2026-08-13T10:34:45-05:00 2025-09-30 591753337 KERKERING BARBERIO & CO PO BOX 49348 SARASOTA FL 342306348 990 2024-10-01 510188568 SARASOTA MEMORIAL HEALTHCARE FOUNDATION INC SARA 9419171286 1515 S OSPREY AVE B4 SARASOTA FL 34239 STACEY CORLEY PRESIDENT 9419171286 2026-08-11 1 1 BRIAN SIMMONS P00360690 9413654617 2024 2025-03-06 01:10:19Z STACEY CORLEY 1515 S OSPREY AVE B4 SARASOTA FL 34239 94320852 0 X WWW.SMHF.ORG X 1976 FL SARASOTA MEMORIAL HEALTHCARE FOUNDATION, INC. IS AN INDEPENDENT FUNDRAISING ORGANIZATION WORKING WITH SARASOTA MEMORIAL HEALTH CARE SYSTEM AND OTHERS TO ENSURE THE HIGHEST QUALITY HEALTHCARE IS ACCESSIBLE AND MEETS THE NEEDS OF OUR COMMUNITY. 23 23 0 120 21142 17410 29586330 26158554 0 0 4546476 7786157 1300744 2061631 35433550 36006342 9282322 14315702 0 0 2237003 2702653 20412 151761 2434962 1585474 1660113 13125211 18830229 22308339 17176113 167856429 186617988 9025454 1345217 158830975 185272771 SARASOTA MEMORIAL HEALTHCARE FOUNDATION IS THE PHILANTHROPIC PARTNER THAT HELPS SARASOTA MEMORIAL HEALTH CARE SYSTEM BRING WORLD-CLASS CARE TO OUR COMMUNITY. 0 0 7612324 7612324 GRANTS TO SARASOTA COUNTY PUBLIC HOSPITAL BOARD, SARASOTA MEMORIAL HOSPITAL AND OTHER NOT-FOR-PROFIT HEALTHCARE ORGANIZATIONS IN SARASOTA COUNTY FOR RESEARCH, PATIENT CARE AND OTHER NEEDS WITH PROGRAMS THAT WILL IMPROVE EFFICIENCY, EFFECTIVENESS, PATIENT SAFETY, AVAILABILITY AND ADVOCACY OF HEALTHCARE IN AN ENVIRONMENT OF WELL BEING FOR OVER 2M INPATIENT AND OUTPATIENT/PHYSICIAN VISITS PER YEAR. THE ONLY HOSPITAL IN FLORIDA TO RECEIVE THE HIGHEST 5-STAR QUALITY RATING FROM THE CENTERS FOR MEDICARE AND MEDICAID IN ALL REPORTING PERIODS SINCE THE PROGRAM BEGAN IN 2016. 4726143 4726143 GRANTS TO SARASOTA COUNTY PUBLIC HOSPITAL BOARD, SARASOTA MEMORIAL HOSPITAL FOR FACILITIES, AND EQUIPMENT THAT WILL PROVIDE THE MOST ADVANCED, STATE-OF-THE -ART TREATMENTS AND THE HIGHEST QUALITY OF CARE AND COMFORT. NAMED ONE OF THE WORLD'S BEST HOSPITALS 2019-2025 BY NEWSWEEK MAGAZINE. NAMED A TOP HOSPITAL NATIONWIDE IN MONEY MAGAZINE'S THE BEST HOSPITALS OF 2025. RANKED AMONG THE 50 BEST HOSPITALS IN THE NATION IN OBSTETRICS/GYNECOLOGY AND HIGH PERFORMING IN 21 OTHER SPECIALTIES, AND PROCEDURES AND CONDITIONS IN U.S. NEWS' BEST HOSPITALS REPORT FOR 2025/2026. RANKED AMONG THE "BEST MATERNITY CARE HOSPITALS." 1977235 1977235 GRANTS TO SARASOTA COUNTY PUBLIC HOSPITAL BOARD, SARASOTA MEMORIAL HOSPITAL FOR PROFESSIONAL AND COMMUNITY EDUCATION PROGRAMS REPRESENTING CONTINUING MEDICAL AND PROFESSIONAL EDUCATION, PROFESSIONAL CERTIFICATION AND ONGOING EDUCATIONAL PROGRAMS FOR OVER 10,700+ EMPLOYEES. SARASOTA MEMORIAL HOSPITAL IS ONE OF JUST 1% OF U.S. HOSPITALS TO EARN MAGNET NURSING RECOGNITION-THE HIGHEST HONOR FOR NURSING EXCELLENCE-FIVE TIMES. 