TIN:
SCHEDULE O
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
(Form 990 or 990-EZ)
Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ
Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2020
Open to Public
Inspection
Inspection
Name of the organization
Arizona Techonology Council Employee
Benefit Trust
Benefit Trust
Employer identification number
84-3009948
84-3009948
| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Section A, line 2 | Steven Zylstra is the Chair of the Board of Trustees of the trust and employed by Arizona Technology Council, the sponsor, a participating employer of the Trust, and service provider of the Trust. |
| Form 990, Part VI, Section A, line 3 | The Trust has contracted with a third-party administrator (Vimly Benefit Solutions, Inc.) to provide bookkeeping and administrative services, and with Arizona Technology Council to provide certain marketing, sales, advisory, administration compliance and monitoring services. |
| Form 990, Part VI, Section A, line 7a | The Trust is designed to be administered by a Board of Trustees consisting of a minimum of three and a maximum of five Trustees. However, the Trustees have the authority to either increase or decrease the size of the Board of Trustees. At all times, at least one the Trustees will be a representative of the AZTC. Effective as of January 1, 2020, each Trustee, other than the AZTC representative, must be a principal in a participating employer. Candidates for election as Trustee, other than the AZTC representative, may be nominated by the AZTC Board (or a committee of the AZTC Board designated to make such nomination); a majority of the incumbent Trustees; or by written petition submitted to the AZTC and signed by the lesser of 10% of the participating employers, or 10% of participating employers. Trustees, other than the AZTC representative, are elected by a majority of the participating employers. Each Trustee will, prior to becoming a Trustee, acknowledge, in writing, his or her acceptance as a Trustee. In the event of a termination, resignation, death or vacancy of a Trustee other than the AZTC representative, any new or successor Trustee will be provisionally appointed by the current Trustee(s). In the event there are no current Trustees, such new or successor Trustee(s) will be provisionally appointed by AZTC. Notice of the provisional appointment will be mailed by the appointing party to all participating employers and will become final 30 days after such notice unless, in the meantime, participating employers representing 51 percent of the participating employers have objected, in writing delivered to the current Trustee(s), to the appointment. In the event such an objection is filed, the current Trustees or the AZTC (as the case may be) will conduct a referendum election among all of the participating employers. Each participating employer may submit the name of one nominee and in the referendum, each participating employer will be entitled to one vote. Each vote will be weighted, however, by the number of the participating employer's employees participating in the Trust (as measured by the number of employees reported on the participating employer's reporting form received by the Trust in the month prior to the month of election). The nominee who receives the largest number of votes will be declared the new Trustee. The current Trustees or the AZTC (as the case may be) will have full authority and discretion to conduct the election, including the adoption of any election rules as they deem appropriate. The costs of the election will be paid by the Trust. |
| Form 990, Part VI, Section B, line 11b | The Form 990 was prepared under the guidance of the Trustee by the independent accounting firm SCHOEDEL & SCHOEDEL, Certified Public Accountants, PLLC. Draft copies of the Trust's financial statements and Form 990 were first provided to the Trust's consultants and advisors, who reviewed the Form 990 for accuracy and completeness. Any questions, concerns or issues raised by the consultants and advisors were addressed and any necessary revisions were made to the Form 990. The revised Form 990 was then provided to the Trustee for review and approval. Any additional questions, concerns or issues raised by the Trustee were addressed and any necessary revisions were made to the Form 990. The final version of the Form 990 was reviewed and approved for filing by the Trustee. |
| Form 990, Part VI, Section B, line 12c | As of the filing date of the Form 990, a formalized conflict of interest policy was in the process of being finalized and adopted in its final version by the Board of Trustees. However, on an ongoing basis, all agreements between the Trust and service providers authorized to conduct transactions on behalf of the Trust are provided to Trust counsel for review before execution to ensure that, wherever applicable, the agreement contains appropriate restrictions or other protections against prohibited transactions with parties in interest. Additionally, each Trustee has a duty to disclose to the Board any conflict of interest as soon as it is discovered by the Trustee. In particular, the Trustee will disclose a conflict of interest prior to any Board decision on the matter related to the conflict of interest. If any member of the Board believes that a conflict of interest exists, then the Board member asks that a determination of conflict of interest be made by the Board. If the determination involves a Trustee, then the Trustee is excused from the meeting while the Board determines if there is a conflict of interest. When a Trustee decides that he or she has a conflict of interest or the Board decides that a Trustee has a conflict of interest, the Trustee leaves the meeting during all discussions and voting on the transaction or compensation arrangement that caused the conflict of interest. The minutes of the Board meetings reflect when a person has a conflict of interest, and reflect that the person was not present for discussion or voting on that issue. The Board will take appropriate action if it discovers that a Trustee violated the conflict of interest policy. The policy is reviewed by the Board of Trustees annually. |
| Form 990, Part VI, Section B, line 15 | The compensation of the president/chief executive officer of the Arizona Technology Council (AZTC) is determined by the Executive Committee of the AZTC Board of Directors, which serves as the Compensation Committee. |
| Form 990, Part VI, Section C, line 19 | The Trust's governing documents, financial statements and Form 990 are available to the general public upon written request sent to Vimly Benefit Solutions, Inc. at: P.O. Box 6, Mukilteo, WA 98275. |
| Form 990, Part IX, line 11g | Insurance broker commissions 58,522. Consulting fees 39,371. |
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2020
Additional Data
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