Attach to Form 990 or 990-EZ.
Information about Schedule O (Form 990 or 990-EZ) and its instructions is at| Return Reference | Explanation |
|---|---|
| PART III - STATEMENT OF PROGRAM SERVICE ACCOMPLISHMENTS | LINE 3 OFFICE DEPOST NO LONGER OPERATES THE LOCAL CHAMBER ROYALTY PROGRAM. THE DETROIT CHAPTER IS NOW THE PROVIDER FOR THE OFFICE DEPOT PROGRAM. THUS ROYALTY EXPENSES DECREASED. PART VI - GOVERNANCE, MANAGEMENT, AND DISCLOSURE SECTION A, LINE 6 FLORIDA CHAMBER OF COMMERCE IS A MEMBERSHIP ORGANIZATION. Line 7A The organization's members elect members to the board of directors. Section B, Line 11 The Form 990 is reviewed by the organization's CFO for accuracy. A copy is provided to the audit committee for their review and comments in consultation with the organization's CFO and independent CPA. The Form 990 is then provided to the members of the Board of Directors for review and comment. Any questions or changes to the Form 990 and all accompanying schedules are resolved with the CFO and independent accounting firm prior to filing the return with the Internal Revenue Service. Distribution of Form 990 and accompanying schedules may be in the form of electronic mail, regular mail or notification of a link on the organization's website. Line 12C The organization's conflict of interest policy is provided at each board meeting. Members are required to sign a statement and disclose any conflicts of interest. Any potential conflicts of interest are resolved by the chairman of the board. Line 15 The compensation committee reviews and approves the compensation of the President/CEO. The president's employment contract is approved and renewed annually. The last compensation study was performed in 2016. The president/CEO has the authority to set the salary of all other employees. Section C, Line 19 The organization makes its governing documents, conflict of interest policy, and three most current years of financial statements Form 990 available to the public upon request. Part XI - Reconciliation of Net Assets Line 8 Prior Period Adjustment: $194,165 During the year ended October 31, 2016, the Chamber determined that certain deferred revenues were more characteristic of temporarily restricted net assets and should be recorded as such. Accordingly, a prior period adjustment was made to reclass the deferred revenues as temporarily restricted revenue in the period they were received and to record temporarily restricted net assets of the same amount. The effect of the entry was to reduce deferred revenue and to increase temporarily restricted revenue as of and for the year ended October 31, 2015 in the amount of $5,900 and to increase temporarily restricted net assets at November 1, 2014 in the amount of $188,265. Line 9 Interest Rate Change - SWAP: $12,950 Gain from Subsidiaries: $442,790 Part XII - Financial Statements and Reporting Line 2c Audit committee meets with the independent auditors prior to the start of the engagement in order to conduct a planning meeting. Committee members are available during the audit process, as necessary, to discuss any pertinent issues with the auditors. The committee conducts an exit meeting with the auditors, where the draft of the audit is reviewed and discussed. Once satisfied, the audit committee and the independent auditors present the auditor reports and the audited financial statements to the Board with the audit committee's recommendation for acceptance by the Board. |
| FORM 990 PART IX LINE 11G | DESCRIPTION:INTERNAL USE SOFTWARE TOTAL FEES:116732 |
| FORM 990 PART IX LINE 11G | DESCRIPTION:JUDICIAL PROJECT TOTAL FEES:162000 |
| FORM 990 PART IX LINE 11G | DESCRIPTION:FAU TOTAL FEES:67500 |
| FORM 990 PART IX LINE 11G | DESCRIPTION:ELECTION YEAR SURVEY TOTAL FEES:58000 |
| FORM 990 PART IX LINE 11G | DESCRIPTION:ORGANIZATIONAL INFRASTRUCTURE TOTAL FEES:60000 |
| FORM 990 PART IX LINE 11G | DESCRIPTION:PROFESSIONAL SERVICES TOTAL FEES:206133 |
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