14315702 1 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 X 2 0 1 0 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 23 23 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 FL X STACEY CORLEY 9419171286 1515 S OSPREY AVE SUITE B4 SARASOTA FL 34239 ROBERT G BARTNER TRUSTEE 5.00 X 0 0 0 CARL W BATTLE TRUSTEE 5.00 X 0 0 0 KEVIN COLLINS TRUSTEE 5.00 X 0 0 0 GARY DORNBUSH TRUSTEE 5.00 X 0 0 0 ROBERT ESSNER TRUSTEE 5.00 X 0 0 0 JOHN GROETELAARS TRUSTEE 5.00 X 0 0 0 THOMAS F KELLY MD TRUSTEE 5.00 X 0 0 0 MICHAEL KLEIN TRUSTEE 5.00 X 0 0 0 TERRY LUNDGREN TRUSTEE 5.00 X 0 0 0 GWEN MACKENZIE TRUSTEE 5.00 X 0 0 0 DIANE MAYER TRUSTEE 5.00 X 0 0 0 JONATHAN E MITCHELL TRUSTEE 5.00 X 0 0 0 BARBARA RODKIN TRUSTEE 5.00 X 0 0 0 SAMUEL C SCOTT III TRUSTEE 5.00 X 0 0 0 JON SODERBERG TRUSTEE 5.00 X 0 0 0 JACKIE TILTON TRUSTEE 5.00 X 0 0 0 DAVID VERINDER TRUSTEE 5.00 X 0 0 0 KIRK VOELKER MD TRUSTEE 5.00 X 0 0 0 JOEL MORGANROTH MD SECRETARY 10.00 X X 0 0 0 SANDRA K STUART VICE CHAIR 10.00 X X 0 0 0 ROBERT LEE WOOD CHAIR 10.00 X X 0 0 0 DEBORAH KABINOFF IMMEDIATE PAST CHAIR 5.00 X X 0 0 0 ERIC SPIEGEL TREASURER 10.00 X X 0 0 0 STACEY CORLEY PRESIDENT 50.00 X 336990 0 38989 CRAIG A MORAN DIR. OF DEVELOPMENT 50.00 X 181729 0 25090 PATRICK J MCQUILLAN VICE PRES. OF STRATEGIC PHILANTHROPY 50.00 X 191897 0 33929 SALLY A SCHULE DIR. OF COMMUNITY ENGAGEMENT 50.00 X 178553 0 15651 PATRICIA MAHLER DIR. OF COMMUNICATIONS 50.00 X 160223 0 13052 SHANA MEADOWS DIR. OF FINANCE AND OPERATIONS 50.00 X 171685 0 15498 1221077 0 142209 6 0 1 0 THE RITZ-CARLTON SARASOTA 1111 RITZ-CARLTON DRIVE SARASOTA FL 34236 GALA EVENT - VENUE, FOOD, DRINKS, STAFF 234791 MICHAEL'S ON EAST 1212 S EAST AVENUE SARASOTA FL 34239 CATERING 170500 BAY STAGE LIVE LLC 4008 WEST ALVA STREET TAMPA FL 33614 EVENT PRODUCTION SERVICES 168926 BENTZ WHALEY FLESSNER AND ASSOCIATES IN 7900 XERXES AVENUE SOUTH SUITE 980 MINNEAPOLIS MN 55431 CONSULTING 151761 NPACT 701 EDGEWATER DRIVE WAKEFIELD MA 01880 CONSULTING 103675 5 502761 25655793 1697608 26158554 4753650 4753650 60354240 57312709 9024 3041531 -9024 3032507 3032507 2653897 502761 992777 1661120 1661120 PARTNERSHIP K-1 900099 328902 21142 307760 INSURANCE PROCEEDS 900099 71609 71609 400511 36006342 0 21142 9826646 14315702 14315702 418629 125589 293040 2016615 811280 1205335 46695 19079 27616 58438 24153 34285 162276 62608 99668 7890 7890 31255 31255 151761 151761 276443 276443 268283 268283 239002 45753 193249 57864 28932 28932 7857 1975 5882 10593 5297 5296 9275 3061 6214 31379 31379 FEDERAL TAX PAYMENTS 7 7 PURCHASED SERVICES 651684 537533 114151 MERCHANT PROCESSING FEE 39329 39329 EXPENSES REPORTED ON K- 24803 24803 4449 3199 1250 18830229 14315702 2079565 2434962 9089069 7880325 20990077 21263188 60500 0 1435473 1769680 69080 12500 64560 56580 113481038 130328210 22735712 25320005 167856429 186617988 370630 796685 7846711 0 532800 448818 275313 99714 9025454 1345217 X 26424601 35789629 132406374 149483142 158830975 185272771 167856429 186617988 X 17176113 1002251 7846711 416721 X X 0 1 X 1 0 X 22970238 41830154 14347314 29586330 26158554 134892590 22970238 41830154 14347314 29586330 26158554 134892590 45090525 89802065 720254 895168 2574136 3840158 4753650 12783366 7062 21142 28204 44883 216833 111543 -62427 379369 690201 148394361 10127907 0.60520 0.53810 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 27760866 2603875 2525237 131911 32758067 11637593 14888729 1507860 273316 27760866 11047759 180518 564348 155032 11637593 13239344 13000 -1092725 1111860 11047759 11967285 183846 2056754 