American Dairy Science Association Inc

“MEMBERS”

“The members elect the vice president and two directors of the governing board on an annual basis.”

“Any changes and amendments to the constitution and the by-laws are subject to the approval of the members.”

“A copy of the 990 is posted to the board website for all the board of directors, presenting them with the opportunity to review and raise any issues or changes necessary at the annual board meeting. After all issues or changes, if any, have been addressed, the form 990 is then presented to the treasurer for signature and filing.”

“In addition to the annual requirement to disclose any conflicts of interest, the board also monitors and enforces the compliance with the conflict of interest policy on a more regular basis. At the beginning of every board meeting, the executive director asks all the members present if they have a conflict of interest with any of the items on the agenda for the meeting.”

“The process begins with an independent negotiation between the executive director and the president, who is the spokesperson for the executive committee. The executive committee then uses the negotiations along with other comparability data (asae salary survey) to determine the compensation of the executive director. To ensure safe harbor treatment, with respect to excess benefit compensation, the board revised the asda handbook to reflect the safe harbor rules as adsa policy to ensure fullest compliance going forward.”

“The organization's forms 1023, 990, and 990-t are available for public inspection upon request.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Peter studney, the executive director, is an employee of the american dairy science association as we have reported on page 7. However, under the common paymaster rules, the federation of animal science societies pays peter studney his wages, issues his w-2, and files all the necessary and required tax returns.”

“Equipment lease: program service expenses 70,997. Management and general expenses 0. Fundraising expenses 0. Total expenses 70,997. Bank and credit card fees: program service expenses 28,595. Management and general expenses 36,724. Fundraising expenses 0. Total expenses 65,319. Awards: program service expenses 38,546. Management and general expenses 4,725. Fundraising expenses 0. Total expenses 43,271. Miscellaneous: program service expenses 33,480. Management and general expenses 8,308. Fundraising expenses 0. Total expenses 41,788. Network fees: program service expenses 39,130. Management and general expenses 0. Fundraising expenses 0. Total expenses 39,130. Scientific liaison: program service expenses 36,414. Management and general expenses 0. Fundraising expenses 0. Total expenses 36,414. Exhibit expense: program service expenses 33,552. Management and general expenses 0. Fundraising expenses 0. Total expenses 33,552. Student affiliate division: program service expenses 32,436. Management and general expenses 0. Fundraising expenses 0. Total expenses 32,436. Congressional science fellowship: program service expenses 0. Management and general expenses 27,210. Fundraising expenses 0. Total expenses 27,210. Graduate student division: program service expenses 22,275. Management and general expenses 0. Fundraising expenses 0. Total expenses 22,275. Special projects: program service expenses 21,036. Management and general expenses 0. Fundraising expenses 0. Total expenses 21,036. Representative support: program service expenses 10,372. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,372. Postage expense: program service expenses 9,056. Management and general expenses 1,010. Fundraising expenses 0. Total expenses 10,066. Dues and subscriptions: program service expenses 7,191. Management and general expenses 322. Fundraising expenses 0. Total expenses 7,513. Cast expense: program service expenses 3,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,000.”

“Unrealized gain on investment 1,089,316. Increase in equity investment 42,257.”

“No changes have been made in the process from the prior year.”