2024-11-13T17:34:41-06:00 2023-12-31 861065772 DELOITTE TAX LLP 111 MONUMENT CIRCLE STE 4200 INDIANAPOLIS IN 462045108 990 2023-01-01 237025275 LYFORD CAY FOUNDATION INC C/O GILBRIDE TUSA LAST & SPELLANE LLC LYFO 31 BROOKSIDE DRIVE GREENWICH CT 06836 BASIL P GOULANDRIS CHAIR 2423624910 2024-11-13 1 0 JEFFREY D FRANK P00287234 3174648600 2024-11-12 2023 2024-10-15 13:58:12Z BASIL P GOULANDRIS 31 BROOKSIDE DRIVE GREENWICH CT 06836 15850479 0 X WWW.LYFORDCAYFOUNDATIONS.ORG X 1969 NY SEE SCHEDULE O. 17 17 0 33 123286 0 2339259 2373292 0 0 309005 405858 95247 172897 2743511 2952047 1168237 581262 0 0 748078 725419 0 0 297850 715032 751487 2631347 2058168 112164 893879 30327131 33435159 736597 178023 29590534 33257136 X SEE SCHEDULE O. 0 0 533914 424000 49611 THE FOUNDATION PROVIDES ACADEMIC AND TECHNICAL TRAINING & VOCATIONAL SCHOLARSHIPS FOR DESERVING BAHAMIAN STUDENTS ATTENDING COLLEGES, UNIVERSITIES AND OTHER EDUCATIONAL INSTITUTIONS INTERNATIONALLY. FOR THE FISCAL YEAR 2023, THIRTY-TWO (32) SCHOLARSHIPS WERE GRANTED TO TWENTY-NINE (29) INSTITUTIONS, TOTALING $424,000. 210517 126000 0 THE FOUNDATION PROVIDES GRANTS TO NOT-FOR-PROFIT ORGANIZATIONS THAT SEEK TO IMPROVE THE GENERAL EDUCATION, HEALTH AND WELFARE OF THE COMMUNITIES THAT THEY SERVE. IN 2023, GRANTS WERE MADE TO FIFTEEN (15) ORGANIZATIONS, TOTALING $126,000. 539894 0 0 THE FOUNDATION PROVIDES AN EDUCATION INITIATIVE, F.O.C.U.S., WHICH IS AN EIGHT-YEAR SCHOOL ENRICHMENT PROGRAMME DESIGNED TO SET UNDER-RESOURCED STUDENTS ON A PATH TO COLLEGE AND CAREER SUCCESS THROUGH WEEKEND AND SUMMER CLASSES. IN 2023, THE PROGRAMME HOSTED TWO HUNDRED FORTY-TWO (242) STUDENTS, FOR A TOTAL COST OF $539,894. 119896 0 0 SPECIAL PROJECTS AND VOLUNTEER PROGRAMME 119896 0 0 1404221 1 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 11 0 1 0 1 1 1 BF 0 0 0 0 0 0 0 0 0 0 X 17 17 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NY X NICOLA VIRGILL-ROLLE PHD 2423624910 WESTERN ROAD NASSAU NEW PROVIDENCE BF X MR BASIL P GOULANDRIS CHAIR 7.00 X X 0 0 0 MRS SARAH A FARRINGTON VICE CHAIR 5.00 X X 0 0 0 MR JEFFREY A EVERETT PRESIDENT 1.00 X X 0 0 0 MR JOHN T CRONE IV TREASURER 5.00 X X 0 0 0 MR E PARKER NEAVE SECRETARY 5.00 X X 0 0 0 LADY CAMILLE BARNETT DIRECTOR 1.00 X 0 0 0 MS SASKIA D'AGUILAR DIRECTOR 1.00 X 0 0 0 ROBIN D'ALESSANDRO DIRECTOR 1.00 X 0 0 0 MR IAN D FAIR DIRECTOR 3.00 X 0 0 0 MRS JENNIFER FLANAGAN DIRECTOR 1.00 X 0 0 0 MR PHILIP HILLIER DIRECTOR 1.00 X 0 0 0 MRS LYNN HOLOWESKO CBE JP DIRECTOR THROUGH 6/2023 1.00 X 0 0 0 MRS NANCY KELLY DIRECTOR 1.00 X 0 0 0 SUSAN SANFORD DIRECTOR 1.00 X 0 0 0 ROBIN SYMONETTE DIRECTOR 2.00 X 0 0 0 MRS PATRICIA THOMSON LEONARD DIRECTOR 2.00 X 0 0 0 MS WENDY WARREN DIRECTOR 2.00 X 0 0 0 MRS JUDITH A WHITEHEAD DIRECTOR 5.00 X 0 0 0 0 0 0 0 0 0 0 0 2373292 2373292 