968541 13239344 0.48680 0.34270 0.17050 1 0 69080 12500 56580 56580 ASSETS HELD IN CHARITABLE TRUSTS 201674 BEQUESTS RECEIVABLE 23521677 BENEFICIAL INTEREST IN PERPETUAL TRUSTS 1139726 CONTRIBUTIONS RECEIVABLE FROM CHARITABLE REMAINDER TRUSTS 357214 RIGHT-OF-USE LEASE ASSET 99714 25320005 LEASE LIABILITY 99714 99714 X 38060025 1002251 6815 1649962 2659028 35400997 276443 328902 605345 36006342 19464940 6815 929142 935957 18528983 276443 24803 301246 18830229 PART V, LINE 4: THE INCOME FROM ENDOWMENT IS USED TO SUPPORT THE OPERATIONS AND PROGRAMS OF THE ORGANIZATION ACCORDING TO THE RESTRICTIONS DESCRIBED BY THE DONOR, OR THE BOARD OF TRUSTEES IN THE CASE OF BOARD DESIGNATED ENDOWMENTS. PART X, LINE 2: UNDER THE INCOME TAXES TOPIC OF THE FASB ACCOUNTING STANDARDS CODIFICATION, THE FOUNDATION HAS REVIEWED AND EVALUATED THE RELEVANT TECHNICAL MERITS OF EACH OF ITS TAX POSITIONS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA FOR ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, AND DETERMINED THAT THERE ARE NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: UNREALIZED LOSS ON PERPETUAL TRUSTS 71,435. CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 585,750. SPECIAL EVENTS EXPENSE 992,777. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT INCOME FROM SCHEDULE K-1'S 328,902. PART XII, LINE 2D - OTHER ADJUSTMENTS: ADJUSTMENT BAD DEBT RESERVE 159,749. FUNDRAISING EXPENSE REPORTED ON FORM 990, PART VIII, LINE 8B 992,777. RETURN OF GRANTS -223,384. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT EXPENSES REPORTED ON K-1'S RECEIVED 24,803. SCHEDULE D PART V LINE 1E THESE ARE FUNDS FROM BOARD DESIGNATED, QUASI-ENDOWMENT FUNDS THAT THE BOARD RELEASED DURING THE YEAR INTO NET ASSETS WITHOUT DONOR RESTRICTIONS. X X X X X X 1 BENTZ WHALEY FLESSNER & ASSOCIATES 7900 XERXES AVENUE SOUTH SUITE 980 MINNEAPOLIS MN 55431 CAMPAIGN PLANNING & COACHING 0 0 151761 0 151761 FL GALA 2125993 216055 1909938 264971 6600 216533 ROCK THE ROOF 388484 133407 255077 44718 8505 196362 3 642181 153299 488882 105487 1000 148601 3156658 502761 2653897 415176 16105 561496 992777 1661120 SCHEDULE G, PART I, LINE 2B, COLUMN (V) FIXED SERVICE FEES FOR FUNDRAISING COUNSEL; CONSULTANT SUBMITS RECEIPTS FOR EXPENSE REIMBURSEMENT AT COST. EXPENSE PAYMENTS AND REIMBURSEMENTS ARE ITEMIZED ON THE BILLING. 1 SARASOTA COUNTY PUBLIC HOSPITAL BOARD SARASOTA MEMORIAL HEALTHCARE SYSTEMS 1700 S TAMIAMI TRAIL SARASOTA FL 34239 650480667 SARASOTA COUNTY 14133202 0 EDUCATION, FACILITIES & EQUIPMENT, RESEARCH, PATIENT CARE AND OTHER GOOD SAMARITAN PHARMACY & HEALTH SERVICES INC 2502 NORTH TAMIAMI TRAIL NOKOMIS FL 34275 262295558 501(C)3 45000 0 INDIGENT PATIENT CARE SUPPORT JEWISH FAMILY & CHILDRENS SERVICE OF THE SUNCOAST INC 2688 FRUITVILLE ROAD SARASOTA FL 34237 592693318 501(C)3 50000 0 BEHAVIORAL HEALTH PROGRAM SUPPORT ON THE SPOT AID INC 12161 MERCADO DRIVE VENICE FL 34293 851931026 501(C)3 37500 0 INDIGENT PATIENT CARE SUPPORT SUNCOAST COMMUNITIES BLOOD BANK INC 3025 LAKEWOOD RANCH BLVD SUITE 111 BRADENTON FL 34211 590873275 501(C)3 50000 0 BLOOD PROCESSING EQUIPMENT 5 PART I, LINE 2: GRANTS ARE RESTRICTED TO QUALIFIED