2011-05-07T08:28:05-05:00 2010-06-30 Deloitte Tax LLP 111 Monument Circle Suite 2000 Indianapolis IN 462045108 990 2009-07-01 356018940 Indiana University Foundation INDI 8128558311 PO Box 500 Bloomington IN 47402 Eugene R Tempel 8128558311 2011-05-04 1 3174648600 2009 2016-02-24 21:20:13Z Eugene R Tempel PO Box 500 Bloomington IN 47402 2373297836 0 X www.iuf.indiana.edu X 1936 IN To maximize philanthropic support for Indiana University 65 62 787 1500 -2272707 0 121323055 216728663 21941097 22692231 -534399300 231106857 3084486 6168892 -388050662 476696643 121775541 145703725 0 18321303 17971542 0 17757313 21344659 38439234 161441503 202114501 -549492165 274582142 1642126422 1767560954 324008489 281293610 1318117933 1486267344 The mission of the Indiana University Foundation is to inspire donors to invest in Indiana University's power to transform lives and better the state, nation and world. 0 0 145703725 145703725 13505613 IUF provides grants, scholarships, awards, Endowed Chairs & Professorships, fellowships, etc to members of the IU community based on donor intent. 16860212 15523567 IUF is responsible for the investment and management of funds raised for the benefit of IU 162563937 1 1 0 0 0 0 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 1 1 1 0 0 0 1 1 1 1 1 1 1 0 0 0 0 0 0 0 1 530 0 1 787 1 1 1 0 0 0 0 1 1 1 4 0 0 1 65 62 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA IN X Gina M Reel CPA 8128558311 PO Box 500 Bloomington IN 47402 Eugene R Tempel 40.00 X X 330512 0 49972 Kathryn E Booth 0.00 X 0 0 0 William P Carmichael 0.00 X 0 0 0 Alecia A DeCoudreaux 0.00 X 0 0 0 Clarence H Doninger 0.00 X 0 0 0 David G Elmore 0.00 X 0 0 0 David C Evans 0.00 X 0 0 0 Jean A Ford 0.00 X 0 0 0 Richard E Ford 0.00 X 0 0 0 Ezra H Friedlander 0.00 X 0 0 0 Jack M Gill 0.00 X 0 0 0 Moses W Gray 0.00 X 0 0 0 Ann L Harrison 0.00 X 0 0 0 Steven H Henke 0.00 X 0 0 0 Adam W Herbert Jr 0.00 X 0 0 0 Jay B Hunt 0.00 X 0 0 0 V William Hunt 0.00 X 0 0 0 David H Jacobs Jr 0.00 X 0 0 0 Robert W Lanum 0.00 X 0 0 0 Dale Ellen Leff 0.00 X 0 0 0 Jane H Martin 0.00 X 0 0 0 William G Mays 0.00 X 0 0 0 Patricia Miller 0.00 X 0 0 0 Randall C Morgan Jr 0.00 X 0 0 0 Norman E Pfau Jr 0.00 X 0 0 0 Lynn E Reichle 0.00 X 0 0 0 Thomas D Rush 0.00 X 0 0 0 Scott C Schurz 0.00 X 0 0 0 Richard C Searles 0.00 X 0 0 0 Patrick A Shoulders 0.00 X 0 0 0 Cynthia Simon Skjodt 0.00 X 0 0 0 Julie Inskeep 0.00 X 0 0 0 James Sinclair 0.00 X 0 0 0 Fred Steingraber 0.00 X 0 0 0 Milton R Stewart 0.00 X 0 0 0 Stephen A Stitle 0.00 X 0 0 0 Sanjay Subhedar 0.00 X 0 0 0 Gregg T Summerville 0.00 X 0 0 0 W Michael Wells 0.00 X 0 0 0 Desmond C Wong 0.00 X 0 0 0 Richard E Woosnam 0.00 X X 0 0 0 S Sue Aramian 0.00 X 0 0 0 Glenn L Banks 0.00 X 0 0 0 Richards D Barger 0.00 X 0 0 0 Clarence W Boone Sr 0.00 X 0 0 0 Bill C Brown 0.00 X 0 0 0 Gayle K Cook 0.00 X 0 0 0 James W Cozad 0.00 X 0 0 0 Donald C Danielson 0.00 X 0 0 0 Don B Earnhart 0.00 X 0 0 0 Ellen C Gignilliat 0.00 X 0 0 0 Alan B Gilman 0.00 X 0 0 0 Lawrence D Glaubinger 0.00 X 0 0 0 John F Kimberling 0.00 X 0 0 0 PA Mack Jr 0.00 X 0 0 0 Robert H McKinney 0.00 X 0 0 0 Joseph T Morrow 0.00 X 0 0 0 John D Peterson Jr 0.00 X 0 0 0 Ernestine M Raclin 0.00 X 0 0 0 J Fred Risk 0.00 X 0 0 0 John W Ryan 0.00 X 0 0 0 Charles J Van TasselJr 0.00 X 0 0 0 Robert A Borns 0.00 X 0 0 0 Thomas Ehrlich 0.00 X 0 0 0 Fredrick F Eichhorn Jr 0.00 X 0 0 0 Harry L Gonso 0.00 X X 0 0 0 Charles E Lanham 0.00 X 0 0 0 Thomas M Lofton 0.00 X 0 0 0 Phyllis E McCullough 0.00 X 0 0 0 James T Morris 0.00 X 0 0 0 Georgette Mosbacher 0.00 X 0 0 0 Frank P Popoff 0.00 X 0 0 0 Jill S Ruckelshaus 0.00 X 0 0 0 Marianne W Tobias 0.00 X 0 0 0 John D Walda 0.00 X 0 0 0 John Shoemaker 0.00 X 0 0 0 Sandra E Laney 0.00 X 0 0 0 Gary J Anderson 0.00 X 0 0 0 Lacy M Johnson 0.00 X 0 0 0 Michael McRobbie 0.00 X X 0 0 0 Michael D Shumate 0.00 X 0 0 0 Stephen R Springer 0.00 X 0 0 0 Randall L Tobias 0.00 X 0 0 0 Christel DeHaan 0.00 X 0 0 0 William Cast 0.00 X 0 0 0 Thomas E Reilly Jr 0.00 X 0 0 0 James P Perin 40.00 X 225401 0 53789 Gina M Reel 40.00 X 131062 0 25373 Kent Dove 40.00 X 229227 0 44794 Tom Herbert 40.00 X 223793 0 44219 Philippa Guthrie 40.00 X 181511 0 30688 Karen Pieper 40.00 X 75806 0 15739 Gary Stratten 40.00 X 213356 0 55693 Janice Kent 40.00 X 51916 0 16092 William