741753 741753 12562537 12898432 -335895 -335895 -335895 CLCF ADMIN. FEES 561000 123286 123286 REIMBURSEMENTS 900099 49611 49611 172897 2952047 49611 123286 405858 246000 246000 335262 335262 653139 440321 66794 146024 10282 7744 425 2113 48001 27237 7990 12774 13997 8875 1790 3332 16269 12202 4067 55387 55387 159219 159219 85491 5529 308 79654 49416 28525 11664 9227 87556 46654 24110 16792 45994 26349 10914 8731 15725 180 409 15136 8856 3971 4885 STUDENT SUPPLIES & SUPP 91706 91706 STUDENT FOOD 58135 58135 STUDENT TRANSPORTATION 44309 44309 TEACHING SUPPLIES & PRO 33424 33424 2058168 1404221 356097 297850 1993716 2004165 531040 478530 209750 256893 660 34939 25285566 28201812 2306399 2458820 30327131 33435159 147989 160470 588608 17553 736597 178023 X 27160181 30603025 2430353 2654111 29590534 33257136 30327131 33435159 893879 2772723 0 X 0 1 X 1 0 X 3711504 1616006 1783854 2339259 2373292 11823915 0 0 0 0 0 0 0 0 0 0 3711504 1616006 1783854 2339259 2373292 11823915 3675277 8148638 566516 390529 512300 541451 741754 2752550 22500 63427 49758 94990 123286 353961 54803 63324 28975 257 49611 196970 15127396 0.53870 0.54450 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: REIMBURSEMENTS - 2019 AMOUNT: $ 54,803. 2020 AMOUNT: $ 63,324. 2021 AMOUNT: $ 28,975. 2022 AMOUNT: $ 257. 2023 AMOUNT: $ 49,611. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2430353 0 298967 60000 0 15209 2654111 2763081 0 -252580 65000 0 15148 2430353 2559358 0 271127 50500 0 16904 2763081 2284543 0 340827 52500 0 13512 2559358 1936032 0 404460 43000 0 12949 2284543 1.00000 0 0 0 EQUITY INVESTMENTS 2458820 F 2458820 5724770 2772723 2772723 2952047 0 2952047 2058168 0 2058168 0 2058168 PART V, LINE 4: THE ENDOWMENT FUNDS ARE INTENDED TO PROVIDE SCHOLARSHIPS FOR BAHAMIAN STUDENTS ATTENDING INTERNATIONAL COLLEGES AND UNIVERSITIES. 1 CENTRAL AMERICA AND THE CARIBBEAN 1 9 GRANT-MAKING GRANTS FOR COMMUNITY IMPROVEMENT 157262 CENTRAL AMERICA AND THE CARIBBEAN 1 9 PROGRAM SERVICES EDUCATION ASSISTANCE 533194 CENTRAL AMERICA AND THE CARIBBEAN 1 9 PROGRAM SERVICES ADMINISTRATIVE EXPENSES 645850 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES EDUCATION ASSISTANCE 90000 EUROPE (INCLUDING ICELAND & GREENLAND) 0 0 PROGRAM SERVICES ADMINISTRATIVE EXPENSES 15366 NORTH AMERICA 0 0 PROGRAM SERVICES EDUCATION ASSISTANCE 88000 3 27 0 0 3 27 1529672 0 1529672 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 13000 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 10000 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 30667 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 10000 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 10000 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 7000 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 7500 