An annual audit of the UNT Foundation’s statements of financial position is conducted by an independent auditor, Hankins, Eastup, Deaton, Tonn & Seay. The report is an opinion on whether the information presented is correct and free from material misstatements.
The IRS Form 990 is titled "Return of Organization Exempt From Income Tax." It is submitted by tax-exempt organizations and nonprofit organizations to provide the Internal Revenue Service with annual financial information. The Form provides the public with financial information about a given organization, and the disclosures do not require, but strongly encourage, nonprofit boards to adopt a variety of board policies regarding governance practices.
A determination letter is the most important legal document an organization possesses. The IRS issues this letter after an organization has successfully applied for the recognition of tax-exempt status. In this document the IRS indicates under which section of the Internal Revenue Code the organization is qualified. The determination letter is the only official document and proof that an organization is recognized as a tax-exempt organization.
The best way to clarify the expectations of donors, University officials, and UNT Foundation staff regarding a particular gift is through a mutually developed, written, and signed document. This is referred to as the Gift Agreement. It represents a collaborative process crafted to meet the specific wishes of the donor, as well as the needs and requirements of the University and Foundation. Please contact UNT Donor Relations at email@example.com or 940-369-7372, or the Foundation staff, with questions about establishing a new endowment or amending your existing endowment's Gift Agreement.