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TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is atwww.irs.gov/form990.
OMB No. 1545-0047
2014
Open to Public
Inspection
Inspection
Name of the organization
ROCKY MOUNTAIN VENTURE CAPITAL ASSOCION
F/K/A VENTURE CAPITAL ASSOC FOR COLORADO
F/K/A VENTURE CAPITAL ASSOC FOR COLORADO
Employer identification number
84-1554851
84-1554851
| Return Reference | Explanation |
|---|---|
| Form 990, Part V, Line 2a | THE TAXPAYER HAS NO EMPLOYEES. |
| Form 990, Part VI, Section A, Line 3 | THE ORGANIZATION HAS OUT SOURCED THE EXECUTIVE DIRECTOR POSITION TO STRATEGIC MARKETING SOLUTION, INC. STRATEGIC MARKETING SOLUTION, INC. IS PAID $43,000 ANNUALLY FOR ITS SERVICES AS AN INDEPENDENT CONTRACTOR THE ANNUAL COMPENSATION IS DETERMINED APPROVED BY THE BOARD AND IS BASED UPON COMPARABLE DATA AND MARKET CONDITIONS. THERE EXISTS NO CONFLICTS OF INTEREST BETWEEN STRATEGIC MARKETING SOLUTION, INC., THE EXECUTIVE DIRECTOR, THE ORGANIZATION AND THE BOARD MEMBERS THE EXECUTIVE DIRECTOR WORKS PRIMARILY 20 HOURS PER WEEK FOR THE ORGANIZATION. AT CERTAIN TIMES OF THE YEAR THE EXECUTIVE DIRECTOR MAY WORK UP TO 40 HOURS FOR THE TAXPAYER. THE EXECUTIVE DIRECTOR IS RESPONSIBLE FOR THE ORGANIZATION'S DAY -TO-DAY GENERAL OPERATIONS AND EXECUTES ON THE ORGANIZA TION'S INITIATIVES. THE EXECUTIVE DIRECTOR'S PRIMARY CONTACT IS WITH THE CHAIRMEN AND THE TREASURER. THE EXECUTIVE DIRECTOR ATTENDS ALL SIGNIFICANT MEETINGS AND PORTIONS OF EACH BOARD MEETING DURING CRITICAL TIMES (CONFERENCES, ADVANCE PLANNING, ETC). |
| Form 990, Part VI, Section B, Line 11b | THE ORGANIZATION ENGAGES AN OUTSIDE TAX PROFESSIONAL TO PREPARE THE ANNUAL TAX FILING FORM. THE TAX PREPARER PREPARES THE FORM 990 FROM FINANCIAL RECORDS MAINTAINED BY THE ORGANIZATION ON QUICK BOOKS. THE PREPARED FORM 990 IS SUBMITIED IN DRAFT TO THE EXECUTIVE DIRECTOR, CHAIRMAN OF THE BOARD, AND TREASURER FOR REVIEW. ONCE THE REVIEW PROCESS IS COMPLETE THE FORM IS FINALIZED AND FILED. THE FILING IS DISCUSSED IN AN AT LARGE BOARD MEETING. |
| Form 990, Part VI, Section B, Line 12a | THE ORGANIZATION DOES NOT HAVE A DIRECT CONFLICT OF INTEREST POLICY. THE ORGANIZATION HAS ADEQUATE INTERNAL CONTROLS TO PREVENT CONFLICTS FROM OCCURRING. THERE EXISTS AN APPROPRIATE DEGREE OF DUTY SEGRATION THE EXECUTIVE BOARD AND AT LARGE BOARD ARE EXPECTED TO ACT ETHICALLY AND ARE HELD ACCOUNTABLE TO EACH OTHER, AND TO THE ORGANIZATION. THE BOARD DISCUSSES AND APPROVES ALL SIGNIFICANT TRANSACTIONS AND EVENTS. THE ORGANIZATION'S DAY -TO-DAY ACTIVITIES ARE HANDLED BY A PROFESSIONAL EXECUTIVE DIRECTOR, WHO IS ACCOUNTABLE TO THE EXECUTIVE BOARD. DUE TO THE NATURE OF THE ORGANIZATION'S PUBLIC PURPOSE, SIZE, REVENUE STREAM AND EXPENSES, CONFLICTS OF INTEREST ARE NOT CONSIDERED TO BE A SIGNIFICANT RISK. |
