Promotion Marketing Association Inc

“At the close of business on june 30, 2014, the assets of baa , including the foundation assets, were acquired in an asset purchase agreement between baa, the foundation and the association of national advertisers, inc. ("ana"). All right title and interest of baa in and to rights assets and property, including the foundation assets, were transferred at this time to ana. Pursuant to the terms and conditions of the asset purchase agreement, ana agreed to pay perform and discharge all of baa's liabilities and obligations. Upon closing, ana became the sole member of the foundation and will continue to fund and operate it as a 501 (c) 3 with charitable purposes. In addition, baa forgave all receivable balances from the foundation totaling $766,928 prior to the june 30 transaction above.”

“As of 06/30/2014 baa had 224 members. Baa membership consist of two classes: corporate members and individual members.”

“The nominating committee shall consist of seven (7) members and shall include the chairman emeritus who shall be its chairman, the chairman of the board ex officio, the vice chairman of the board, two (2) members of the board of directors, and two (2) active members of the general membership. A baa past chairman may not serve on this nominating committee in the capacity of an active member of the general membership. Nor may a baa board member serve on the nominating committee in his/her capacity as such baa board member for more than one year in any consecutive five-year period.”

“A copy of final form 990 (including all required schedules) is sent to baa executive committee for review and discussion at the executive committee meeting prior to filing. After executive committee reviews the form, but prior to filing , form 990 gets sent to rest of voting members.”

“Policy covers all board members, exec. Committee and other committees members, employees and independent contractors. Baa management reviews conflict of interest statements and takes necessary actions if appropriate. Duty to disclose and procedures are described in a policy (all policies were provided to loeb & troper)”

“In reviewing and approving compensation, the baa executive committee will utilize the following process: 1.impartial decision makers: the compensation arrangement must be approved in advance (before any payment is made) by the executive committee of baa, composed entirely of individuals who do not have a conflict of interest with respect to the compensation arrangement (example: neither the executive whose compensation is being determined nor any of his/her family members may be present during the discussion/debate or participate in the vote). 2.comparability data: when the executive committee is considering compensation, it must rely on comparability data that demonstrate the fair market value of the compensation in question. For example, when crafting a compensation package, the executive committee must secure data that documents compensation levels for similarly qualified individuals in like positions at like organizations. This data may include the following: a)expert compensation studies by independent firms; b)written job offers for positions at similar organizations; c)documented telephone calls about similar positions at both not-for-profit and for-profit organizations; and d)information obtained from the irs forms 990 filings of similar organizations. 3.concurrent documentation: the executive committee must document how it reached its decision, including the data on which it relied. To qualify as concurrent documentation, written records of the executive committee (such as meeting minutes) must note: a)the terms of the compensation and the date it was approved; b)the members of the executive committee who were present during the debate on the compensation that was approved and those who voted on it; c)the comparability data obtained and relied upon. How the data were obtained; and d)any actions taken with respect to consideration of the compensation by anyone who is otherwise a member of the executive committee but who had a conflict of interest with respect to the decision on the compensation. The compensation process was last held in june 2012.”

“Bylaws are posted on baa's website. Audited financial statements are filed with d&b. Form 990 is available on guidestar.org”

“Intercompany settlement expense -766,928.”