| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 7B | LINE 7B EXPLANATION - THE BY-LAW CHANGES ARE SUBJECT TO APPROVAL BY THE UNION MEMBERS. |
| FORM 990, PART VI, SECTION B, LINE 11B | LINE 11A EXPLANATION - FORM 990 IS REVIEWED AND APPROVED BY THE EXECUTIVE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 12C | THE ORGANIZATION ABIDES BY A CODE OF ETHICS POLICY, WHICH INCLUDES A CONFLICT OF INTEREST POLICY. THE CONFLICT OF INTEREST POLICY STATES THAT ALL ACTIVITIES OF OFFICERS AND AGENTS WHETHER APPOINTED OR ELECTED MUST HOLD A SACRED TRUST AND FIDUCIARY DUTY TO SERVE THE BEST INTERESTS OF THE MEMBERS AND THEIR FAMILIES. OFFICERS AND AGENTS ARE REQUIRED TO AVOID ANY OUTSIDE TRANSACTION WHICH CREATES A POTENTIAL CONFLICT OF INTEREST. A REPRESENTATIVE OF THE ORGANIZATION MUST NOT HAVE A SUBSTANTIAL INTEREST IN ANY BUSINESS IN WHICH THE ORGANIZATION BARGAINS COLLECTIVELY, WITH THE EXCEPTION OF STOCK PURCHASE PLANS, PROFIT SHARING & RETIREMENT PLANS. NO REPRESENTATIVE OF THE ORGANIZATION SHALL ACCEPT KICK-BACKS, UNDER THE TABLE PAYMENTS, VALUABLE GIFTS, LAVISH ENTERTAINMENT OR PERSONAL PAYMENTS OF ANY KIND. IF ANY PORTION OF THE ABOVE POLICY IS VIOLATED, THEN DISCIPLINARY ACTION MAY BE TAKEN. |
| FORM 990, PART VI, SECTION B, LINE 15 | OFFICERS OR KEY EMPLOYEES ARE NOT COMPENSATED BY LOCAL 150 BUILDING CORP. THEY ARE COMPENSATED BY THE INTERNATIONAL UNION OF OPERATING ENGINEERS, LOCAL 15O. PERSUANT TO THE BY-LAWS OF THE ORGANIZATION, THE PRESIDENT-BUSINESS MANAGER "SHALL RECEIVE A SALARY AND EXPENSE ALLOWANCE AS DETERMINED BY THE EXECUTIVE BOARD."BY CUSTOM AND PRACTICE, THE LOCAL 150 EXECUTIVE BOARD SETS THAT SALARY ANNUALLY AT ITS JANUARY MEETING IF NECESSARY. IN SO DOING, THE BOARD CONSIDERS THE AVERAGE ANNUAL EARNINGS OF THE UNION MEMBERS WORKING UNDER THE COLLECTIVE BARGAINING AGREEMENT KNOWN AS THE ILLINOIS BUILDING AGREEMENT IN THE CLASS I CLASSIFICATION OF "CRAFT FOREMAN." IT ALSO CONSIDERS THE SALARIES PAID TO EXECUTIVE OFFICERS OF COMPARABLE LABOR ORGANIZATIONS IN THE CHICAGO AREA, THE UNION'S FINANCES, THE INDIVIDUAL PERFORMANCE OF THE OFFICER, AND STATE OF THE ECONOMY GENERALLY. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION'S CONSOLIDATED FINANCIAL STATEMENTS ARE BEING PRINTED IN THE LOCAL 150'S NEWSPAPER. GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE IN THE CONSTITUTION AND BY-LAWS UPON REQUEST. |
| FORM 990, PART XI, LINE 9: | ADDITIONAL INVESTMENT IN BUILDING CORPORATION 1,910,268. |
| FORM 990, PART XII, LINE 1: | MODIFIED CASH BASIS OF ACCOUNTING IS USED FOR FORM 990. |
| FORM 990, PART XII, LINE 2C: | THE PROCESS IS CONSISTENT WITH THE PRIOR YEAR. |
| PART IX STATEMENT OF FUNCTIONAL EXPENSES LINES 22 | A SPECIAL ASSESSMENT WAS TO CONSTRUCT A NEW APPRENTICESHIP BUILDING FOR THE BENEFIT OF THE UNION'S MEMBERS AND IS PRIMARILY BEING CAPITALIZED. THE RELATED DEPRECIATION EXPENSE ON THE APPRENTICESHIP BUILDING IS BEING RECORDED BY THIS CORPORATION BECAUSE IT CURRENTLY OWNS THE BUILDING. |
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