| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 6 | ONE CLASS OF MEMBERSHIP: A. ACTIVE MEMBERSHIP SHALL BE OPEN TO ANY INDIVIDUAL, PARTNERSHIP, CORPORATION OR OTHER ENTITY ENGAGED IN OR HAVING INTEREST IN OWNING ONE OR MORE OF THE FOLLOWING BUSINESSES: 1) MANUFACTURING SELF-SERVICE LAUNDRY EQUIPMENT; 2) SELLING, AS A DISTRIBUTOR, SUCH EQUIPMENT OR SUPPLIES FOR SUCH EQUIPMENT; 3)OWNING AND OPERATING A SELF-SERVICE LAUNDRY ESTABLISHMENT, OR A COMBINATION OF THE THREE AND 4)CONDUCTING OTHER BUSINESS OR PROFESSIONAL ACTIVITIES RELATED TO THE SELF-SERVICE LAUNDRY INDUSTRY. ACTIVE MEMBERS SHALL HAVE THE RIGHT TO VOTE AND HOLD OFFICE. |
| FORM 990, PART VI, SECTION A, LINE 7A | ALL MEMBERS OF THE GOVERNING BODY ARE ELECTED BY THE MEMBERS. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE PRESIDENT/CEO REVIEWS THE 990 PRIOR TO SIGNING THE RETURNS. |
| FORM 990, PART VI, SECTION B, LINE 12C | ANY POSSIBLE CONFLICT OF INTERESTS ON THE PART OF ANY BOARD MEMBER SHOULD BE DISCLOSED TO THE OTHER BOARD MEMBERS AND MADE A MATTER OF RECORD, EITHER THROUGH AN ANNUAL PROCEDURE OR WHEN THE INTEREST BECOMES A MATTER OF BOARD ACTION. |
| FORM 990, PART VI, SECTION B, LINE 15 | DETERMINING COMPENSATION FOR THE PRESIDENT/CEO BEGINS WITH THE BOARD OF DIRECTORS APPOINTING A COMPENSATION COMMITTEE. THEN, CUSTOM COMPENSATION SURVEYS ARE ORDERED FROM BOTH ASAE AND THE ASSOCIATION FORUM OF CHICAGOLAND. THE SURVEYS ARE USED TO BENCHMARK APPROPRIATE COMPENSATION FOR THE ASSOCIATION'S PRESIDENT/CEO BASED ON STAFF SIZE, BUDGET, AND SCOPE OF RESPONSIBILITIES. AFTER A MUTUALLY AGREEABLE FRAMEWORK FOR AN EMPLOYMENT CONTRACT IS REACHED WITH THE PRESIDENT/CEO, THE COMPENSATION COMMITTEE PRESENTS ITS RECOMMENDATION TO THE ASSOCIATION BOARD OF DIRECTORS FOR APPROVAL. COMPENSATION FOR ASSOCIATION'S KEY EMPLOYEES OTHER THAN THE PRESIDENT/CEO IS RESPONSIBILITY OF THE PRESIDENT/CEO WHO AGAIN USES THE RESULTS OF COMPENSATION SURVEYS TO BENCHMARK COMPENSATION FOR THOSE POSITIONS. |
| FORM 990, PART VI, SECTION C, LINE 19 | UPON REQUEST. |
| PART XII LINE 2C | THE ASSOCIATION HAS AN EXECUTIVE COMMITTEE (BOARD MEMBERS) THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF THE INDEPENDENT ACCOUNTANT. |
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