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 3 | NAFED USES A MANAGEMENT COMPANY TO PERFORM ALL HUMAN RESOURCE AND PAYROLL FUNCTIONS INCLUDING ADMINISTERING PAYROLL, EMPLOYEE BENEFITS AND OTHER EMPLOYEE RELATED ISSUES. |
| FORM 990, PART VI, SECTION A, LINE 6 | NAFED HAS MEMBERS WHO PURCHASE MEMBERSHIP TO THE ASSOCIATION ON AN ANNUAL BASIS. |
| FORM 990, PART VI, SECTION B, LINE 11B | MANAGEMENT SENDS A DRAFT PDF COPY OF THE FORM 990 BEFORE IT IS FILED. IF THERE ARE ANY QUESTIONS OR COMMENTS, THE MEMBER RESPONDS BACK TO INTERNAL MANAGEMENT FOR FURTHER CLARIFICATION. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY AT BOARD MEETINGS. ALL NEW MEMBERS ARE REQUIRED TO SIGN. |
| FORM 990, PART VI, SECTION B, LINE 15A | COMPENSATION REVIEW IS PERFORMED FOR THE EXECUTIVE DIRECTORS BY THE PRESIDENT ANNUALLY. SALARY SURVEYS FROM ASAE ARE USED FOR COMPARISON TO OTHER TRADE ASSOCIATIONS. THE APPROVED SALARIES ARE COMMUNICATED TO THE MANAGEMENT COMPANY FOR PAYMENT TO THE EXECUTIVE DIRECTORS. |
| FORM 990, PART VI, SECTION C, LINE 19 | AVAILABLE UPON REQUEST. |
| FORM 990, PART XII, LINE 2C - AUDIT COMMITTEE OVERSIGHT PROCESS | THE AUDIT COMMITTEE CONSISTS OF THE PRESIDENT, TREASURER AND THE MANAGEMENT TEAM. THE COMMITTEE REVIEWS THE AUDIT ENGAGEMENT LETTER AND THE PROGRESS OF THE AUDIT. THE COMMITTEE ALSO APPROVES AND REVIEWS THE AUDITED FINANCIAL STATEMENTS ALONG WITH PROPOSED ADJUSTMENTS, IF ANY. THE COMMITTEE DISCUSSES ANY FINDINGS WITH THE AUDIT FIRM AND DETERMINES IF EXPECTATIONS WERE MET AGAINST PRE-AUDIT FINANCIALS. |
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