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University with a copy of the audited financial statements including management letters.
The Foundation will explore current opportunities, including acquisition and management of real estate on behalf of the University for future allocation, transfer, or use.
When distributing gift funds to the University, the Foundation will disclose any terms, conditions, or limitations imposed by donor or legal determination on the gift. The University will abide by such restrictions and provide appropriate documentation as required by law.
The Foundation is the primary depository of private gifts and will transfer funds to the designated entity within the institution in compliance with applicable laws, University policies, and gift agreements.
The Foundation's disbursements on behalf of the University as authorized by the University's President must be reasonable business expenses that support the institution, are consistent with donor intent, and do not conflict with state, local, and federal laws on giving, receipt of gifts, and subsequent disbursements.
The Foundation will maintain its tax-exempt status under Section 501(c)(3) of the Code and carry on its work exclusively for the charitable and educational purpose of Kentucky State University.
The Foundation is responsible for establishing a financial plan to underwrite the cost of foundation programs, operations, and services.
The Foundation has the right to assess administrative fees to support its operations not to exceed 35% annually.
The Foundation, at its own expense, will provide office space, computer and telephone systems, utilities, adequate personnel, office supplies, and other such services that may be necessary or required to fulfill its responsibilities and obligations.
The Foundation shall maintain copies of the plans, budgets, and donor and alumni records developed in connection with the performance of its obligations.
The Foundation will provide access to data and records to the University on a need-to-know basis in accordance with applicable laws, Foundation policies, and guidelines. The Foundation will provide copies of its annual report, and other information that may be publicly released.