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 4: | The following significant changes were made to the by-laws: 1. Elimination of the requirement for a $10,000 surety bond. 2. Specification that checks or drafts under the dual signature threshold only require one signature. |
| Form 990, Part VI, Section A, Line 6: | The organization includes members who have the right to elect the members of the governing board. The members are classified into the following classes. Regular Members - Any person, firm, or corporation having an established place of business in the United States, Canada, or Mexico, engaged in the manufacture and sale of castings, including any of the products commonly known in the trade as steel castings, either miscellaneous or specialties, or as alloy castings, respectively (the "Industry"), shall be admitted to regular membership in the society upon subscribing to the by-laws of the society. Honorary Members - Any person who has rendered conspicuous service to the industry, but is no longer fully active in the industry, may be elected to honorary membership in the society by vote of the members or the Board of Directors. The duration of such honorary membership shall be at the pleasure of the Board. Honorary members shall be invited to attend all meetings of the members, but shall not be entitled to vote, shall not be counted in determining a quorum, shall not be eligible for election to any office and shall not be liable for dues or assessments. Associates - Any person, firm or corporation having an established place of business in a free world country other than the United States, Canada, or Mexico, engaged in the manufacture and sale of castings and interested in participating in the activities of the society may be elected an associate of the society by vote of the members or the Board of Directors. An associate shall continue in such status at the pleasure of the Board. A person, firm, or corporation eligible for regular membership may not become an associate. Associates shall be invited to attend all meetings of the members, but shall not be entitled to vote, shall not be included in determining a quorum and shall not be eligible for election to any office. An associate shall be entitled to receive all research reports, including current progress reports, upon condition that no research results shall be published without the permission of the appropriate committee. |
| Form 990, Part VI, Section A, Line 7A: | The members of Steel Founders' Society of America have the right to elect the Board of Directors. |
| Form 990, Part VI, Section A, Line 7B: | The members of Steel Founders' Society of America have the right to approve the organization's by-laws. |
| Form 990, Part VI, Section B, Line 11b: | The Form 990 is distributed to all board members for their review, and is also reviewed in detail by the Vice President of Finance and Contracts and the Executive Vice President. Questions or concerns that any board members have are addressed via a conference call, and are addressed by the Vice President of Finance and Contracts and Executive Vice President before Form 990 is filed. |
| Form 990, Part VI, Section B, Line 12C: | Employees and board are asked to review, disclose and sign the conflict of interest policy annually. The Executive Vice President monitors compliance with the policy via constant involvement with the key employees and directors. If a potential conflict of interest arises, it is disclosed to the board. If it is a deemed a conflict, the involved individual shall not participate in any decisions pertaining to the situation in which the conflict arises. |
| Form 990, Part VI, Section B, Lines 15a and 15b: | The compensation package offered to the Executive Vice President, officers, and key employees is reviewed and approved by the Salary Administration Committee annually in conjunction with the Executive Committee Meeting. Industry surveys, review of 990's of similar organizations, and review of online compensation websites are used in determining compensation. The approved compensation is documented during the meeting. The last review was done in September 2020. |
| Form 990, Part VI, Section C, Line 19: | The organization makes its by-laws, conflict of interest policy, and financial statements available to the public upon request. |
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