Heller 40.00 X 0 0 0 Steven A Martin 0.00 X 0 0 0 Marti Heil 40.00 X 76579 0 13006 Curt Simic 40.00 X 347796 0 82407 Mary Bonk 40.00 X 140824 0 27663 Sheila Decker 40.00 X 127027 0 32332 Eileen Savage 40.00 X 142599 0 29450 John Keith 40.00 X 143163 0 31127 Jeff Lindauer 40.00 X 145729 0 26107 Myles Brand 0.00 X 0 0 0 Stephen L Ferguson 0.00 X 0 0 0 Sue H Talbot 0.00 X 0 0 0 Richard L Johnson Sr 0.00 X 0 0 0 Bert A Getz 0.00 X 0 0 0 R Dewey Welch 0.00 X 0 0 0 2786301 0 578451 22 0 1 1 Snyder Capital Management One Market Plaza Steuart Tower Su San Francisco CA 94105 Investment Manager 879836 Templeton Investment Management Counsel 500 E Broward Blvd Suite 2100 Fort Lauderdale FL 33394 Investment Manager 632789 Alliance Bernstein LP 1345 Avenue of the Americas New York NY 10105 Investment Manager 564461 Pacific Investment Mgmt Co 840 Newport Center Drive 300 Newport beach CA 92660 Investment Manager 538210 William Blair & Company 222 W Adams Street Chicago IL 60606 Investment Manager 521820 13 15536 216713127 18267383 216728663 Management Fees 900099 15523567 15523567 Dev Service Fee 900099 4923219 4923219 Telefund Service Fee 900099 1426852 1426852 Other Income 900099 818593 743332 75261 22692231 24019151 24019151 2022843 2022843 3176720 2018731 1157989 1157989 1157989 2101166559 1894078853 207087706 207087706 207087706 585414 15536 503609 81805 81805 Other Income 900099 5178962 5178962 Income/Loss from K-1's 525990 -2272707 -2272707 2906255 476696643 28953921 -2272707 233286766 145684225 145684225 19500 19500 3364752 1854054 1510698 10089566 5559578 4529988 1204512 663713 540799 2366874 1304201 1062673 945838 521178 424660 557417 307149 250268 106025 58422 47603 152474 84017 68457 827903 456193 371710 50891 28042 22849 1634518 900656 733862 355806 196057 159749 826913 455648 371265 1052554 579981 472573 182325 100465 81860 397784 219188 178596 473360 260832 212528 382641 210844 171797 Investment Mgmt Fees 16860212 16860212 Other Expenses 14578411 8033033 6545378 202114501 162563937 21793251 17757313 X 256529373 220168637 147856186 161066796 22265717 16583347 736049 741467 77279099 14815845 56752661 62463254 628118860 701173487 529867576 605363966 1642126422 1767560954 22111869 7317071 11222281 3358083 290674339 270618456 324008489 281293610 X 21402737 23145291 554338863 620028126 742376333 843093927 1318117933 1486267344 1642126422 1767560954 X 0 1 1 X 0 X 125102092 191840423 245955535 121323055 216728663 900949768 125102092 191840423 245955535 121323055 216728663 900949768 191690287 709259481 16069950 20893030 -38962293 67791530 32882353 98674570 207993 251986 -1936940 -3485825 -2272707 -7235493 5220319 6338580 7655971 2285096 5178962 26678928 1019067773 119317004 0.69600 0.64400 X Schedule A, Part II, Line 10, Explanation of Other Income: Misc Income: Schedule A, Part IV, Supplemental Information: 2005 Misc Income $5,220,319 2006 Misc Income $6,338,580 2007 Misc Income $7,655,971 2008 Misc Income $2,285,096 2009 Misc Income $5,178,962 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1115937927 107663394 47307981 0 0 -74145025 1196764277 1422762970 59647302 -299258770 0 0 -67213575 1115937927 0.01800 0.61800 0.36400 0 0 16749572 21682931 38432503 33105906 10541291 22564615 124984 66556 58428 3845356 2535930 1309426 1770350 1672068 98282 62463254 Institutional Funds, Cash and Equiv & Commercial Paper 14187442 F Private Equity 591176524 F 605363966 Accumulated Trust Liability 31535660 Collateral Under Securities Lending Agreement 66636309 Due to Indiana University 158154846 Assets Held for University Affiliates 14291641 270618456 476696643 202114501 274582142 -106432731 -106432731 168149411 352991652 -111639824 503609 2018729 -109117486 462109138 14587505 14587505 476696643 184842241 503609 2018729 2522338 182319903 19794598 19794598 202114501 Part XI Line 8 Detail: Change in Value of Split Interest Agreement $2,934,386 Unrealized Gain/Loss ($111,639,824) Income/Loss from K-1's $2,272,707 Part XII Line 2d Detail: Part XII Line 4b Detail: Rental Expense $2,018,731 Management Fees $16,860,212 Rounding $(2) Income/Loss from K-1's ($2,272,707) Part XIII Line 2d Detail: Part XIII Line 4b Detail: Rental Expense $2,018,731 Management Fee $16,860,212 Rounding $(2) Change in Value Split Int $2,934,386 Central America and the Caribbean Investment