Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| FORM 990, PART V, LINE 3B | THE 990T WILL NOT BE SUBMITTED AT THIS TIME. THE VISION COUNCIL PARTNERS WITH A THIRD-PARTY VENDOR TO MANAGE TWO TRADE SHOWS EACH YEAR. THE SOLE SOURCE OF THE UNRELATED BUSINESS INCOME IS THE RESULT OF ADVERTISING REVENUE IN TRADE SHOW DOCUMENTS. THESE DOCUMENTS ARE PROVIDED BY OUR THIRD-PARTY VENDOR. DUE TO A SHORTAGE OF AND/OR INEXPERIENCED STAFF, OUR PARTNERS WERE NOT ABLE TO RESPOND TO MEET THE DEADLINE. ONCE THE INFORMATION IS OBTAINED, THE 990T WILL BE COMPLETED AND SUBMITTED. THE VISION COUNCIL CARRIES A $21,811 POST 2017 NOL FROM ADVERTISING THAT WILL BE UTILIZED TO OFFSET TAXABLE INCOME. THE UBIT RESULTING FROM THE 2021 CALCULATION IS EXPECTED TO BE MINIMAL. |
| FORM 990, PART VI, SECTION A, LINE 6 | THE VISION COUNCIL HAS THREE CATEGORIES OF MEMBERSHIP: FULL MEMBERS, ASSOCIATE MEMBERS, AND TRADE MEDIA MEMBERS. ALL CATEGORIES OF MEMBERSHIP SHALL PAY DUES, FEES AND ASSESSMENTS IN ACCORDANCE WITH PROCEDURES ESTABLISHED BY THE BOARD OF DIRECTORS. FULL MEMBERSHIP: ANY PERSON, FIRM OR CORPORATION CONDUCTING BUSINESS IN NORTH AMERICA, WHOSE PRIMARY BUSINESS IS THE MANUFACTURING, PROCESSING AND/OR DISTRIBUTION OF OPTICAL EQUIPMENT, FRAMES, LENSES, CONTACT LENSES, AND OTHER EYEWEAR AND EYECARE RELATED PRODUCTS, AND/OR SERVICES, AND WHO EXHIBITS AT ONE VISION COUNCIL CO-OWNED SHOW PER CALENDAR YEAR, IS ELIGIBLE FOR FULL MEMBERSHIP IN THE COUNCIL. FULL MEMBERS SHALL BE ENTITLED TO RECEIVE ALL OF THE SERVICES OF THE COUNCIL, AND SHALL BE ENTITLED TO VOTE AND HOLD OFFICE. ASSOCIATE MEMBERSHIP: ANY PERSON OR COMPANY WHO PROVIDES SERVICES TO THE OPTICAL INDUSTRY, OR ANY PERSON, FIRM OR CORPORATION, WHO MEETS THE DESCRIPTION OF A FULL MEMBER, BUT WHO IS NOT A CURRENT EXHIBITOR AT A VISION COUNCIL CO-OWNED TRADE SHOW, SHALL BE ELIGIBLE FOR ASSOCIATE MEMBERSHIP IN THE VISION COUNCIL. ASSOCIATE MEMBERS SHALL BE PERMITTED TO PARTICIPATE IN THE VISION COUNCIL PROGRAMS, RECEIVE SERVICES AND STATISTICAL DATA, AND ATTEND THE VISION COUNCIL MEETINGS AS DETERMINED BY THE VISION COUNCIL BOARD OF DIRECTORS. ASSOCIATE MEMBERS SHALL BE ENTITLED TO VOTE FOR THE ELECTION OF THE VISION COUNCIL DIRECTORS AND OFFICERS, AND MAY HOLD OFFICE ONLY TO THE EXTENT PERMITTED BY THESE BYLAWS. TRADE MEDIA MEMBERSHIP: ANY PERSON, FIRM OR CORPORATION PROVIDING TRADE MEDIA SERVICES TO REGULAR, FULL OR ASSOCIATE MEMBERS OF THE VISION COUNCIL SHALL BE ELIGIBLE FOR TRADE MEDIA MEMBERSHIP. TRADE MEDIA MEMBERS SHALL NOT BE ENTITLED TO VOTE OR HOLD OFFICE, AND SHALL BE ENTITLED TO ATTEND THE VISION COUNCIL MEETINGS AND PARTICIPATE IN THE VISION COUNCIL PROGRAMS AS DETERMINED BY THE VISION COUNCIL BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7A | THE ORGANIZATION HAS A NOMINATING COMMITTEE THAT PREPARES A SLATE OF CANDIDATES TO BE SUBMITTED TO THE MEMBERSHIP OF THE ORGANIZATION TO STAND FOR ELECTION AS DIRECTORS AND OFFICERS. A FULL MEMBER MAY MAKE NOMINATIONS BY SUBMITTING A NOMINATION IN WRITING TO THE CEO, WHICH HAS BEEN SECONDED IN WRITING BY FIFTEEN FULL MEMBERS. THE ELECTED DIRECTORS, EXCEPT FOR THE CEO, BVI DIRECTOR, DIVISION CHAIRS, THE IMMEDIATE PAST DIVISION CHAIRS OF THE LARGEST OPERATING DIVISIONS, SHALL BE ELECTED AT THE ANNUAL MEETING OF THE ORGANIZATION BY A MAJORITY VOTE OF THOSE MEMBERS ELIGIBLE TO VOTE, PRESENT AND VOTING. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE DRAFT 990 IS PROVIDED TO THE FINANCE COMMITTEE FOR REVIEW PRIOR TO THE SUBMISSION TO THE IRS. THE FINANCE COMMITTEE IS CHAIRED BY THE TREASURER, AN OFFICER OF THE BOD, AND HAS BEEN DELEGATED THE RESPONSIBILITY TO ACT ON BEHALF OF THE BOD ON CERTAIN FINANCIAL OBLIGATIONS. |
| FORM 990, PART VI, SECTION B, LINE 12C | BOD MEMBERS ARE REQUIRED TO REVIEW AND SIGN A CONFLICT OF INTEREST POLICY STATEMENT ANNUALLY AT THE BOD MEETING AT OUR ANNUAL EXECUTIVE SUMMIT IN JANUARY. THIS STATEMENT IS PRESENTED AND DISCUSSED BY OUR LEGAL COUNSEL. COPIES ARE FILED IN TVC'S FINANCE OFFICE FOR REVIEW BY THE AUDITORS DURING THEIR ANNUAL AUDIT. |
| FORM 990, PART VI, SECTION B, LINE 15 | THE CEO'S SALARY IS BENCHMARKED BY OUR SENIOR DIRECTOR OF HR AGAINST TRADE ASSOCIATIONS OF LIKE SIZE, BOTH BUDGET WISE AND NUMBER OF EMPLOYEES. THE EXECUTIVE COMMITTEE REVIEWS AND APPROVES ALL SALARY CHANGES FOR THE CEO. THE SENIOR DIRECTOR OF HR BENCHMARKS ALL SALARY ADJUSTMENTS OF KEY EMPLOYEES AND THESE CHANGES ARE REVIEWED AND APPROVED BY THE CFO AND CEO. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE VISION CENTER MAKES ALL DOCUMENTS AVAILABLE UPON REQUEST. |
| FORM 990, PART IX, LINE 11G | CONSULTING 943,318. OTHER PROFESSIONAL FEES 9,106. |
| FORM 990, PART XII, LINE 2C: | THE AUDIT PROCEDURES HAVE NOT CHANGED FROM THE PRIOR YEAR. |
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