Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Line 6 Classes of members or stockholders | THE ORGANIZATION HAS one class of members. Any person, association, partnership, corporation, or political subdivision of the State of Colorado having an interest in the business and objectives of the Chamber shall be eligible for membership. The Board of Directors in its absolute discretion shall have the authority to accept or reject any application for any reason consistent with law. At any meeting at which a vote of the members shall be conducted, each individual member, member firm, association, or corporation in good standing shall be entitled to one vote. |
| Form 990, Part VI, Line 7a Members or stockholders electing members of governing body | Elected directors shall be elected by a plurality of vote at the annual meeting of the chamber. Class of members and the nature of their rights are the same as for Question 6. |
| Form 990, Part VI, Line 8b Documentation of meetings held by committees of governing body | The organization does not have any committees with authority to act on behalf of the governing body. Therefore this question is not applicable and has been checked "no" in accordance with the instructions to the Form 990. |
| Form 990, Part VI, Line 11b Review of form 990 by governing body | THE CEO REVIEWS THE FORM 990 ALONG WITH THE FINANCE COMMITTEE CHAIR OF THE BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. |
| Form 990, Part VI, Line 12c Conflict of interest policy | Each voting member of the board, officer, and employee is required to sign a conflict of interest statement on an annual basis. Board members must disclose when a conflict of interest arises to the CEO, directors, officers, and key employees or members of committees with governing board delegated powers. They are then required to leave the meeting during the discussion of and the vote on the transaction or arrangement involving the possible conflict of interest. The remaining directors, officers, key employees or committee members will decide if a conflict of interest exists. If a conflict of interest exists, the persons with a conflict may make a presentation at the governing board, committee meeting or staff meeting. After the presentation, he or she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. Any Colorado Women's Chamber of Commerce business transaction, which involves a potential conflict of interest with a voting member of the governing board, officer, or employee, shall have terms that are at least as fair and reasonable to the Colorado Women's Chamber of Commerce as those that would otherwise be available to the Colorado Women's Chamber of Commerce if it were dealing with an unrelated party. |
| Form 990, Part VI, Line 15a Process to establish compensation of top management official | In January of each fiscal year, the CEO and board chair determine the goals of the CEO. In December of that same year, the board chair puts forth the results of these goals to the executive committee who then reports results in an executive session of the entire board and makes recommendations on salary adjustment and/or bonus. The board also considers comparability data in determining the salary adjustment and/or bonus. The deliberations and decisions regarding the determination of the CEO's compensation are contemporaneously documented in the minutes of the executive committee meeting. The last time this process was implemented was in January 2019 and January 2020. |
| Form 990, Part VI, Line 19 Required documents available to the public | THE FINANCIAL INFORMATION OF THE ORGANIZATION IS AVAILABLE TO THE PUBLIC UPON REQUEST. COPIES OF THE FINANCIAL STATEMENTS AND THE TAX RETURNS WILL BE PROVIDED BASED ON SPECIFIC REQUESTS MADE. |
| Form 990, Part IX, Line 11g Other Fees | Contract Work - Total Expense: 78685, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; Professional Fees - Total Expense: 28658, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; Merchant Fees - Total Expense: 10989, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; |
| Part X Line 23 Secured mortgages and notes payable to unrelated third parties | Colorado Women's Chamber of Commerce received a Small Business Administration (SBC) Economic Injury Disaster Loan (EIDL) of $60,000 on May 13, 2020. This loan is for 30 years at an annual interest rate of 2.750%. Interest will begin accruing on this loan as of May 13, 2020. The Chamber may prepay this loan in part or in full at any time, with no penalty. The Chamber is required to make principal and interest payments of $257.00 per month beginning twenty-four months from May 13, 2020. Payments will be applied first to any accrued interest as of the date of payment. The proceeds for the loan are to be used to alleviate economic injury to the working capital available to the Chamber. As of December 31, 2020, the Chamber has not spent any of the proceeds from the loan, nor has it made any payments of interest or principal on the loan. As a condition of receiving the loan, the Chamber has granted the SBA a security interest (lien) in all personal property owned by the Chamber. The personal property owned by the Chamber is primarily cash. As of December 31, 2021, no principal payments have been made and there is $3,446 of unpaid accrued interest on the loan. |
| Part VI - Governance, Management, and Disclosure Line 15B Other Officers or Key Employees | The organization does not have any compensated other officers or key employees. Therefore this question is not applicable and has been checked "no" in accordance with the instructions to the Form 990. |
| Software ID: | 21014044 |
| Software Version: | 2021v4.2 |