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 30595 ELECTRONIC FUND/WIRE TRANSFER 0 CENTRAL AMERICA AND THE CARIBBEAN GRANT ASSISTANCE FOR OPERATING SUPPORT 8000 ELECTRONIC FUND/WIRE TRANSFER 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 10000 CHECK 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 25000 CHECK 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 EUROPE (INCLUDING ICELAND & GREENLAND) SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 25000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 45000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 13000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 NORTH AMERICA SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 15000 CHECK 0 25 0 0 0 0 0 0 PART I, LINE 2: LYFORD CAY FOUNDATION, INC. MONITORS THE GRANTS IT MAKES TO SCHOLARSHIP RECIPIENTS BY REMITTING THE SCHOLARSHIP FUNDS DIRECTLY TO THE INSTITUTION. THE SCHOLARSHIP GRANT IS AUTOMATICALLY APPLIED AGAINST THE STUDENT'S TUITION AND OTHER ELIGIBLE EXPENSES. SCHOLARSHIP CRITERIA INCLUDE: - MUST BE A BAHAMIAN CITIZEN AND PROVIDE VERIFICATION OF SAME; - MUST BE ACCEPTED AT THE COLLEGE OR UNIVERSITY; - MUST HAVE A MINIMUM GPA OF 3.0 OUT OF A POSSIBLE 4.0 OR EQUIVALENT; - MUST SUBMIT A COMPLETE ONLINE APPLICATION WITH ALL SUPPORTING DOCUMENTATION, INCLUDING VERIFICATION OF FAMILY FINANCIAL RESOURCES, TWO (2) LETTERS OF RECOMMENDATION, A CURRENT RESUME, TWO (2) PERSONAL ESSAYS AND COPIES OF SCHOOL TRANSCRIPTS AND RELEVANT EXAMINATION RESULTS. THE SELECTION PROCESS IS AS FOLLOWS: (I) ALL SUBMITTED APPLICATIONS ARE REVIEWED. (II) NOTICEABLY WEAK CANDIDATES AND INCOMPLETE APPLICATIONS ARE ELIMINATED. (III) SELECTION AMONG THE REMAINING CANDIDATES IS WEIGHTED AS FOLLOWS: - ACADEMIC MERIT - 35% - FINANCIAL NEED - 35% - THE CALIBER OF THE PROPOSED COLLEGE OR UNIVERSITY - 10% - THE FIELD OF STUDY - 10% - THE CANDIDATE'S PERSONAL QUALITIES - 10% (INCLUDING HIS OR HER LEADERSHIP SKILLS, LEVEL OF COMMITMENT TO THE COMMUNITY, ABILITY TO THINK CLEARLY ABOUT PERSONAL STRENGTHS AND GOALS, MOTIVATION AND THE POTENTIAL TO SUCCEED IN COLLEGE) (IV) PRIORITY IS GIVEN TO THE FIELDS OF STUDY CONSIDERED MOST VALUABLE IN SERVING THE ECONOMIC AND SOCIAL NEEDS OF THE BAHAMAS. (V) FINANCIAL RESOURCES ARE CONSIDERED, INCLUDING THE COST OF ATTENDANCE AT THE PROPOSED COLLEGE OR UNIVERSITY AND OTHER SCHOLARSHIP AWARDS AND GRANTS RECEIVED BY THE APPLICANT. AN INDEPENDENT SCREENING COMMITTEE OF LOCAL PROFESSIONALS IS RESPONSIBLE FOR MAKING RECOMMENDATIONS ON CANDIDATES TO RECEIVE SCHOLARSHIPS. THE SCHOLARSHIP SELECTION IS CONFIRMED BY THE EXECUTIVE DIRECTOR AND, ULTIMATELY, RATIFIED BY THE BOARD. TO QUALIFY FOR SCHOLARSHIP RENEWAL, RECIPIENTS ARE REQUIRED TO SUBMIT AN OFFICIAL TRANSCRIPT SHOWING THAT THEY HAVE MAINTAINED THE MINIMUM GPA REQUIREMENTS