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 | NAFA HAS MEMBERS AND ASSOCIATES. |
| FORM 990, PART VI, SECTION A, LINE 7A | IN 2011, NAFA CHANGED ITS BYLAWS TO ELIMINATE THE NEED FOR BALLOTS TO BE MAILED TO EVERY MEMBER IN THE CASE OF UNCONTESTED ELECTIONS. THIS WAS DONE BECAUSE IN NAFA'S 55 YEAR HISTORY, THERE HAS BEEN ONE CONTESTED ELECTION. NOW, A NOMINATING COMMITTEE NOMINATES ONE INDIVIDUAL FOR EACH SEAT ON THE BOARD OF TRUSTEES. MEMBERS ARE ALERTED OF THE STATUS OF THE BALLOT AND MAY RUN BY PETITION IF NOT NOMINATED BY THE NOMINATING COMMITTEE. IF THERE IS NO CONTESTED ELECTION, THE NAFA SECRETARY CASTS ONE VOTE FOR EACH PERSON NOMINATED BY THE NOMINATING COMMITTEE. IF THERE IS A CONTESTED ELECTION, WE WOULD PRINT AND MAIL BALLOTS. |
| FORM 990, PART VI, SECTION A, LINE 7B | CHANGES IN BYLAWS REQUIRE MEMBER APPROVAL. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE ASSOCIATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM AND HAS ESTABLISHED THE FOLLOWING REVIEW PROCESS TO ENSURE THAT THE INFORMATION REPORTED IS COMPLETE AND ACCURATE. WHEN THE FORM 990 HAS BEEN PREPARED, REVIEWED BY MANAGEMENT AND IS READY TO BE FILED WITH THE INTERNAL REVENUE SERVICE, IT IS PROVIDED TO THE MEMBERS OF THE ORGANIZATIONS GOVERNING BODY FOR ANY COMMENTS PRIOR TO ITS SUBMISSION. THE GOVERNING BODY IS PROVIDED WITH A REASONABLE AMOUNT OF TIME TO REVIEW THE FORM 990. ANY COMMENTS ARE THEN GROUPED, SUMMARIZED AND PROVIDED THROUGH MANAGEMENT TO THE OUTSIDE ACCOUNTING FIRM. ANY APPLICABLE ISSUES ARE ADDRESSED PRIOR TO THE RETURN BEING FINALIZED AND APPROVED FOR FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE ASSOCIATION CURRENTLY HAS IN PLACE A CONFLICT OF INTEREST POLICY WHICH IT REGULARLY MONITORS AND ENFORCES. THE BOARD MANDATES THAT ALL MEMBERS OF MANAGEMENT AND THE GOVERNING BODY ANNUALLY SIGN A CONFLICT OF INTEREST POLICY AND DISCLOSE ANY POTENTIAL OR ACTUAL CONFLICTS THAT MAY EXIST. IF A POTENTIAL OR ACTUAL CONFLICT OF INTEREST EXISTS, THE GOVERNING BODY AND MANAGEMENT WILL INVESTIGATE THE ISSUE. IF A CONFLICT OF INTEREST IS DETERMINED TO EXIST MANAGEMENT AND THE GOVERNING BODY WILL BE NOTIFIED IMMEDIATELY. THE MEMBER WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DECISIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL SUCH TIME THAT THERE IS NO LONGER A CONFLICT. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE COMPENSATION OF THE ORGANIZATIONS OFFICERS IS REVIEWED AND APPROVED BY THE BOARD OF TRUSTEES, AN INDEPENDENT BODY. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ASSOCIATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE BY POSTING IT ON GUIDESTAR.ORG. IN ADDITION FORMS 990 AND 1023 AS WELL AS THE FINANCIAL STATEMENTS, AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON WRITTEN REQUEST AT THE ORGANIZATIONS OFFICE AT 180 TALMADGE ROAD EDISON, NJ 08817. |
| FORM 990, PART XII, LINE 2C | THE ORGANIZATION HAS A COMMITTEE RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT AS WELL AS THE SELECTION OF THE INDEPENDENT ACCOUNTANTS. |
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