Governance - Scientific Research

Committees

The board of directors accomplishes much of its work through standing committees, which are specifically focused on key areas of responsibility.

Committee Descriptions

The primary responsibility of the Audit Committee is to manage the UNT Foundation’s annual external audit, as well as provide oversight over its financial practices, internal controls, financial management, and standards of conduct.

The Finance Committee’s responsibilities are to ensure the development of viable annual and long-range financial plans for the UNT Foundation, oversight of current financial operations and results, and adequacy and accounting for the Foundation’s reserves.  The Committee also oversees prudent investment and administration of charitable trusts, gift annuities, life insurance policies, bequests, and gifts of real estate or other properties to the UNT Foundation.

The responsibility of the Governance Committee is to develop, recommend, and oversee the UNT Foundation’s by-laws, Board governance practices, and policies.  The Committee additionally functions as the nominating committee of the Board.

The Investment Committee fulfills the UNT Foundation’s responsibilities for prudent management of investments for endowments and other institutional pools of capital. The Committee works closely with staff and professional advisors to establish the portfolio’s investment allocation, select investments, review performance and reporting, and set the endowment spend rate. The UNT Foundation’s Board exercises fiduciary responsibility for the investments, providing governance and oversight over the Foundation’s investment and spending policies.

The Personnel Committee develops, recommends and oversees personnel policies, employee benefit programs, compensation practices, and the performance evaluation process for the Foundation’s staff and CEO.

Financial Information

Audit reports – An annual audit of the UNT Foundation’s statements of financial position is conducted by an independent auditor.

Form 990 filing – The IRS Form 990, Return of Organization Exempt from Income Tax form is submitted by tax-exempt organizations and nonprofit organizations to provide the Internal Revenue Service with annual financial information.

Organizational Documents

Articles of Incorporation – Set of formal documents filed with the government body to legally document the creation of a corporation.  The UNT Foundation filed their Articles of Incorporation on June 27, 1972.

IRS Determination Letter – A determination letter is the only official document and proof that an organization is recognized as a tax-exempt organization.