| Return Reference | Explanation |
|---|---|
| Form 990, Part VI, Section A, line 6 | The Bureau has stockholders but no voting members. The Bureau is authorized to issue 2,800 shares of stock, consisting of 2,500 shares of common stock and 300 shares of preferred stock. The Bureau has issued 1,200 shares of common stock, which are held by certain officers and directors in accordance with the Bureau's bylaws and in a trustee capacity on behalf of its subscribers. In addition, 100 shares of preferred stock have been issued and are held by an independent trustee on behalf of the subscribers' trust. Under the Bureau's governing structure, the BOD is self-perpetuating. The right to elect directors and approve governance decisions resides solely with the Bureau's BOD. |
| Form 990, Part VI, Section B, line 11b | Before filing with the IRS, the Form 990 is submitted to the Board of Directors for their review and approval. Subsequent to approval, the Form 990 is filed. |
| Form 990, Part VI, Section B, line 12c | Annual conflict of interest statements are distributed to officers, directors, and employees. Each person identifies potential conflicts (if any) and signs and returns the form. Any conflicts are reviewed at the executive level, with appropriate restrictions imposed as necessary. |
| Form 990, Part VI, Section B, line 15 | The compensation committee of the Board of Directors review salary data provided by the outside consulting firm, Compensation Connections, which is independent of Washington Surveying & Rating Bureau and the board. Contemporaneous substantiation is provided in the compensation committee meeting minutes. |
| Form 990, Part VI, Section C, line 19 | The company files annual financial statements with its regulatory agency, the Washington State Office of the Insurance Commissioner, for subscribers. The company will respond to direct requests for information. |
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