Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION B, LINE 11B | LINE 11A EXPLANATION - THE CHAMBER PRESIDENT PLANS TO PRESENT THE FORM 990 AT THE NEXT BOARD MEETING WHERE ALL DIRECTORS WILL HAVE A CHANCE TO ASK QUESTIONS/COMMENTS ON ALL PARTS OF THE RETURN. |
| FORM 990, PART VI, SECTION B, LINE 12C | ALL NEW BOARD MEMBERS MUST REVIEW AND SIGN THE WRITTEN CONFLICT OF INTEREST POLICY, WHICH LASTS FOR THE DURATION OF THE INDIVIDUAL'S BOARD TERM. EACH YEAR THE EXECUTIVE DIRECTOR REVIEWS THE LIST OF DIRECTORS AND REQUIRES THE DIRECTORS TO RE-SIGN THAT NO NEW CONFLICTS HAVE ARISEN. |
| FORM 990, PART VI, SECTION B, LINE 15 | AN EXECUTIVE COMPENSATION AGREEMENT POLICY WAS ENTERED INTO ON JULY 1, 2012 BY THE COMPENSATION COMMITTEE AND THE CHAMBER CHAIRMAN. THE TERM WAS FOR TWO YEARS ENDING JUNE 30, 2014. THIS POLICY DETAILS BASE SALARY TEMRS AND BONUS PROVISIONS. THE PRESIDENT/CEO RECEIVES COMPENSATION IN THE FORM OF SALARY WITH A YEAR-END BONUS TIED TO ACHIEVING VARIOUS PERFORMANCE GOALS. A COMPENSATION COMMITTEE MET IN LATE 2011 TO DISCUSS DOCUMENTING IN WRITING ALL PERFORMANCE GOALS AND THE SALARY AND BONUS TIED TO ACHIEVING THESE OBJECTIVES. THIS POLICY WILL BE UPDATED IN FISCAL YEAR 2015. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CHAMBER PRESIDENT HOLDS A MONTHLY MEETING WITH THE CHAMBER'S FINANCE COMMITTEE, THEN WITH THE EXECUTIVE COMMITTEE AND FINALLY WITH THE FULL BOARD. COPIES OF THE BALANCE SHEET AND FINANCIAL STATEMENTS ARE SUPPLIED AT EACH OF THESE MEETINGS AND THE TREASURER PRESENTS THE SIGNIFICANT DETAIL FOR EACH MONTH, NOTING THE IMPORTANT CHANGES IN ASSETS, LIABILITIES, REVENUES AND EXPENSES. HIS REMARKS ARE THEN ENTERED INTO THE MINUTES AND A WRITTEN SYNOPSIS OF HIS REMARKS IS EMAILED TO THE ENTIRE BOARD. |
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