| Form 990, Part VI, Section B, Line 15 | THE ONLY PAID POSITION IS THAT OF THE OUTSOURCED EXECUTIVE DIRECTOR. THE ANNUAL COMPENSATION IS DETERMINED APPROVED BY THE BOARD AND IS BASED UPON COMPARABLE DATA AND MARKET CONDITIONS. |
| Form 990, Part VI, Section C, Line 19 | THE ORGANIZATION MAINTAINS A COMPREHENSIVE WEBSITE THAT DISCLOSES IMRORTANT INFORMTION. THE ORGANIZATION'S GOVERNING DOCUMENTS ARE NOT MADE AVAILABLE TO THE PUBLIC. REQUESTS FOR FINANCIAL INFORMTION AND PUBLIC TAX FILING INFORMTION ARE INFREQUENT. ACCORDINGLY, SUCH REQUESTS ARE HANDLED BY THE EXECUTIVE DIRECTOR ON AN AS REQUIRED BASIS. THE COMPANY DOES NOT CHARGE A FEE FOR PROVIDING THIS INFORMATION THE ORGANIZATION'S ANNUAL TAX FILING SERVES AS THE FINANICAL STATEMENT. |
| Form 990, Part VII, Section A, Line 1b | THE CHAIRMEN AND THE TREASURER HAVE MORE EXTENSIVE ORGANIZATION RESPONSIBILITIES AND DUTIES WHEN COMPARED TO THE OTHER MEMBERS. THE CHAIRMEN IS THE PRIMARY FACE FOR THE ORGANIZATION FOR PUBLIC APPEARANCES, OUTSIDE MEETINGS, PRESS RELEASES, ETC. THE TREASURER SPENDS ADDITIONAL TIME REVIEWING FINANCIAL DATA, APPROVING CONTRACTS AND OVERSEEING THE EXECUTIVE DIRECTORS ACTIVITIES. THESE POSITIONS REQUIRE THE MEMBERS TO SPEND APPROXIMATELY 2 HOURS PER WEEK IN ORDER TO PERFORM THEIR DUTIES. AT LARGE DIRECTORS TYPICALLY SPEND 1 HOUR PER WEEK TO ATTEND BOARD MEETING AND ATTEND OTHER ORGANIZATION MEETINGS AND EVENTS. Circumstances may require more time from time to time. |
| Form 990, Part X, Line 15 | AA |
| Form 990, Part XI, Line 2 | THE ORGANIZATION'S ANNUAL TAX FILING SERVES AS THE FINANCIAL STATEMENT. |
| Form 990, Part XI, Line 9 | LINE 9 - ROUNDING $1.00 LINE 8 - IN YEARS PRIOR TO 2014, THE TAXPAYER SHARED REVENUE WITH KPMG LLP FOR THE VCIR FALL CONFERENCE. THE FALL CONFERENCE IS NO LONGER HELD. IN PRIOR YEARS, THIS ITEM WAS CARRIED AS AN ASSET, IT SHOULD HAVE BEEN RECORDED AS AN TO INCREASE COST IN THE PERIOD INCURRED. AS A PRIOR PERIOD ADJUSTMENT, THE ACCOUNT WAS CHARGED OFF THE BOOKS. TO THE BEST OF THE TAXPAYER'S KNOWLEDGE, KMPG HAS RECOGNIZED THE AMOUNT IN INCOME AS RECEIVED. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2014
Additional Data
| Software ID: | 14000267 |
| Software Version: | v1.00 |