Cordage Institute

“The institute delegates management functions to multiservice management company (mmco), an unrelated professional management entity. Management services provided by mmco include planning and executing budgets and financial operations as well as supervising exempt operations. Mmco is directly supervised and reports to the board of directors. Peter lance is a key employee at mmco and acts as the top management official for the institute. During 2024, the institute paid mmco $80,500 for management services rendered. Included in this figure is compensation mmco paid to peter lance for his services rendered to the institute.”

“The institute has five voting membership categories as follows: (1) regular: any individual, partnership, corporation, subsidiary, division, or association engaged in the manufacture in the united states, canada or mexico of industry products shall be eligible to be a regular member. Regular members shall share in the duties, rights and privileges of membership, including, but not limited to, voting, holding office, attending meetings, and serving on committees. (2) international manufacturer: any manufacturer of industry products located outside canada, mexico or the united states shall be eligible as an international manufacturer member. Regular members shall share in the duties, rights and privileges of membership, including, but not limited to, voting, holding office, attending meetings, and serving on committees. (3) associate: any manufacturer, supplier, distributor, wholesaler, broker, agent, or reseller of fiber, yarn or resin incorporated into finished industry products. Any manufacturer, supplier, distributor, wholesaler, broker, agent, or reseller of equipment used in the production of finished industry products. Any manufacturer, supplier, distributor, wholesaler, broker, agent, or reseller of elements used in the production of finished industry products. Any manufacturer of finished industry products who does not qualify as a regular member. The associate membership holds for companies, involved in above mentioned activities, located in the united states, canada and mexico as well as those located outside these countries. Associate members shall share in the duties, rights and privileges of regular members, including the right to vote and serve as an officer or director. (4) affiliate: any company serving as a commercial distributor, agent, broker, wholesaler, fabricator, or testing provider of finished industry products shall be eligible to be an affiliate member. Members in this category shall share in the duties, rights and privileges of regular members, including the right to vote, except that they cannot serve as officers or directors. (5) technical and testing: any consultant to the industry or test laboratory involved in industry activities and projects, who is not employed by a member company, shall be eligible to be a technical and testing member. Members in this category shall not have commercial gain from the sale of industry products. A consultant or test laboratory that also sells industry products shall be eligible to be an affiliate member. Technical and testing members shall share in the duties, rights and privileges of regular members, including the right to vote, except that technical and testing members cannot serve as officers or directors.”

“The voting members have the authority to elect the board of directors and elect the officers of the institute.”

“The establishment of a yearly fee for an executive director/management company must be ratified by the voting members. The budget for the coming year must be submitted to the voting members. Any alterations, amendments or repeal to the bylaws must be ratified by the voting members.”

“There is no committees that have authority to act on behalf of board of directors.”

“The form 990 is prepared by an independent accounting firm. A complete draft of the form 990 is provided to the board for review prior to filing.”

“The governing documents are not made available to the general public. The bylaws are available to members via the members only section of the website. The financial statements are available to the general public upon request. At this time the organization does not have a formal conflict of interest policy.”

“Secretarial and clerical services 28,050. Technical director 66,281.”