FOR THEIR SCHOLARSHIP TYPE (I.E. UNDERGRADUATE - 3.0, GRADUATE - 3.5, AND TECHNICAL & VOCATIONAL - 2.75). EFFECTIVE 2008, SCHOLARSHIP RECIPIENTS ARE ALSO REQUIRED TO (I) SUBMIT A WRITTEN PERSONAL EVALUATION OF THEIR ACADEMIC YEAR, (II) COMPLETE TWENTY (20) HOURS OF VOLUNTEER COMMUNITY SERVICE, AND (III) COMPLETE, ON AN ANNUAL BASIS, A COST OF ATTENDANCE FORM DETAILING THEIR EDUCATIONAL EXPENSES, OTHER SCHOLARSHIP AWARDS AND GRANTS, ETC. GRANTS ARE MADE WITH THE UNDERSTANDING THAT THE RECIPIENT WILL RETURN TO LIVE AND WORK IN THE BAHAMAS WHEN HIS OR HER EDUCATION HAS BEEN COMPLETED. PART I, LINE 3: ALL EXPENDITURES ARE ACCOUNTED FOR UNDER THE ACCRUAL METHOD OF ACCOUNTING, FOLLOWING THE ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES. 1 AVERETT UNIVERSITY 420 WEST MAIN STREET DANVILLE VA 24541 540129860 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION DUKE UNIVERSITY 2080 DUKE UNIVERSITY ROAD DURHAM NC 27708 560532129 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION EMBRY-RIDDLE AERONAUTICAL UNIVERSITY 1 AEROSPACE BOULEVARD DAYTONA BEACH FL 321143900 590936101 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION FLORIDA SOUTHERN COLLEGE 111 LAKE HOLLINGSWORTH DRIVE LAKELAND FL 33801 590624401 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION HARTWICK COLLEGE 1 HARTWICK DRIVE ONEONTA NY 13820 150533561 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION JOHNSON & WALES UNIVERSITY 8 ABBOTT PARK PLACE PROVIDENCE RI 02903 050306206 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION LOUISIANA STATE UNIVERSITY 1909 SKIP BERTMAN DRIVE BATON ROUGE LA 70803 726000848 501(C)(3) 10000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION LYNN UNIVERSITY 3601 N MILITARY TRAIL BOCA RATON FL 334315407 591023117 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION MIDDLE GEORGIA STATE UNIVERSITY 100 UNIVERSITY PARKWAY MACON GA 31206 586002057 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION MIDWESTERN STATE UNIVERSITY 3410 TAFT BOULEVARD WICHITA FALLS TX 76308 756001738 501(C)(3) 12500 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION NORTHEASTERN JUNIOR COLLEGE 100 COLLEGE AVENUE STERLING CO 80751 383721881 501(C)(3) 7500 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION SPRING HILL COLLEGE 4000 DAUPHIN STREET MOBILE AL 36608 630302179 501(C)(3) 6750 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION TENNESSEE STATE UNIVERSITY 3500 JOHN A MERRITT BOULEVARD NASHVILLE TN 37209 620786119 501(C)(3) 7500 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF ALABAMA AT BIRMINGHAM 1530 3RD AVENUE SOUTH BIRMINGHAM AL 35294 636005396 501(C)(3) 15000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF CALIFORNIA AT BERKELEY CAMPANILE WAY BERKELEY CA 94720 946002123 501(C)(3) 