Resolutions

January 15th, 2010

Note: AF is a shorthand name for USTC Alumni Foundation (USTCAF);

GB stands for the governing board of USTCAF. GB2009 refers to the governing board elected in March, 2009.

1. Background

USTCAF’s finance and accounting operation has been managed by AF’s treasurer, Mr. Shangyou Zhang since it incorporated in 1995. USTCAF is approaching its 15 year anniversary and has cumulated donations surpassing 2 million USD. The financial transparency and management, investment policy and management, as well as its variety taxation issues have become growing concerns for some of USTCAF’s members. As a matter of fact, USTCAF’s accounts and financial management procedures have not been audited or reviewed by any independent professional accounting firm since its inception.

2. Resolution

USTCAF GB2009 would like to request that the AF treasurer, Mr. Shangyou Zhang, engage an independent creditable accounting firm to conduct a full audit for the fiscal year of 2009 and provide professional guidelines for USTCAF’s financial management in the future as well. This audit must be performed before the USTCAF 2009 tax form be filed to the IRS. GB2009 would also like to recommend having an annual audit for future years.

The treasurer should release or make it available of the full auditing report to all of USTCAF members within one week after the auditing report will be officially available to him.

The auditing related expenses should be covered by either the operation and the professional service sub-funds, or the general fund of USTCAF.

3. Bill of Conflicts

If there be any conflict of interests, AF will reserve the final right of interpretation of this article. The decisions made by GB on matters related to professionally auditing the finance of USTCAF for fiscal year 2009 are final.

4. Exemptions

Any exemption from the guidelines listed in this article or modifications concerning this matter will need to be approved by at least 2/3 GB members.