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        <Explanation>The Foundation's endowment represents its unit holdings in the National Endowment held by the National Foundation. Unit shares have a unit value based upon the fair value of the net assets of the Endowment divided by the total number of unit shares outstanding. The endowment's purpose is to carry out the work of the National Foundation and affiliate foundations in protecting, preserving and expanding the civil liberties of all persons in the United States.</Explanation>
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      <GeneralExplanation>
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        <Explanation>If conflicts of interest are present, the interested member is not permitted to vote on related issues. The Executive Director and CFO oversee all expenses and vendor relationships and report to the Executive Committee and Board chair about any potential conflict of interest for Board discussion and, if necessary, Board action.</Explanation>
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      <GeneralExplanation>
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        <Explanation>ACLU makes its governing documents, conflict of interest policy and financial statements available to the public upon request.</Explanation>
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        <Explanation>The foundation's audit committee is responsible for oversight of the audit of the annual financial statements and selection of the independent public accountants.</Explanation>
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