| FORM 990, PART VI, SECTION A, LINE 2 |
MICHAEL MILKEN (CHAIRMAN) FAMILY AND BUSINESS RELATIONSHIP; LORI MILKEN (DIRECTOR/VP) FAMILY AND BUSINESS RELATIONSHIPS; RALPH FINERMAN (TREASURER/CFO) BUSINESS RELATIONSHIP; RICHARD SANDLER (DIRECTOR) BUSINESS RELATIONSHIP. |
| FORM 990, PART VI, SECTION B, LINE 11B |
FORM 990 IS REVIEWED BY THE FOUNDATION'S CEO, CFO AND SENIOR VP FINANCE AND ADMINISTRATION BEFORE DISTRIBUTION TO THE AUDIT COMMITTEE FOR REVIEW AND FINAL APPROVAL. THE ENTIRE BOARD RECEIVES A COPY OF FORM 990 AND HAS AN OPPORTUNITY TO RAISE ISSUES PRIOR TO BEING FILED. |
| FORM 990, PART VI, SECTION B, LINE 12C |
THE FOUNDATION'S BOARD OF DIRECTORS ADOPTED A CONFLICT OF INTEREST POLICY WHICH APPLIES TO ALL DIRECTORS AND OFFICERS CONSISTENT WITH THE MODEL SUGGESTED BY THE INTERNAL REVENUE SERVICE. THE POLICY REQUIRES THAT DIRECTORS AND OFFICERS DISCLOSE ANY TRANSACTIONS IN WHICH THEY HAVE A FINANCIAL INTEREST TO THE FOUNDATION'S GENERAL COUNSEL. THE GENERAL COUNSEL IS RESPONSIBLE FOR GATHERING INFORMATION AND PREPARING A REPORT REGARDING ANY PROPOSED TRANSACTION WHERE THERE IS A DISCLOSED FINANCIAL INTEREST AND DETERMINING WHETHER OR NOT THE TRANSACTION REASONABLY COULD BE DETERMINED TO MEET THE FOUNDATION'S STANDARDS FOR APPROVING A TRANSACTION, IN WHICH AN OFFICER OR DIRECTOR HAS A FINANCIAL INTEREST (I.E., THE BEST INTERESTS OF THE FOUNDATION FOR THE FOUNDATION'S BENEFIT AND FAIR AND REASONABLE AS TO THE FOUNDATION). IF PCF'S GENERAL COUNSEL DETERMINES THE TRANSACTION MAY MEET THE APPROVAL STANDARD, THE TRANSACTION IS REVIEWED BY AND EITHER APPROVED OR DISAPPROVED BY A COMMITTEE OF THE BOARD OF DIRECTORS OR THE ENTIRE BOARD OF DIRECTORS CONSISTENT WITH APPLICABLE STATE CORPORATE LAW REQUIREMENTS. AS PART OF THE REVIEW PROCESS, COMMITTEE OF BOARD OF DIRECTORS IS REQUIRED TO IDENTIFY AND EVALUATE POTENTIAL ALTERNATIVE TRANSACTIONS WHICH DO NOT INVOLVE A FOUNDATION OFFICER OR DIRECTOR. THE INTERESTED OFFICER OR DIRECTOR IS ALLOWED TO PRESENT INFORMATION TO THE COMMITTEE OR BOARD OF DIRECTORS BUT MUST LEAVE THE MEETING AT WHICH THE TRANSACTION IS CONSIDERED PRIOR TO THE FINAL VOTE. THE FOUNDATION'S CONFLICT OF INTEREST POLICY ALSO REQUIRES OFFICERS AND DIRECTORS TO COMPLETE ANNUAL QUESTIONNAIRES WHEREIN THEY ARE ASKED TO IDENTIFY ALL TRANSACTIONS WHERE THEY MAY HAVE AN ACTUAL OR PERCEIVED CONFLICT OF INTEREST. AS PART OF THE QUESTIONNAIRE, EACH OFFICER AND DIRECTOR IS REQUIRED TO CONFIRM THEIR UNDERSTANDING THAT THE FOUNDATION IS A TAX EXEMPT ENTITY AND MUST ENGAGE PRIMARILY IN ACTIVITIES WHICH FURTHER ITS MISSION.THE FOUNDATION'S SCIENTIFIC REVIEW PANELS DETERMINE WHICH RESEARCH PROJECTS OR TYPES OF PROJECTS WILL BE FUNDED BY THE FOUNDATION, AND ALSO HAS A CONFLICT OF INTEREST POLICY. PANELISTS ARE REQUIRED TO ABSTAIN FROM DISCUSSIONS AND VOTES REGARDING FUNDING FOR RESEARCH PROJECTS IN WHICH THEY HAVE A FINANCIAL OR PROFESSIONAL INTEREST OR INSTITUTIONAL AFFILIATION. |
| FORM 990, PART VI, SECTION B, LINE 15 |
STAFF COMPENSATION, INCLUDING OFFICERS AND KEY EMPLOYEES, LISTED ON SCHEDULE J ARE REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS' COMPENSATION COMMITTEE BASED ON QUALIFICATIONS AND MARKET COMPARABILITY IN SIMILAR INDUSTRIES. THE LAST COMPENSATION REVIEW OCCURRED IN DECEMBER 2021. |
| FORM 990, PART VI, SECTION C, LINE 19 |
THE FOUNDATION POSTS ITS ANNUAL REPORT, AUDITED FINANCIAL STATEMENTS AND FORM 990 ON ITS WEBSITE WWW.PCF.ORG (GO TO "ABOUT PCF/WHERE YOUR MONEY GOES"). THE FOUNDATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE ALSO POSTED ON THE WEBSITE WWW.PCF.ORG. |
| FORM 990, PART XI, LINE 9: |
FOREIGN EXCHANGE TRANSLATION 11,919. BAD DEBT EXPENSE -150,000. GRANT REFUNDS 91,530. |
Attach to Form 990 or 990-EZ.