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, Line 2: Description of Business or Family Relationship of Officers, Directors, Et | Various Board members have business relationships with other Board Members. |
| Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company | JFM Holdings Inc., whose president is Jean F. Meyer, has been engaged to perform the Executive Director functions of the Association which comprise management and planning of functions and activities of the Association, incurring expenses for support staff for accounting purposes, securing and incurring rental payments for office space, expenses of office equipment, monitoring investment activities and reporting to the Board on all matters of operational, financial, and investment activities significant to the stability of the Association. |
| Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder | See Schedule O |
| Form 990, Part VI, Line 11b: Form 990 Review Process | Executive Director and return preparer review the return with the entire governing board. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts | Annual statement signed by Board members regarding compliance with conflict of interest policy |
| Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management | The Board of Directors formally reviews the budgeted expenses and has had a solid knowledge of the competence and success of the Executive Director in operating this and similar organizations. Their determination of compensation to JFM Holdings, Inc. is based upon such knowledge in conjunction with budgetary reviews. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | Forms 990 and 1023 are available to the Public upon written request. Other Governing documents, policies, and financial statements are available in accordance with IRS regulations and State of Illinois Nonprofit Corporation Statutes and Open Records Act. |
| Form 990, Part VI, Line 6a, 7a - Members of the Midwest Wall/Ceiling C | The taxpayer prepared financial statements are prepared on a consolidated basis including the assets, liabilities, and activities of the Midwest Wall and Ceiling Contractors (F.E.I.N. # 36-1042740), the Gypsum Drywall Council of Northern Illinois (Mid Res Com) (F.E.I.N. # 36-6086054) and the Chicago Drywall Finishers Advancement Fund (F.E.I.N. # 51-0162818) whose by-laws designate the Midwest Wall and Ceiling Contractors as their sole voting member. Accordingly, these three organizations are related organizations as disclosed on Schedule R of each Form 990. No Compilation or Limited Review or Audit services are performed by independent accountants.Separate Form 990 information returns are prepared and electronically filed by analyzing the taxpayer consolidated financial statements and allocating expenses on the following information returns: The "Umbrella" association, Midwest Wall and Ceiling Contractors (FEIN 36-1042740), the Gypsum Drywall Council of Northern Illinois (F.E.I.N. 36-6086054) and the Chicago Drywall Finishers Advancement Fund (F.E.I.N. # 51-0162818.)Collective bargaining agreement funds received are maintained in separate investment accounts with Morgan Stanley. |
| Schedule C, Part III-A, B, Membership Dues | Although the industry contributions received are shown in Part VII, Line 21a ofthe Form 990 as "membership dues," they are if fact industry contributions in accordance with terms of collective bargaining agreements. Accordingly, the response to Schedule C, Part III-A indicates that these amounts received are in fact from tax-exmempt labor entities which do not deduct any of these collective bargaining payments to the Umbrella Association (Midwest Wall and Ceiling Contractors) as "dues" expense. |
| Software ID: | 14000265 |
| Software Version: | 2014v5.0 |