30000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF MINNESOTA 420 DELAWARE STREET SE MINNEAPOLIS MN 55455 416007513 501(C)(3) 7500 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION UNIVERSITY OF THE OZARKS 415 NORTH COLLEGE AVENUE CLARKSVILLE AR 72830 710236867 501(C)(3) 14000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION WASHBURN UNIVERSITY 1700 SW COLLEGE AVENUE TOPEKA KS 66621 486030115 501(C)(3) 6000 0 SCHOLARSHIP ASSISTANCE FOR POST-SECONDARY EDUCATION 20 PART I, LINE 2: LYFORD CAY FOUNDATION, INC. MONITORS THE GRANTS IT MAKES TO SCHOLARSHIP RECIPIENTS BY REMITTING THE SCHOLARSHIP FUNDS DIRECTLY TO THE INSTITUTION. THE SCHOLARSHIP GRANT IS AUTOMATICALLY APPLIED AGAINST THE STUDENT'S TUITION AND OTHER ELIGIBLE EXPENSES. SCHOLARSHIP CRITERIA INCLUDE: - MUST BE A BAHAMIAN CITIZEN AND PROVIDE VERIFICATION OF SAME; - MUST BE ACCEPTED AT THE COLLEGE OR UNIVERSITY; - MUST HAVE A MINIMUM GPA OF 3.0 OUT OF A POSSIBLE 4.0 OR EQUIVALENT; - MUST SUBMIT A COMPLETE ONLINE APPLICATION WITH ALL SUPPORTING DOCUMENTATION, INCLUDING VERIFICATION OF FAMILY FINANCIAL RESOURCES, TWO (2) LETTERS OF RECOMMENDATION, A CURRENT RESUME, TWO (2) PERSONAL ESSAYS AND COPIES OF SCHOOL TRANSCRIPTS AND RELEVANT EXAMINATION RESULTS. THE SELECTION PROCESS IS AS FOLLOWS: (I) ALL SUBMITTED APPLICATIONS ARE REVIEWED. (II) NOTICEABLY WEAK CANDIDATES AND INCOMPLETE APPLICATIONS ARE ELIMINATED. (III) SELECTION AMONG THE REMAINING CANDIDATES IS WEIGHTED AS FOLLOWS: - ACADEMIC MERIT - 35% - FINANCIAL NEED - 35% - THE CALIBER OF THE PROPOSED COLLEGE OR UNIVERSITY - 10% - THE FIELD OF STUDY - 10% - THE CANDIDATE'S PERSONAL QUALITIES - 10% (INCLUDING HIS OR HER LEADERSHIP SKILLS, LEVEL OF COMMITMENT TO THE COMMUNITY, ABILITY TO THINK CLEARLY ABOUT PERSONAL STRENGTHS AND GOALS, MOTIVATION AND THE POTENTIAL TO SUCCEED IN COLLEGE) (IV) PRIORITY IS GIVEN TO THE FIELDS OF STUDY CONSIDERED MOST VALUABLE IN SERVING THE ECONOMIC AND SOCIAL NEEDS OF THE BAHAMAS. (V) FINANCIAL RESOURCES ARE CONSIDERED, INCLUDING THE COST OF ATTENDANCE AT THE PROPOSED COLLEGE OR UNIVERSITY AND OTHER SCHOLARSHIP AWARDS AND GRANTS RECEIVED BY THE APPLICANT. AN INDEPENDENT SCREENING COMMITTEE OF LOCAL PROFESSIONALS IS RESPONSIBLE FOR MAKING RECOMMENDATIONS ON CANDIDATES TO RECEIVE SCHOLARSHIPS. THE SCHOLARSHIP SELECTION IS CONFIRMED BY THE EXECUTIVE DIRECTOR AND, ULTIMATELY, RATIFIED BY THE BOARD. TO QUALIFY FOR SCHOLARSHIP RENEWAL, RECIPIENTS ARE REQUIRED TO SUBMIT AN OFFICIAL TRANSCRIPT SHOWING THAT THEY HAVE MAINTAINED THE MINIMUM GPA REQUIREMENTS FOR THEIR SCHOLARSHIP TYPE (I.E. UNDERGRADUATE - 3.0, GRADUATE - 3.5, AND TECHNICAL & VOCATIONAL - 2.75). EFFECTIVE 2008, SCHOLARSHIP RECIPIENTS ARE ALSO REQUIRED TO (I) SUBMIT A WRITTEN PERSONAL EVALUATION OF THEIR ACADEMIC YEAR, (II) COMPLETE TWENTY (20) HOURS OF