Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| Part I, Line 19 | The total loss reported for the year of $1,064,394 excludes the unrealized gains on investments of $43,104 and increase changes in investments related to the pension of $465,297. These items are recognized as revenue in the consolidated audited annual financial statements of the American Foundry Society. |
| Form 990, Part VI, Section A, line 6 | Membership in the organization shall be available to all individuals and corporations in the metalcasting industry, its supplier industries, related academia and OEM/customers of the industry. |
| Form 990, Part VI, Section A, line 7b | All individual members, with the exception of student members, and those residing outside of North America, shall have the right to hold office in American Foundry Society and to cast one vote on all questions submitted to the membership by letter or other ballot. |
| Form 990, Part VI, Section B, line 11b | Board resolution passed August 2009 delegates this responsibility to the Finance Committee for independent review before filing. The Form 990 is also provided to all members of the governing body before it is filed. |
| Form 990, Part VI, Section B, line 12c | All new board members sign the conflict of interest policy at the beginning of their 3 year term. The conflict of interest policy is renewed annually at the August board meeting each year a board member serves. Due to the nature of our industry, there is an awareness of what is happening within to informally monitor throughout the year. If a conflict occurs, the board member would recuse themselves from voting on the matter. |
| Form 990, Part VI, Section B, line 15a | At the American Foundry Society, there is an Executive Review and Compensation Committee (ERCC) which shall consist of the President, Vice President, 2nd Vice President and Immediate Past President. The Committee is responsible for establishing executive compensation and further serves as the review authority for the CEO. The CEO's performance is evaluated annually by the ERCC against established goals, through a process that involves consultation with the Board of Directors and other stakeholders. The compensation level is benchmarked periodically using resources including the National Association of Manufacturers Council of Manufacturing Associations Executive Salary Survey and the Association Forum of Chicagoland Association Compensation Benefits Survey. Any changes in salary or incentive bonus payments are communicated in writing from the ERCC to the Director of Accounting & Finance. |
| Form 990, Part VI, Section C, line 19 | The governing documents, conflict of interest policy and financial statements are available upon request for the same period of disclosure as set forth in IRC Section 6104(d). |
| Form 990, Part XI, line 9: | Pension-related Changes other than Net Periodic Pension Cost 465,297. |
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