIC FOUNDATION 118 COLLEGE DRIVE 5017 HATTIESBURG MS 39406 640929171 501(C)(3) 8762 0 N/A N/A USM ATHLETICS 3 0 MONETARY AWARDS 115 54375 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 139640 0 0 0 2394 0 25012 0 7581 0 174627 0 0 0 ELISSA ERNST CHIEF DEVELOPMENT OFFICER 104572 0 0 0 0 0 18673 0 6746 0 129991 0 0 0 LESLEE SMITH CHIEF FINANCIAL OFFICER 87337 0 0 0 0 0 16903 0 14076 0 118316 0 0 0 PART I, LINE 3: 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. PART II THE UNIVERSITY OF SOUTHERN MISSISSIPPI, AN UNRELATED ORGANIZATION, PAID COMPENSATION TO: STACE MERCIER $139,640 BASE COMPENSATION $2,394 OTHER COMPENSATION $25,012 RETIREMENT COMPENSATION $7,581 NONTAXABLE BENEFITS ELISSA ERNST $104,572 BASE COMPENSATION $18,673 RETIREMENT COMPENSATION $6,746 NONTAXABLE BENEFITS LESLEE SMITH $87,337 BASE COMPENSATION $16,903 RETIREMENT COMPENSATION $14,076 NONTAXABLE BENEFITS X 11 322818 AVERAGE STOCK PRICE X 1 974000 APPRAISAL X EQUIPMENT 3 15687 FAIR MARKET VALUE X MUSICAL INSTRUMENTS 1 15129 APPRAISAL X FURNITURE 1 630 FAIR MARKET VALUE 2 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 A, LINE 4 CHANGES WERE MADE TO THE BYLAWS OF THE FOUNDATION TO REMOVE THE VP FOR EXTERNAL AFFAIRS AS AN EX-OFFICIO MEMBER OF THE BOARD DUE TO UNIVERSTIY RESTRUCTURING; REMOVED PROVISION FOR BUSINESS TO COME BEFORE THE EXECUTIVE COMMITTEE WHEN A VOTE IS REQUIRED BY THE FULL BOARD; CHANGED FROM TELEPHONE TO VIRTUAL MEETINGS; CHANGED CHAIR OF NOMINATING COMMITTEE TO THE IMMEDIATE PAST PRESIDENT (FORMERLY THE VICE PRESIDENT); REMOVED REQUIREMENT THAT THE PRESIDENT, EXECUTIVE COMMITTEE AND BOARD APPROVE COMMITTEE NOMINATIONS AND FILLING VACANCIES FOR COMMITTEES; CLARIFIED FINANCE AND AUDIT COMMITTEE RESPONSIBILITIES FOR THE ANNUAL OPERATING BUDGET; ADDED THE POTENTIAL FOR A SECOND YEAR TERM FOR THE PRESIDENT, IF NEEDED; ADDED AUTHORIZATION FOR THE EXECUTIVE COMMITTEE TO APPROVE NON-BUDGETED EXPENDITURES UP TO $500,000; AND ADDED CODE OF ETHICS POLICY TO THE POLICIES THAT THE FOUNDATION WILL AT ALL TIMES MAINTAIN AND ABIDE. AN AMENDMENT WAS MADE TO THE FOUNDATION'S AFFILIATION AGREEMENT WITH THE UNIVERSITY OF SOUTHERN MISSISSIPPI TO CHANGE THE FOUNDATION'S RELEASE FROM LIABILITY ARISING FROM A DISBURSEMENT MADE PURSUANT TO THE PROVISIONS THEREIN STATED WITH AN ENTITLEMENT FOR THE FOUNDATION TO RELY ON REPRESENTATIONS OR CERTIFICATIONS BY THE UNIVERSITY EMPLOYEE; AND REPLACED REFERENCES TO THE VICE PRESIDENT FOR EXTERNAL AFFAIRS WITH THE PRESIDENT'S DESIGNEE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PREPARED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM BASED ON INFORMATION SUPPLIED BY MANAGEMENT. ONCE THE DRAFT IS REVIEWED BY MANAGEMENT, THE FINANCE AND AUDIT 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. QUESTION 11A WAS ANSWERED NO CONSIDERING THE VERSION OF THE FORM 990 PROVIDED TO ALL BOARD MEMBERS PRIOR TO FILING WAS COMPLETE WITH THE EXCEPTION OF PERSONAL INFORMATION ON SCHEDULE B OF TWO DONORS WHO WISHED TO REMAIN ANONYMOUS. 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 FOR ALL POSITIONS AT THE UNIVERSITY PER UNIVERSITY HUMAN RESOURCES. 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. FORM 990, PART VII AND SCHEDULE J IN REVIEWING PRIOR YEAR FILINGS, THE ORGANIZATION DISCOVERED THAT COMPENSATION FOR ELISSA ERNST, WHO SERVED AS CHIEF DEVELOPMENT OFFICER DURING THE TAX YEAR 2023, WAS INADVERTENTLY OMITTED FROM THE FORM 990 FILED FOR THAT YEAR. THE COMPENSATION AMOUNT FOR ELISSA ERNST FOR THE 2023 TAX YEAR WAS $103,422 REPORTABLE COMPENSATION AND $25,114 OTHER COMPENSATION. THIS DISCLOSURE IS MADE TO ENSURE TRANSPARENCY AND COMPLIANCE WITH REPORTING REQUIREMENTS. 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 -1,330. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENTS -334,464. GAIN ON EXTERNALLY MANAGED TRUSTS 88,093. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSIGHT AND SELECTION OF THE INDEPENDENT ACCOUNTANT HAS NOT CHANGED 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 36054 0.44390 0 JEG CRAT 11 WOODSTONE PLAZA SUITE C HATTIESBURG MS 39402 207371805 INVESTMENTS MS N/A T 40676 0.17580 0 EDK CRUT 11301 US HIGHWAY ONE NORTH PALM BEACH FL 33408 656419443 INVESTMENTS FL N/A T 177115 0.02210 0 P-JP CRUT 760 CENTRAL AVENUE 6A HIGHLAND PARK IL 60035 816588160 INVESTMENTS AZ N/A T 147012 0.33160 0 P-MP CRUT 760 CENTRAL AVENUE 6A HATTIESBURG IL 60035 816591136 INVESTMENTS AZ N/A T 7589089 0.48070 0 GO TRUST 11 NORTH WATER STREET 28TH FLOOR MOBILE AL 36602 636067686 INVESTMENTS AL N/A T 3967582 1.00000 1 BBDM TRUST 450 ROSE STREET WILLIAM B STURGILL LEXINGTON KY 40506 387274178 INVESTMENTS KY N/A T 89722 0.07530 0 JR TRUST PO BOX 1071 HATTIESBURG MS 39403 836144563 INVESTMENTS MS N/A T 1113956 0.65630 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 GO TRUST S 275931 CASH 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, 2025. 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.