TAX-EXEMPT HEALTHCARE ORGANIZATIONS LOCATED WITHIN SARASOTA COUNTY, FLORIDA. PRIOR TO AUTHORIZING DISBURSEMENTS, THE BOARD OF TRUSTEES VERIFIES THAT EACH RECIPIENT ORGANIZATION MEETS ONE OF THE FOLLOWING CRITERIA: QUALIFIES AS A LOCAL GOVERNMENTAL UNIT AS DEFINED IN INTERNAL REVENUE CODE SECTION 170(B); OR IS AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3). THIS DETERMINATION IS SUPPORTED THROUGH REVIEW OF THE ORGANIZATION'S IRS DETERMINATION LETTER AND CONFIRMATION THAT GRANT FUNDS WILL BE USED EXCLUSIVELY FOR CHARITABLE PURPOSES CONSISTENT WITH SECTIONS 170(C)(1) AND 170(B). THE SARASOTA COUNTY PUBLIC HOSPITAL BOARD (D/B/A SARASOTA MEMORIAL HOSPITAL) IS CONSIDERED A LOCAL GOVERNMENTAL UNIT AS DEFINED IN SECTION 170(B). X X X 0 0 0 0 0 0 0 0 0 STACEY CORLEY PRESIDENT 274375 0 62615 0 0 0 11265 0 27724 0 375979 0 0 0 PATRICK J MCQUILLAN VICE PRES. OF STRATEGIC PHILANTHROPY 179553 0 12344 0 0 0 6969 0 26960 0 225826 0 0 0 CRAIG A MORAN DIR. OF DEVELOPMENT 169948 0 11781 0 0 0 7006 0 18084 0 206819 0 0 0 SALLY A SCHULE DIR. OF COMMUNITY ENGAGEMENT 167604 0 10949 0 0 0 6909 0 8742 0 194204 0 0 0 SHANA MEADOWS DIR. OF FINANCE AND OPERATIONS 162598 0 9087 0 0 0 5562 0 9936 0 187183 0 0 0 PATRICIA MAHLER DIR. OF COMMUNICATIONS 149836 0 10387 0 0 0 6833 0 6219 0 173275 0 0 0 X 10 1697608 STOCK EXCHANGE/FMV 0 1 1 PART I, LINE 32B: INVESTMENT FIRM THAT HANDLES MANAGEMENT OF ALL OF THE ORGANIZATION'S INVESTMENTS. FORM 990, PART I, LINE 6 VOLUNTEER GOVERNING BOARD OF TRUSTEES PLUS VOLUNTEER COMMITTEE CHAIRS AND MEMBERS FOR SPECIAL EVENTS. FORM 990, PART V, LINE 2B: WAGES ARE PAID BY AND REIMBURSED TO SMH HEALTH CARE, INC.(FEIN 59-2620159) FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION'S BYLAWS WERE AMENDED AND RESTATED EFFECTIVE MARCH 27, 2025. PREVIOUS ARTICLE V - OFFICERS: SECTION 1. SELECTION. THE BOARD OF TRUSTEES NO LATER THAN AT ITS ANNUAL MEETING SHALL ELECT AS OFFICERS: CHAIR, VICE CHAIR, SECRETARY AND TREASURER, AND SUCH OTHER ASSISTANTS OR OFFICERS AS MAY BE DESIGNATED BY THE BOARD OF TRUSTEE FROM TIME TO TIME. THE TERM FOR THE CHAIR, VICE CHAIR, SECRETARY AND TREASURER SHALL COMMENCE WITH THE FISCAL YEAR UNLESS OTHERWISE SPECIFIED BY THE BOARD OF TRUSTEES. THE VICE CHAIR SHALL ALSO BE ELECTED AS AN ASSISTANT SECRETARY FOR PURPOSES OF ACTING IN THE EVENT THAT THE SECRETARY IS UNABLE TO ACT. SECTION 2. TERM, REMOVAL, AND VACANCIES. EACH OFFICER OF THE CORPORATION SHALL HOLD OFFICE UNTIL THE OFFICER'S SUCCESSOR IS ELECTED AND QUALIFIED OR UNTIL THE OFFICER'S EARLIER RESIGNATION OR REMOVAL. THE TERM OF OFFICE FOR EACH OFFICER SHALL BE ONE YEAR EXCEPT FOR THE CHAIR WHICH WILL SERVE FOR 2 YEARS. ANY OFFICER ELECTED OR APPOINTED BY THE BOARD OF TRUSTEES MAY BE REMOVED AT ANY TIME BY AN AFFIRMATIVE VOTE OF THE MAJORITY OF THE BOARD OF TRUSTEES THEN IN OFFICE. ANY VACANCY OCCURRING IN ANY OFFICE OF THE CORPORATION SHALL BE FILLED BY THE BOARD OF TRUSTEES. SECTION 3. CHAIR OF THE BOARD. THE CHAIR SHALL PRESIDE AT ALL MEETINGS OF THE BOARD OF TRUSTEES, AND SHALL SEE THAT ALL ORDERS AND RESOLUTIONS OF THE BOARD OF TRUSTEES ARE COMMUNICATED TO THE OFFICERS FOR IMPLEMENTATION. THE CHAIR SHALL IN