VOLUNTEER COMMUNITY SERVICE, AND (III) COMPLETE, ON AN ANNUAL BASIS, A COST OF ATTENDANCE FORM DETAILING THEIR EDUCATIONAL EXPENSES, OTHER SCHOLARSHIP AWARDS AND GRANTS, ETC. GRANTS ARE MADE WITH THE UNDERSTANDING THAT THE RECIPIENT WILL RETURN TO LIVE AND WORK IN THE BAHAMAS WHEN HIS OR HER EDUCATION HAS BEEN COMPLETED. FORM 990, PART I, LINE 1: LYFORD CAY FOUNDATION, INC. SUPPORTS THE DEVELOPMENT OF THE BAHAMAS BY INVESTING ITS RESOURCES DIRECTLY IN PHILANTHROPIC INITIATIVES, INCLUDING: POST-SECONDARY EDUCATION, THE SUPPORT OF BAHAMIAN NOT-FOR-PROFIT ORGANIZATIONS AND THE PREPARATION OF BAHAMIAN STUDENTS FOR POST-SECONDARY OPPORTUNITIES. FORM 990, PART III, LINE 1: LYFORD CAY FOUNDATION, INC. SUPPORTS THE DEVELOPMENT OF THE BAHAMAS BY INVESTING ITS RESOURCES DIRECTLY IN PHILANTHROPIC INITIATIVES. THE FOUNDATION'S PRIMARY MEANS OF ACHIEVING THIS AIM IS VIA THE AWARDING OF SCHOLARSHIPS FOR POST-SECONDARY EDUCATION AND TECHNICAL TRAINING; THE SUPPORT OF BAHAMIAN NOT-FOR-PROFIT CHARITABLE ORGANIZATIONS TARGETING THE EMOTIONAL, EDUCATIONAL AND RECREATIONAL NEEDS OF CHILDREN AND YOUNG ADULTS, THE ENVIRONMENT AND OTHER PRESSING SOCIAL ISSUES; AND TO PROVIDING EFFECTIVE PROGRAMS THAT ENHANCE THE PREPARATION OF A LARGER NUMBER OF BAHAMIAN STUDENTS FOR POST-SECONDARY OPPORTUNITIES AND THE CAREERS OF A GLOBALLY-COMPETITIVE WORLD. FORM 990, PART VI, SECTION A, LINE 2 JUDITH WHITEHEAD & BASIL GOULANDRIS - BUSINESS RELATIONSHIP FORM 990, PART VI, SECTION B, LINE 11B BEFORE THE FORM IS SUBMITTED FOR FILING WITH THE IRS, IT IS SUBMITTED TO THE FOUNDATION'S AUDIT COMMITTEE FOR REVIEW AND APPROVAL. ONCE ANY NECESSARY ADJUSTMENTS HAVE BEEN MADE, THE FORM IS FORWARDED TO THE FOUNDATION'S EXECUTIVE COMMITTEE FOR FINAL APPROVAL. THE FORM IS PROVIDED TO ALL MEMBERS OF THE BOARD SUBSEQUENT TO SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, ALL DIRECTORS, OFFICERS AND EMPLOYEES ARE REQUIRED TO COMPLETE AN ACKNOWLEDGEMENT OF THE STATEMENT OF POLICY ON CONFLICTS OF INTEREST. THE EXECUTIVE DIRECTOR IS RESPONSIBLE FOR COMPILING A LIST OF CONFLICTS DECLARED IN ACCORDANCE WITH THE PROCEDURE AND SUBMITS THE LIST TO THE AUDIT COMMITTEE. THE AUDIT COMMITTEE IS RESPONSIBLE FOR REVIEWING SUCH LISTING AND MONITORING ITS COMPLIANCE. FOUNDATION DIRECTORS, OFFICERS AND EMPLOYEES ARE ENCOURAGED TO PARTICIPATE IN THE DISCUSSION ON GRANTS TO ORGANIZATIONS TO WHICH THEY HAVE OFFICIAL AND DISCLOSED CONNECTIONS; HOWEVER, THEY MAY NOT VOTE AS A MEMBER OF THE BOARD OF DIRECTORS UPON ANY PROPOSED GRANT TO SUCH APPLICANTS. ALL CONFLICTS ARE TO BE NOTED IN THE MINUTES OF THE MEETING. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON BEING REQUESTED FROM THE ORGANIZATION. A SUMMARIZED VERSION OF THE FINANCIAL STATEMENTS ARE ALSO PRESENTED IN THE FOUNDATION'S ANNUAL REPORT PUBLICATION.