New York Shipping Association Inc

“SANYNJ is recognized by the Internal Revenue Service as an Internal Revenue Code 501(c)(6) Membership Association. By definition, SANYNJ has members.”

“The Form 990 was prepared internally by SANYNJ Financial Department. The Form is reviewed by CFO and general counsel of SANYNJ prior to filing.”

“Each officer, director, trustee, and key employee of SANYNJ is required to annually disclose any conflict of interest that arises by virtue of their employment, board service, or position with SANYNJ. SANYNJ monitors compliance with its Conflict of Interest Policy through an annual disclosure form that is distributed to these individuals. Potential conflicts are investigated immediately.”

“SANYNJ undertakes a thorough process to ensure that the executive compensation it pays to its top management official, and all of its officers and key employees of the organization is reasonable given the market in which SANYNJ operates. In relevant part, the Board of Directors has established a compensation committee of independent persons that have no personal interest in the proposed agreement. The compensation committee will then set the compensation for the relevant executive. This process takes place at least annually during Board of Directors meetings.”

“SANYNJ makes its Form 990 available to the public by retaining a copy at its place of business. SANYNJ's financial statements, governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at the management's discretion.”

“SANYNJ does not undertake any unrelated business activities. SANYNJ files a Form 990-T solely to report its liability for proxy tax.”

“SANYNJ follows guidance that clarified the accounting for uncertainty in tax positions taken or expected to be taken in a tax return, including issues relating to financial recognition and measurement. This guidance provides that the tax effects from an uncertain tax position can only be recognized in the consolidated financial statements if the position is "more-likely-than-not" to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based on the technical merits of the position, without regard to the likelihood that the tax position may be challenged.”

“The organization did not change its methods of accounting. The changes are due to the normal course of business. Amount represents adjustment to recognize minimum pension and post-retirement liabilities.”