CONSULTATION WITH THE NOMINATING COMMITTEE NOMINATE THE VICE CHAIR, TREASURER AND SECRETARY WHO SHALL BE ELECTED BY THE BOARD. THE CHAIR WILL SELECT ALL STANDING COMMITTEE CHAIRS AND MAY ALSO ESTABLISH AD HOC COMMITTEES. THE CHAIR SHALL ALSO SUPERVISE THE PRESIDENT AND OTHER OFFICERS OF THE CORPORATION IF ANY. SECTION 4. VICE CHAIR. THE VICE CHAIR SHALL SERVE IN THE ABSENCE OF THE CHAIR, OR IN THE EVENT OF HIS INABILITY TO ACT. SECTION 5. SECRETARY. THE SECRETARY OR HIS/HER DESIGNEE SHALL ATTEND ALL MEETINGS OF THE BOARD OF TRUSTEES, AND SHALL RECORD ALL THE PROCEEDINGS THEREOF IN A MINUTE BOOK TO BE KEPT FOR THAT PURPOSE. THE SECRETARY SHALL GIVE, OR CAUSE TO BE GIVEN, ALL NOTICES REQUIRED BY STATUTE, BYLAW OR RESOLUTION, AND SHALL PERFORM SUCH OTHER DUTIES AS MAY BE PRESCRIBED BY THE BOARD OF TRUSTEES OR PRESIDENT. THE SECRETARY SHALL HAVE CUSTODY OF THE CORPORATE SEAL OF THE CORPORATION. SECTION 6. TREASURER. THE TREASURER SHALL CHAIR THE FINANCE COMMITTEE WHICH WILL PROVIDE OVERALL FISCAL OVERSIGHT. THE CORPORATION'S CHIEF FINANCIAL EMPLOYEE OR DESIGNEE SHALL HAVE THE CUSTODY OF THE CORPORATE FUNDS AND SECURITIES, AND SHALL KEEP FULL AND ACCURATE ACCOUNTS OF RECEIPTS AND DISBURSEMENTS AS WELL AS SHALL DISBURSE FUNDS OF THE CORPORATION AS MAY BE ORDERED BY THE BOARD OF TRUSTEES, AND SHALL RENDER TO THE PRESIDENT AND BOARD OF TRUSTEES, AT REGULAR MEETINGS, OR WHEN SO REQUIRED, AN ACCOUNT OF ALL TRANSACTIONS AS TREASURER AND OF THE FINANCIAL CONDITION OF THE CORPORATION. SECTION 7. IMMEDIATE PAST CHAIR. THE IMMEDIATE PAST CHAIR SHALL SERVE AS ADVISOR TO THE CHAIR AND SHALL BE A MEMBER OF THE EXECUTIVE COMMITTEE AND VOTING MEMBER OF THE BOARD OF TRUSTEES. THE TERM OF OFFICE SHALL BE ONE YEAR OR UNTIL THE SITTING CHAIR ROTATES OFF AS CHAIR. PAST CHAIRS MAY BE INVITED BY THE BOARD OF TRUSTEES AS EX-OFFICIO (NON-VOTING MEMBERS) AND THEIR PRESENCE WILL NOT BE COUNTED IN THE MAXIMUM NUMBER OF TRUSTEES ALLOWABLE. IS SUPERSEDED BY AMENDED ARTICLE V - OFFICERS: SECTION 1. SELECTION. THE BOARD OF TRUSTEES NO LATER THAN THE LAST MEETING OF ITS FISCAL YEAR SHALL ELECT AS OFFICERS: CHAIR, VICE CHAIR, SECRETARY, AND TREASURER, AND SUCH OTHER ASSISTANTS OR OFFICERS AS MAY BE DESIGNATED BY THE BOARD OF TRUSTEES FROM TIME TO TIME. THE CHAIR SHALL BE NOMINATED BY THE NOMINATING & GOVERNANCE COMMITTEE AND SHALL BE ELECTED NOT LATER THAN THE MAY MEETING OF THE BOARD OF TRUSTEES. THE TERM FOR THE CHAIR, VICE CHAIR, SECRETARY, AND TREASURER SHALL COMMENCE WITH THE NEXT FISCAL YEAR UNLESS OTHERWISE SPECIFIED BY THE BOARD OF TRUSTEES. THE VICE CHAIR SHALL ALSO BE ELECTED AS AN ASSISTANT SECRETARY FOR PURPOSES OF ACTING IN THE EVENT THAT THE SECRETARY IS UNABLE TO ACT. SECTION 2. TERM, REMOVAL, AND VACANCIES. EACH OFFICER OF THE CORPORATION SHALL HOLD OFFICE UNTIL THE OFFICER'S SUCCESSOR IS ELECTED AND QUALIFIED OR UNTIL THE OFFICER'S EARLIER RESIGNATION OR REMOVAL. THE TERM OF OFFICE FOR EACH OFFICER SHALL BE ONE YEAR, AND EACH OFFICER MAY SERVE NO MORE THAN THREE CONSECUTIVE TERMS. ANY OFFICER ELECTED OR APPOINTED BY THE BOARD OF TRUSTEES MAY BE REMOVED AT ANY TIME BY AN AFFIRMATIVE VOTE OF THE MAJORITY OF THE BOARD OF TRUSTEES