Europe (Including Iceland & Greenland) Investment 0 0 0 Little 500 Races 454374 4532 449842 0 37538 96459 0 0 250038 IU Sing 108474 4071 104403 0 7973 18422 0 0 64527 3 38102 6933 31169 0 4248 0 0 0 24404 600950 15536 585414 49759 114881 338969 503609 81805 1 Indiana University 401 E 7th Street Bloomington IN 47405 356001673 501(c)(3) 33834746 University Support Indiana University 401 E 7th Street Bloomington IN 47405 356001673 501(c)(3) 31274732 Student Scholarship and Financial Aid Indiana University 401 E 7th Street Bloomington IN 47405 356001673 501(c)(3) 58747574 Faculty Support & Research Indiana University 401 E 7th Street Bloomington IN 47405 356001673 501(c)(3) 21786531 Endowment and Capital Additions Camp Kesem PO Box 852 Bloomington IN 47408 510454157 501(c)(3) 5324 Community Support Tradewinds Rehabilitation Center 5901 N Seventh Street Gary IN 46406 351139485 501(c)(3) 23768 Community Support South Shore Arts 1040 Ridge Road Munster IN 46321 237049722 501(c)(3) 11550 Community Support 4 0 Scholarships, general 3 19500 0 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: The grant and assistance payments are verified with internal documents to ensure donor intent and criteria have been met before the payments are made. X X X X X 1 1 X X X X 0 1 0 0 0 0 0 0 0 Eugene R Tempel 282786 0 0 0 47726 0 31410 0 18562 0 380484 0 0 0 James P Perin 208540 0 0 0 16861 0 36716 0 17073 0 279190 0 0 0 Gina M Reel 129433 0 0 0 1629 0 14211 0 11162 0 156435 0 0 0 Kent Dove 215265 0 0 0 13962 0 27649 0 17145 0 274021 0 0 0 Tom Herbert 190884 0 0 0 32909 0 23582 0 20637 0 268012 0 0 0 Philippa Guthrie 169352 0 0 0 12159 0 20063 0 10625 0 212199 0 0 0 Gary Stratten 200338 0 0 0 13018 0 35110 0 20583 0 269049 0 0 0 Curt Simic 240038 0 0 0 107758 0 70000 0 12407 0 430203 0 0 0 Mary Bonk 131180 0 0 0 9644 0 14679 0 12984 0 168487 0 0 0 Sheila Decker 125398 0 0 0 1629 0 13992 0 18340 0 159359 0 0 0 Eileen Savage 140970 0 0 0 1629 0 16410 0 13040 0 172049 0 0 0 John Keith 141534 0 0 0 1629 0 16410 0 14717 0 174290 0 0 0 Jeff Lindauer 144100 0 0 0 1629 0 16785 0 9322 0 171836 0 0 0 Part I, Line 1a First Class or charter travel: The Indiana University Foundation maintains a policy governing all business expenses including travel. Should a business need (e.g. length of flight time, security concerns, lack of commercial air options) require the use of first class or charter travel, the IU Foundation Board of Directors have authorized the IU Foundation CEO to approve its use. First class travel was provided on two separate occasions to the IU Foundation President Emeritus. These costs were not treated as taxable income because the travel was business related. In all cases first class and charter travel is considered in the Foundation's efforts to ensure compliance with the intermediate sanctions law. Travel for Companions: The Indiana University Foundation maintains a policy governing all business expenses which prohibits companion related expenses except for the specifically defined role of Associate to the IU Foundation President. The duties of this position, which are outlined in a formal policy and support the organization's mission, are fulfilled by the IUF CEO's spouse. The Associate to the IU Foundation President incurs business related expenses on behalf of the IUF and those amounts are not treated as taxable. In all cases travel for companions is considered in the Foundation's efforts to ensure compliance with the intermediate sanctions law. Tax indemnification and gross-up payments: Tax indemnification and gross-up payments are only paid to staff in limited circumstances, and must be approved in accordance with Indiana University Foundation policies governing these types of payments. In the case of disqualified persons, indemnification payments are considered in the Foundation's efforts to ensure compliance with the intermediate sanctions law. At least annually, the expenses incurred by all employees are reviewed to ensure appropriate taxation and reporting. Gross-up payments are established taking into account an estimated tax rate. However, employees receiving the payment are not grossed up for actual taxes incurred. The following gross-up payments were provided in 2009 in connection with the following items, and in all cases were treated as