| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | ILPA MEMBERSHIP IS LIMITED TO INDIVIDUALS OR INSTITUTIONS THAT INVEST OR INTEND TO INVEST IN A PORTFOLIO OF PRIVATE MARKETS FUNDS OR DIRECT INVESTMENTS PRIMARILY FOR THEIR OWN ACCOUNT AND WHO SATISFY GUIDELINES FOR MEMBERSHIP ADOPTED AND AMENDED FROM TIME TO TIME BY THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7A | ALL MEMBERS HAVE THE RIGHT TO VOTE ON THE ELECTION OF DIRECTORS. |
| FORM 990, PART VI, SECTION A, LINE 7B | ALL MEMBERS CAN ATTEND THE ANNUAL GENERAL MEETING AND CAST VOTES ON MATTERS BROUGHT FORTH IN THE MEETINGS. |
| FORM 990, PART VI, SECTION A, LINE 8B | NO COMMITTEES HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. |
| FORM 990, PART VI, SECTION B, LINE 11B | FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. ILPA SHALL REVIEW THE FINAL FORM 990 WITH ITS FULL GOVERNING BODY DURING ITS BOARD MEETING BEFORE FILING. |
| FORM 990, PART VI, SECTION B, LINE 12C | ILPA'S DIRECTORS CODE OF CONDUCT REQUIRES DIRECTORS TO (1) CONDUCT ASSOCIATION BUSINESS IN A RESPONSIBLE WAY AND NOT ENGAGE IN PRACTICES THAT WOULD BE DAMAGING TO THE BEST INTERESTS OF ILPA AND ITS MISSION, (2) PROMOTE AND MAINTAIN ETHICAL STANDARDS OF CONDUCT AND AT ALL TIMES DEAL FAIRLY AND HONESTLY, AND (3) INFORMS THEIR OWN DIRECTORS, OFFICERS, EMPLOYEES AND REPRESENTATIVES ABIDE BY THE CODE. ILPA REQUIRES DIRECTORS TO ANNUALLY RE-CERTIFY IN WRITING THEIR COMPLIANCE WITH AND COMMITMENT TO ABIDING BY THE CODE. |
| FORM 990, PART VI, SECTION B, LINE 15 | CEO COMPENSATION IS REVIEWED AND APPROVED BY THE BOARD OF DIRECTORS' COMPENSATION COMMITTEE, WHICH WILL TYPICALLY CONSIDER A COMPREHENSIVE COMPARISON OF SIMILARLY QUALIFIED INDIVIDUALS IN FUNCTIONALLY COMPARABLE POSITIONS. PERIODICALLY, THE GOVERNANCE COMMITTEE WILL ALSO REVIEW COMPARATIVE MARKET DATA PROVIDED BY A THIRD PARTY SERVICE PROVIDER. FOR OTHER OFFICERS AND KEY EMPLOYEES, THE CEO RECOMMENDS ANY COMPENSATION ADJUSTMENTS TO THE CHAIR OF THE BOARD'S COMPENSATION COMMITTEE FOR REVIEW AND FINAL APPROVAL. |
| FORM 990, PART VI, SECTION C, LINE 19 | ALL ARE AVAILABLE UPON REQUEST. |
| FORM 990, PART IX, LINE 11G | CONSULTING FEE 1,626,842. RECRUITING FEE 84,010. CONSULTANT IN LIEU OF STAFF 97,853. |
| FORM 990, PART XII, LINE 2C: | THE PROCESS HAS NOT CHANGED FROM PRIOR YEAR. |
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