THEN IN OFFICE. ANY VACANCY OCCURRING IN ANY OFFICE OF THE CORPORATION SHALL BE FILLED BY THE BOARD OF TRUSTEES. SECTION 3. CHAIR OF THE BOARD. THE CHAIR SHALL PRESIDE AT ALL MEETINGS OF THE BOARD OF TRUSTEES, AND SHALL SEE THAT ALL ORDERS AND RESOLUTIONS OF THE BOARD OF TRUSTEES ARE COMMUNICATED TO THE OFFICERS FOR IMPLEMENTATION. THE NOMINATING & GOVERNANCE COMMITTEE, IN CONSULTATION WITH THE CHAIR-ELECT, SHALL NOMINATE THE VICE CHAIR, TREASURER, AND SECRETARY WHO SHALL BE ELECTED BY THE BOARD OF TRUSTEES. THE TREASURER SHALL CHAIR THE FINANCE & INVESTMENT COMMITTEE. THE CHAIR WILL SELECT ALL OTHER STANDING COMMITTEE CHAIRS AND MAY ALSO ESTABLISH AD HOC COMMITTEES. EACH STANDING COMMITTEE CHAIR MAY SERVE NO MORE THAN THREE CONSECUTIVE TERMS. THE CHAIR SHALL ALSO SUPERVISE THE PRESIDENT AND OTHER OFFICERS OF THE CORPORATION IF ANY. SECTION 4. VICE CHAIR. THE VICE CHAIR SHALL SERVE IN THE ABSENCE OF THE CHAIR, OR IN THE EVENT OF THE CHAIR'S INABILITY TO ACT. SECTION 5. SECRETARY. THE SECRETARY OR THE DESIGNEE SELECTED BY THE PRESIDENT OF THE CORPORATION SHALL ATTEND ALL MEETINGS OF THE BOARD OF TRUSTEES, AND SHALL RECORD AND MAINTAIN THE RECORD OF ALL THE PROCEEDINGS THEREOF. THE SECRETARY SHALL GIVE, OR CAUSE TO BE GIVEN, ALL NOTICES REQUIRED BY STATUTE, BYLAW OR RESOLUTION, AND SHALL PERFORM SUCH OTHER DUTIES AS MAY BE PRESCRIBED BY THE BOARD OF TRUSTEES OR PRESIDENT. THE SECRETARY OR THE DESIGNEE SELECTED BY THE PRESIDENT OF THE CORPORATION SHALL HAVE CUSTODY OF THE CORPORATE SEAL OF THE CORPORATION. SECTION 6. TREASURER. THE TREASURER SHALL CHAIR THE FINANCE & INVESTMENT COMMITTEE WHICH WILL PROVIDE OVERALL FISCAL OVERSIGHT OF THE CORPORATION. THE PRESIDENT OF THE CORPORATION OR THE DESIGNEE SELECTED BY THE PRESIDENT OF THE CORPORATION SHALL HAVE THE CUSTODY OF THE CORPORATE FUNDS AND SECURITIES, AND SHALL KEEP FULL AND ACCURATE ACCOUNTS OF RECEIPTS AND DISBURSEMENTS AS WELL AS SHALL DISBURSE FUNDS OF THE CORPORATION AS MAY BE ORDERED BY THE BOARD OF TRUSTEES, AND SHALL RENDER TO THE PRESIDENT OF THE CORPORATION AND THE BOARD OF TRUSTEES, AT REGULAR MEETINGS, OR WHEN SO REQUIRED, AN ACCOUNT OF ALL TRANSACTIONS AS TREASURER AND OF THE FINANCIAL CONDITION OF THE CORPORATION. SECTION 7. IMMEDIATE PAST CHAIR. THE IMMEDIATE PAST CHAIR SHALL SERVE AS ADVISOR TO THE CHAIR AND SHALL BE A MEMBER OF THE EXECUTIVE COMMITTEE AND VOTING MEMBER OF THE BOARD OF TRUSTEES. THE TERM OF OFFICE SHALL BE UNTIL THE END OF THE TERM OF THE CURRENT CHAIR (INCLUDING UP TO THREE CONSECUTIVE ONE YEAR TERMS). FORM 990, PART VI, SECTION B, LINE 11B EACH MEMBER OF THE BOARD OF TRUSTEES RECEIVES AN ELECTRONIC COPY OF THE ENTIRE 990 PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C TRUSTEES, OFFICERS, EMPLOYEES AND MEMBERS OF ANY COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS ARE COVERED BY THE POLICY AND ARE REQUIRED TO DISCLOSE THE EXISTENCE OF ANY FINANCIAL INTEREST WHICH MAY BE A CONFLICT OF INTEREST. A PERSON HAS A FINANCIAL INTEREST IF THE PERSON IS 1) AN OFFICER OR DIRECTOR OR EMPLOYEE OF AN ORGANIZATION WHICH IS APPLYING FOR OR RECEIVING A GRANT FROM THE FOUNDATION, 2) HAS AN OWNERSHIP OR INVESTMENT INTEREST