taxable income to the recipient: With the approval by the IUF Chief Financial Officer *a wireless communication allowance for cell phone and data services is made available to those staff who demonstrate a business purpose for these types of payments such as staff that have need to have access via cell and data communication and information after hours. During 2009 seventy-five (75) employees received a wireless communication allowance. With the approval of the IUF Board of Directors: *allowances are made available to the IU Foundation President for housing, long-term disability, and supplemental retirement payments to provide future retirement restoration. *allowances for vehicles are made available to Vice Presidents, Senior Vice Presidents, and the President of the IU Foundation. Housing allowance or residence for personal use: Upon approval by the IUF Board of Directors, the Indiana University Foundation provides a housing allowance and leases a residence to the IUF CEO. The lease is an arm's length transaction and is at market rates. The housing allowance is treated as income and taxed accordingly. The residence is also utilized for various Indiana University and IU Foundation business related functions and receptions. Housing allowance is considered in the Foundation's efforts to ensure compliance with the intermediate sanctions law. Health or social club dues or initiation fees: The Indiana University Foundation maintains a policy governing all business expenses including payment of club dues. Generally, health or social club dues and fees are not permitted but may be authorized for certain executive level managers by the IUF Board of Directors. Club memberships that have been authorized are the IUF President's membership in the University Faculty Club and the Rotary Club of Indianapolis. Their dues were not treated as taxable income due to the business nature of the membership. Social club dues are considered in the Foundation's efforts to ensure compliance with the intermediate sanctions law. Part I, Line 4a Part I, Line 4b: The following individuals received contributions to a non-qualified deferred compensation plan: Curtis Simic ($165,813.16), James Perin ($10,000) & Gary Stratten ($10,000). Supplemental Information Part III From 990 - Part VII - Question 5 detail Name: William Heller Unrelated organization: Indiana University Amount of compensation paid: $146,923.35 Name: Donald Grinstead Unrelated organization: Indiana University Amount of compensation paid: $150,592.87 Janice Kent Sch O - Standard Employee Computer Loan X 1262 977 0 1 1 977 Academic scholarship generic Family member of officer Cash Storm Ventures Fund IUF Director & GP in Storm Ventures Fund 136200 See Sch. O Sanjay Subhedar is an IUF Director and a General Partner for Storm Venture Funds. The IUF is a limited partner in Storm and our investment was made prior to Mr. Subhedar's election to our Board. All IUF investments are made according to asset allocation guidelines in our Board approved Investment Policy. Managers are chosen after extensive due diligence by staff and our independent consultant. We have rigorous guidelines evaluating investments where a perceived/real conflict involving Directors or others in a position of influence may exist. The Investment Committee evaluates any opportunity against these guidelines before a potentially conflicted opportunity would be considered prior to full due diligence. A director with a partnership interest in an investment in which we participate will be recused from any Board actions regarding that investment. All transactions occur at market rates and at arm's length. 0 REI Real Estate Partnership IUF Director & Director of REI 206446 See Sch. O Thomas Reilly, Jr. is an Indiana University Trustee who has been appointed by Indiana University to the IU Foundation Board. Mr. Reilly is also a Director of REI Real Estate Partnership, LP. The IU Foundation leases building space for its Indianapolis office through REI Real Estate Partnership, LP. The lease predates Mr. Reilly's appointment to the IU Foundation Board. All transactions occur at market rates and at arm's length. 