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 A, LINE 6 | AS A CHAMBER OF COMMERCE, WE HAVE APPROXIMATELY SEVEN HUNDRED AND FIFTY (750) MEMBERS FROM THE BUSINESS COMMUNITY. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE BOARD OF DIRECTORS RECEIVES A COPY OF THE DRAFT FORM 990 PRIOR TO FILING WITH INTERNAL REVENUE SERVICE. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CONFLICT OF INTEREST POLICY IS DISTRIBUTED TO THE BOARD OF DIRECTORS ANNUALLY, AND EACH DIRECTOR CONFIRMS IN WRITING ANNUALLY THAT THEY ARE IN COMPLIANCE WITH THE POLICY. |
| FORM 990, PART VI, SECTION B, LINE 15 | LINE 15A: ON AN ANNUAL BASIS THE BOARD OF DIRECTORS SELECTS A COMMITTEE OF 3 TO 5 BOARD MEMBERS, DESIGNATED THE COMPENSATION COMMITTEE, TO REVIEW THE CEO'S PAST PERFORMANCE AS WELL AS HIS/HER SALARY. THE REVIEW BEGINS IN MAY OF EACH YEAR AND IS COMPLETED BY THE END OF THE FOLLOWING JULY. PAST PERFORMANCE IS REVIEWED, AND IF THE CEO HAS MET HIS/HER GOALS, A BONUS MAY BE CONSIDERED. AREAS GENERALLY REVIEWED INCLUDE FINANCIAL PERFORMANCE OF THE ORGANIZATION, THE NUMBER OF NEW AND RENEWING MEMBERSHIPS, SUBORDINATE PERFORMANCES, CONTINUING EDUCATION ACCOMPLISHMENTS AND OTHER GOALS BASED ON PERFORMANCE LEVELS. ONCE THE REVIEW IS COMPLETED, THE SELECTED BOARD MEMBERS MEET WITH THE CEO AND DISCUSS THE OUTCOME OF THE PERFORMANCE REVIEW. AT THAT TIME, A BONUS, IF EARNED, IS GRANTED TO THE CEO BASED ON HIS/HER PERFORMANCE. THE COMPENSATION COMMITTEE THEN SETS NEW GOALS FOR THE NEW FISCAL YEAR, WHICH ARE PRESENTED TO THE CEO SO THAT HE/SHE MAY MONITOR PROGRESS THROUGHOUT THE YEAR. LINE 15B: ON AN ANNUAL BASIS THE FINANCIAL AFFAIRS COMMITTEE MAKES A RECOMMENDATION FOR AN OVERALL BUDGETED SALARIES AMOUNT. THIS MAY OR MAY NOT INCLUDE RAISES. THE TOTAL DOLLARS OF THE SALARIES, INCLUDING ANY INCREASES, ARE SUBMITTED TO THE BOARD OF DIRECTORS FOR APPROVAL ALONG WITH THE ENTIRE BUDGET. ONCE THE BUDGET HAS BEEN APPROVED, THE BOARD RELIES ON THE CEO TO DETERMINE THE EXACT AMOUNT OF SALARY INCREASES FOR EACH EMPLOYEE. THE CEO PREPARES A REVIEW FOR EACH EMPLOYEE ON AN ANNUAL BASIS. BASED UPON THE EMPLOYEE OR STAFF'S PERFORMANCE THE CEO WILL GIVE THE EMPLOYEE A PERCENTAGE OR FLAT RATE INCREASE TO THE EMPLOYEE AND INFORMS THEM OF THE EFFECTIVE DATE OF THE INCREASE. THE TOTAL AMOUNT OF ALL SALARY INCREASES MAY NOT EXCEED THE AMOUNT APPROVED BY THE BOARD OF DIRECTORS IN THE BUDGET WITHOUT APPROVAL FROM THE BOARD OF DIRECTORS. THE SALARIES ARE MONITORED EACH MONTH BY THE FINANCIAL AFFAIRS COMMITTEE AND THE BOARD OF DIRECTORS TO MAKE SURE THAT THE TOTAL DOLLARS HAVEN'T EXCEEDED THE ANNUAL BUDGETED AMOUNT. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE CHAMBER'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND ANNUAL AUDITED FINANCIAL STATEMENTS ARE AVAILIABLE UPON REQUEST. |
| FORM 990 PART X LINE 28 COLUMN B | THE CHAMBER RECORDS ALL CONTRIBUTIONS RECEIVED FROM THE BUSINESS AND ECONOMIC DEVELOPMENT PROGRAM AS DONOR RESTRICTED CONTRIBUTIONS, BECAUSE THE IRVINE HOTEL IMPROVEMENT DISTRICT ASSESSMENT IS ONLY TO BE USED BY THE BUSINESS AND ECONOMIC DEVELOPMENT DIVISION FOR THE PURPOSES OF ATTRACTING AND RECRUITING BUSINESS AND TOURISM TO IRVINE. NET ASSETS WITH DONOR RESTRICTIONS ARE FOR THE USE OF BUSINESS AND ECONOMIC DEVELOPMENT AND WERE $927,759 AT JUNE 30, 2019. THIS IS A PROGRAM DESIGNED TO PROMOTE TOURISM AND ATTRACT, RECRUIT AND RETAIN BUSINESSES WITH THE CITY OF IRVINE. |
| FORM 990, PART XI, LINE 9: | TO RECORD PREVIOUSLY UNRECORDED ACCOUNTS RECEIVABLE 84,523. TO RECORD PREVIOUSLY UNRECORDED DEFERRED MEMBERSHIP LIABILITY -254,096. ROUNDING -3. |
| FORM 990, PART XII, LINE 2C: | NEITHER THE AUDIT OVERSIGHT PROCESS, NOR THE INDEPENDENT AUDITOR SELECTION PROCESS, CHANGED FROM THE PRIOR YEAR. |
| Software ID: | |
| Software Version: |