OF GREATER THAN 5% IN ANY ENTITY WITH WHICH THE FOUNDATION HAS A TRANSACTION OR ARRANGEMENT, AND/OR 3) HAS A COMPENSATION ARRANGEMENT WITH THE FOUNDATION OR WITH ANY ENTITY OR INDIVIDUAL WITH WHICH THE FOUNDATION HAS A TRANSACTION OR ARRANGEMENT. COMPENSATION INCLUDES DIRECT AND INDIRECT REMUNERATION AS WELL AS GIFTS OR FAVORS REASONABLY CONSIDERED NOT INSUBSTANTIAL. THE INTERESTED PERSON IS GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE TRUSTEES OR MEMBERS OF COMMITTEES CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. A CONFLICT MAY BE DECLARED BY THE INTERESTED PERSON WITHOUT FURTHER ACTION, OR THE BOARD OR COMMITTEE MAY MAKE A DETERMINATION AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS. AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE OR SHE SHALL LEAVE THE MEETING WHILE THE BOARD OR COMMITTEE DISCUSSES THE MATTER AND DETERMINE BY MAJORITY VOTE OF THE DISINTERESTED TRUSTEES OR COMMITTEE MEMBERS WHETHER A CONFLICT OF INTEREST EXISTS. IF A CONFLICT OF INTEREST IS FOUND TO EXIST, 1) THE BOARD OR COMMITTEE MAY APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE THE PROPOSED TRANSACTION WHICH INVOLVES A CONFLICT OF INTEREST, OR 2) THE BOARD OR COMMITTEE SHALL DETERMINE, BY MAJORITY VOTE, WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE FOUNDATION'S BEST INTEREST AND WHETHER TO PROCEED OR REJECT THE PROPOSAL. DURING THE DISCUSSION AND VOTE ON THE MATTER, THE INTERESTED PERSON WITH THE CONFLICT OF INTEREST SHALL NOT BE PRESENT. A VOTING MEMBER OF THE BOARD OF TRUSTEES OR OF ANY COMMITTEE WHO RECEIVED COMPENSATION DIRECTLY OR INDIRECTLY FROM THE FOUNDATION FOR SERVICES IS PRECLUDED FROM VOTING ON MATTERS PERTAINING TO THAT MEMBER'S COMPENSATION. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE, THE BOARD OR COMMITTEE DETERMINES THAT THE MEMBER HAS FAILED TO DISCLOSE AS REQUIRED, IT SHALL TAKE APPROPRIATE CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION GUIDELINES ASSIST THE BOARD IN FULFILLING ITS RESPONSIBILITIES TO ACHIEVE THE FOUNDATION'S GOALS AND OBJECTIVES ACCORDING TO THE MISSION STATEMENT AND UPDATED BY THE STRATEGIC PLAN. THE ALLOCATION OF FINANCIAL AND HUMAN RESOURCES IS DESIGNED FOR THAT PARTICULAR PURPOSE AND THE BOARD RECOGNIZES THAT ACHIEVING THE MISSION REQUIRES ATTRACTING, RETAINING AND REWARDING SKILLED EXECUTIVES AND PERSONNEL WITHIN APPROPRIATE GUIDELINES ESTABLISHED BY GOOD GOVERNANCE PRACTICES. THE BOARD WISHES TO ESTABLISH COMPENSATION INCENTIVES THAT ARE COMPETITIVE IN THE MARKETPLACE AND BALANCED BETWEEN SHORT AND LONG-TERM PERFORMANCE DESIGNED TO MOTIVATE AND REWARD MISSION DIRECTED PERFORMANCE. THE GOVERNANCE AND COMPENSATION COMMITTEE IS RESPONSIBLE FOR THE FUNCTIONING OF THE BOARD OF TRUSTEES AND ENSURES THAT AN EFFECTIVE PERFORMANCE EVALUATION AND COMPENSATION PROCESS IS IN PLACE. DUTIES INCLUDE 1) FACILITATE THE ANNUAL PERFORMANCE REVIEW OF THE FOUNDATION PRESIDENT. INVITE PERFORMANCE FEEDBACK FROM ALL BOARD MEMBERS. AT AN ANNUAL EXECUTIVE SESSION OF THE BOARD, SHARE FEEDBACK, AND REACH CONSENSUS ON OVERALL PERFORMANCE RATING. 2) ANNUALLY RECOMMEND COMPENSATION AND BONUS LEVELS TO THE BOARD FOR THE FOUNDATION PRESIDENT. 