Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Section B, line 11 | Annually, the Board's Finance & Audit Committee directs an audit be conducted. The audit firm then presents the audit report and findings to the Finance & Audit Committee. The Committee reviews the audit report and recommends forwarding the audit report to the Board's Executive Committee for review and approval. The Board chair sends copies of the annual audit report to each Executive Committee director and encourages each to review the audit report prior to its next monthly meeting. The Board Treasurer, who is the chair of the Finance & Audit Committee, makes the presentation to the next monthly Executive Committee meeting. The Executive Committee, after review, then approves the audit report and recommends the documents be forwarded to the Board for review and final approval. The independent audit firm upon completion of the audit also prepares the form 990 with 990-T. The form 990 and 990-T are also reviewed by the Finance & Audit Committee as well as the officers. The forms 990 and 990-T are also made available for review by any Board member. |
| Form 990, Part VI, Section B, line 12c | Conflict of interest statements are completed and signed by all Board directors and key employees annually and immediately by any replacement directors and key employees upon taking the new position throughout the year. The conflict of interest statement also has a code of ethics section by which each director and key employee is expected to conduct themselves and must be signed. In the conflict of interest policy are sections that address: fiduciary responsibilities/disclosure; definition of conflict of interest; and restraint on voting. The Board Chair reminds directors of the need to declare any conflict of interest throughout the year. Those directors with a conflict of interest announce before a vote is taken that they are abstaining from the vote and state the reason for the conflict. The Board, as well as the Executive Committee, minutes will then reflect which directors abstained due to a conflict of interest. |
| Form 990, Part VI, Section B, line 15 | The President/CEO has a salary and compensation package set by the Board's Goals & Compensation Committee, in accordance with the Board's bylaws. The Committee uses an independent contractor to conduct an extensive review of current chambers of commerce presidents/CEOs of similar size and chambers with similar mission/focus across the United States. In addition, the contractor determines what salaries and compensation packages are for local and regional not-for-profit organizations' presidents/CEOs with similar size of staffing, budget, and regional scope. Once the contractor has completed a thorough analysis and made a recommendation, the Goals & Compensation Committee establishes the salary and compensation package for the president/CEO. For each vice president, a similar process is conducted by the Chamber, and the president/CEO determines each VP's salary based on independent contractor analysis and recommendation. The benefits for VPs are the same as for all staff members. The Goals & Compensation Committee determines if any yearly incentive payment will be paid to all staff members, which include executive officers, based on the Chamber meeting corporate goals established by the Goals & Compensation Committee at the beginning of the fiscal year and the year-end financial statements. The president/CEO annually at year-end reviews executive officers' compensation with the Goals & Compensation Committee and the Committee determines what if any increase will be set for the coming year. |
| Form 990, Part VI, Section C, line 19 | The Organization's governing documents, conflict of interest policy, and financial statements are available upon request. The form 990 with 990-T is also available upon request and can be found on www.guidestar.org after filing with the IRS is completed. |
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