Interfacing Entities

The University of Maryland Baltimore Foundation, Inc. (Foundation) is governed and scrutinized by various agencies and entities. This section lists each of these organizations and indicates their roles and responsibilities pertaining to the Foundation.

Board of Regents

The Board of Regents of the University System of Maryland governs the establishment, operations, and compliance obligations of the foundation. The Board of Regents Policy on Affiliated Philantrhopic Support Foundations can be viewed on the Internet at the following URL address: IX-200.pdf (usmd.edu)

Internal Revenue Service

The Internal Revenue Service granted the Foundation an exemption from federal income tax under section 501(c)(3) of the Internal Revenue Code as an organization classified as a public charity. The Foundation is obligated to file the IRS Form 990, Return of Organization Exempt from Income Tax for each fiscal year ending June 30th. This information return discloses gift and other income, expenditures, and other pertinent data relating to the activities of the foundation.

Secretary of State of Maryland

The Charitable Organizations Division of the Office of the Secretary of State of the Executive Department of the State of Maryland granted complete and acceptable registration in calendar year 2000 under Article 41, Section 3-201 through 3-219 of the laws Maryland as required by the Maryland Charitable Solicitations Act (Business Regulation Article Title 6 of the Annotated Code of Maryland). This registration must be renewed each year with the submission of a renewal application, a copy of our audited financial statements, filing fees and other necessary documents.

Maryland Insurance Administration

This office of the Maryland State Government granted the foundation a special permit on May 3, 2001 to make annuity agreements with donors in accordance with the provisions of Section 16-114 of the Insurance Article of the Annotated Code of Maryland. This permit allows the foundation to initiate and administer planned gifts such as Charitable Gift Annuities and Charitable Remainder Trusts.

Comptroller of Maryland

The Comptroller of Maryland issued a letter to the foundation on January 10, 2000 stating “the federal determination of exempt status also qualifies your corporation or organization for exempt status under the Maryland income tax law.”

In addition, we have established a sales tax account with the Comptroller of Maryland whereby we collect and remit Maryland state sales tax from the sale of taxable items such as promotional T-shirts, stickers, mugs, etc. This account may be audited by the state from time to time to ensure compliance.

Maryland State Ethics Commission

The Foundation is subject to the rules and regulations of the Maryland State Ethics Commission because all Foundation personnel are employed by the state. This law is set forth in the Annotated Code of

Maryland, State Government §§ 15-101 through 15-850 (Supp. 2001) and it was enacted for the following purposes:

1. To assure the people the impartiality and independent judgment of officials and employees (including State board and commission members).

2. To avoid improper influence or even the appearance of improper influence.

3. To require officials and employees of disclose financial affairs and to meet minimum standards of ethical conduct.

The website of the Maryland State Ethics Commission can be found at https://ethics.maryland.gov/employeeoffcials/