3) COMPENSATION FOR SENIOR EXECUTIVES MUST MEET STANDARDS UNDER IRS INTERMEDIATE SANCTIONS REGULATIONS AS THEY APPLY TO DISQUALIFIED PERSONS. THIS INCLUDES THE PRESIDENT AND OTHER KEY STAFF. COMPENSATION, FOR PURPOSES OF INTERMEDIATE SANCTIONS, INCLUDES ALL REMUNERATION. ANNUALLY THE FULL BOARD MEETS TO ESTABLISH THE MISSION-ORIENTED STRATEGY FOR THE COMING YEAR AND APPROVE THE ANNUAL PLAN FOR ALLOCATING FINANCIAL RESOURCES. THE STRATEGY WILL BECOME THE BASIS FOR ESTABLISHING PERFORMANCE GOALS FOR THE ORGANIZATION AS A WHOLE AND FOR INDIVIDUALS. THE GOVERNANCE AND COMPENSATION COMMITTEE ESTABLISHES MISSION-ORIENTED PERFORMANCE GOALS AND OVERALL COMPENSATION PHILOSOPHY FOR THE COMING YEAR BASED ON THE STRATEGY AND FINANCIAL RESOURCES. THE BOARD HAS DETERMINED THAT MERIT INCREASES AND BONUSES ARE BASED ON PERFORMANCE IN ACHIEVING THE FOUNDATION'S OBJECTIVES TO FULFILL THE MISSION AND STRATEGIC PLAN. THE BOARD HAS ALSO SET A GOAL THAT ALL STAFF, INCLUDING EXECUTIVES, RECEIVE MARKET COMPETITIVE COMPENSATION INCLUDING BENEFITS. THE PRESIDENT OR DESIGNEE EVALUATES EACH STAFF MEMBER DURING THE ANNUAL PLANNING PROCESS AND COMPENSATION IS ADJUSTED BASED ON PERFORMANCE, THE BOARD APPROVED ANNUAL OPERATING BUDGET, AND THE MARKET BASED SALARY POINT FOR THAT POSITION. THE PRESIDENT HAS PARAMETERS FOR TOTAL COMPENSATION PAID TO STAFF BASED ON THE BOARD APPROVED ANNUAL OPERATING BUDGET AND IS REQUIRED TO INFORM THE EXECUTIVE COMMITTEE WHENEVER COMPENSATION WILL EXCEED THOSE PARAMETERS. THE GOVERNANCE AND COMPENSATION COMMITTEE EVALUATES THE PRESIDENT ANNUALLY AT THE END OF THE EACH FISCAL YEAR AND DETERMINES THE ANNUAL RATING BASED ON PERFORMANCE, ACHIEVEMENT OF GOALS AND COMPARABLE COMPENSATION FOR LIKE POSITIONS IN SIMILAR ORGANIZATIONS. TO MEET THE REASONABLE STANDARD OF THE IRS, THE FOUNDATION HAS IDENTIFIED A GROUP OF ORGANIZATIONS MOST COMPARABLE TO THE FOUNDATION IN TERMS OF REVENUES AND THEIR SOURCES, SCOPE OF ACTIVITIES, MISSION, QUALITY OF STAFF THEY RECRUIT AND PUBLIC PROMINENCE. THE TOTAL COMPENSATION FOR THE CEOS OF THESE ORGANIZATIONS IS USED TO DETERMINE REASONABLENESS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF SPLIT INTEREST AGREEMENT 585,750. UNREALIZED GAIN ON PERPETUAL TRUSTS 71,435. NET INVESTMENT (INCOME) LOSS REPORTED ON SCHEDULE K-1'S RECEIVED -304,099. ADJUSTMENT BAD DEBT RESERVE -159,749. RETURN OF GRANT FUNDS 223,384. FORM 990, PART XII, LINE 2C AUDIT REVIEW PROCESS THE AUDIT REVIEW PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART XI, LINE 8 DURING THE YEAR ENDED SEPTEMBER 30, 2025, THE FOUNDATION CHANGED ITS ACCOUNTING POLICY RELATED TO THE RECOGNITION OF GRANTS PAYABLE AND THE CORRESPONDING GRANT EXPENSE. THE AUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDING SEPTEMBER 30, 2025 WERE RETROSPECTIVELY ADJUSTED TO REFLECT THE NEW ACCOUNTING POLICY FOR ALL PERIODS PRESENTED. THE CUMULATIVE EFFECT OF THE CHANGE RESULTED IN AN INCREASE TO OPENING NET ASSETS OF $9,470,041 AS OF OCTOBER 1, 2023. IN ADDITION, THE CHANGE RESULTED IN A DECREASE IN THE CHANGE IN NET ASSETS OF $1,623,330 FOR THE YEAR ENDED SEPTEMBER 30, 2024, AS PREVIOUSLY REPORTED AMOUNTS HAVE BEEN RESTATED.