0 National City Corp IUF Director & Regional President, National City Corp 121428 See Sch. OStephen A. Stitle is an IUF Director and the Regional President, National City Corp., Indianapolis, IN. National City Corp. was the bondholder and issuer of a letter of credit for the tax-exempt bonds issued by the IUF in 1998 to finance the renovation and expansion of the IUF main office in Bloomington, IN. A bond tender in May 2009 resulted in a draw on the letter of credit paying off the outstanding balance of the bonds and converting the indebtedness to an unsecured loan as required in the bond documents. The unsecured loan was ultimately paid off by the IUF in its entirety in October 2009. All transactions occurred at market rates and at arm's length. 0 X 4 5075 Opinion of Expert X 3269 Cost X 3 61254 Opinion of Expert X 565 13524404 Listed Values X 5 4639250 Professional Appraisals X 9 5856 Opinion of Expert X 11 9049 Cost X Gift Cards/Tickets 55 19227 Face Value 36 0 1 1 Third Party Use: Part I, Line 32b: IUF hires Realtors and Auctioneers to assist with selling donated items. Form 990, Part VI, Section A, line 2 John Peterson, IUF Life Director, and Donald Danielson, IUF Life Director, are Chairman and Vice-Chairman of City Securities Corp, respectively. Additionally, John Peterson and Donald Danielson are brothers-in-law. Gayle Cook, IUF Life Director and Phyllis McCullough, IUF Honorary Director, are Co-Owner and Executive Vice Chairman, respectively, of Cook Group, Inc. Michael McRobbie, Board Chair, and Laurie McRobbie, Indiana University Associate to the President, are husband and wife. Thomas Reilly, Jr. IUF Director, Christel DeHaan, IUF Director, and James T. Morris, IUF Director are directors of OneAmerica Financial Partners, Inc. Lacy M. Johnson, IUF Director and Harry L. Gonso, IUF Director are partners at Ice Miller, LLP. Form 990, Part VI, Section B, line 11 The Form 990 is completed by Indiana University Foundation staff. A management team comprised of the Senior Vice President, Finance and CFO; Vice President and General Counsel; Assistant Vice President and Controller; Assistant Vice President and Chief Compliance Officer; and Director, Investment & Tax Accounting review the Form 990 including all schedules line by line to determine accuracy and validity. The Indiana University Foundation engages an independent accounting firm to review the Form 990. The President & CEO then reviews and signs the Form 990 and the independent accounting firm signs as preparer. The Indiana University Foundation Audit Committee reviews the complete Form 990, including all schedules. Once signed, an electronic version of the Form 990 is made available to the Indiana University Foundation Board of Directors via the internet. The Form 990 is then filed electronically with the IRS. Form 990, Part VI, Section B, line 12c Each July, the Indiana University Foundation provides a copy of its Conflicts of Interest Policy to all directors and officers. Directors and officers are required to read and comply with the policy which requires, at a minimum, annually disclosing the existence or non-existence of any conflicts of interest, real or perceived, in writing to the Indiana University Foundation Corporate Secretary. The disclosures are reviewed by Indiana University Foundation staff including the Senior Vice President, Finance and CFO; Vice President and General Counsel; Vice President and Chief Investment Officer; Corporate Secretary; Assistant Vice President and Chief Compliance Officer; and the Executive Director, Real Estate to determine validity and completeness based on staff knowledge of Indiana University Foundation activities and transactions. The results of this review, along with every disclosure in its entirety, are provided to the Indiana University Foundation Audit Committee Chair and Vice Chair. A report is made by the Audit Committee Chair to the full Audit Committee each October. When applicable, the Audit Committee Chair will also report any disclosure requiring action to the Indiana University Foundation nominating and executive committees. In addition to the Conflicts of Interest Policy, each July the Indiana University Foundation provides a background survey and a request for information for Form 990 disclosures to all officers and directors. As with the Conflicts of Interest, disclosures related to the survey and Form 990 are reviewed by staff and provided verbatim to the Indiana