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 6: Explanation of Classes of Members or Shareholder | Members of the Chamber include businesses, organizations and individuals who do business in the McMinnville area or are interested in supporting the economic and community development of McMinnville, Oregon. |
| Form 990, Part VI, Line 11b: Form 990 Review Process | The draft of the Form 990 is reviewed by the Executive Committee before filing. |
| Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts | Each board member is required to annually report any possible, personal, family or business relationships and all material facts related thereto that reasonably could give rise to a conflict involving the Chamber. The Board reviews all substantive relationships to determine if there is an actual conflict of interest. |
| Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management | The Executive Committee reviews and evaluates the President's salary annually. |
| Form 990, Part VI, Line 19: Other Organization Documents Publicly Available | Copies of governing documents, policies and financial statements are available upon request. |
| Other Changes In Net Assets Or Fund Balances - Other Increases | Unrealized Gain = $7459 |
| 990, Part VI, Line 13 - Written Whistleblower Policy | The Executive Committee determined that the small size of the Chamber's staff precludes a need for a whistleblower policy. |
| Change in accounting method from cash to accrual | On October 1, 2015 the Organization elected to change its basis of accounting from modified cash to accrual in order to follow generally accepted accounting principles in the United States of America. The change was made in accordance with the Financial Accounting Standards Board Statement of Financial Accounting Standards 116, Accounting for Contributions Received and Contributions Made (SFAS 116), now codified in FASB Accounting Standards Codification 958, Not-for-Profit Entities (ASC 958). The Organization determined that it is impracticable to determine the cumulative effect of applying the change retroactively. Accordingly, the Organization did not recognize a cumulative effect adjustment in beginning net assets related to the change. The new method has been applied prospectively to the Organization's financial statement line items. |
| Software ID: | 15000324 |
| Software Version: | 2015v3.0 |