University Foundation Audit Committee Chair and Vice Chair. A report is then made by the Audit Committee Chair to the full Audit Committee each October. When applicable, the Audit Committee Chair will also report any disclosure requiring action to the Indiana University Foundation nominating and executive committees. Form 990, Part VI, Section B, line 15 Each June, the Indiana University Foundation Compensation Committee approves the compensation arrangements for disqualified persons in accordance with IRS regulation section 53.4958-6 "Rebuttable presumption that a transaction is not an excess benefit transaction". Individuals defined as disqualified persons who receive compensation from the Indiana University Foundation include: the Chief Executive Officer; Senior Vice President, Finance and Chief Financial Officer; Senior Vice President, Development; Vice President and Chief Investment Officer; Vice President, Development; Vice President, University Wide Initiatives; Vice President and General Counsel; Assistant Vice President and Controller; Corporate Secretary; Assistant Corporate Secretary; Development Director, Indianapolis; IU Foundation President Emeritus; and the Indiana University Associate to the President. The compensation arrangement for each individual is approved in advance for the upcoming fiscal year period July 1 thru June 30 by the Compensation Committee which is an authorized body of the Indiana University Foundation Board of Directors. The Compensation Committee is composed entirely of independent directors who do not have a conflict of interest (within the meaning of paragraph (c)(1)(iii) of section 53.4958-6) with respect to the compensation arrangement for each disqualified person. The Compensation Committee determines if each compensation arrangement in its entirety is reasonable through the use of relevant information including, but not limited to, compensation levels paid by similarly situated organizations, both taxable and tax-exempt, for functionally comparable positions; the availability of similar services in the geographic area of the applicable tax-exempt organization; current compensation surveys compiled by independent firms; and actual written offers from similar institutions competing for the services of the disqualified person. Upon approval of the compensation arrangement for each disqualified person, the Compensation Committee provides written documentation noting the terms of the transaction that was approved and the date it was approved; the members of the Committee who were present during debate on the transaction that was approved and those who voted on it; the comparability data obtained and relied upon by the Committee and how the data was obtained; and, if applicable, any actions taken with respect to consideration of the transaction by anyone who is otherwise a member of the Committee but who had a conflict of interest with respect to the transaction. The Compensation Committee's most recent review and approval of compensation arrangements for all disqualified persons was June 18, 2010. Form 990, Part VI, Section C, line 19 The governing documents, conflict of interest and financial statements are available to the public on the IU Foundation's public website; www.iufoundation.iu.edu. Schedule L, Part III Selection Process for Scholarship The criteria for the selection of the award referenced in Schedule L, Part III starts with a pool of Indiana University School of Medicine graduates who will be continuing residency at Indiana University Medical Center. From there, the Chair of the Department of Surgery compiles grades and comments from the course instructors with whom those students were in contact. The Chair and the scholarship committee decide who is most deserving, based on merit and achievements. Typically five students are chosen each year for this award. The award monies are then transferred to Indiana University from an Indiana University Foundation endowment account. Schedule G Part II Additional Explanation for Fundraising Events IUF annually holds the Little 500 Races and the IU Sing event. While these events do raise some funds, their main objective is to increase awareness of Philanthropy among the student population and create bonds upon which to base future giving potential.