Casualty Actuarial Society

“The board delegated the review of the 990 to the cas audit committee. The audit committee reports to the cas board of directors, and has at least 3 board members on it. The board delegated the following board duties to the executive council: prescribe admission requirements, admit new members, authorize the creation and discharge of committees, call meetings of the cas and the cas institute, act on applications to create regional affiliates, act on applications to create special interest sections, and approve the president's position description.”

“The organization has fellows, associate and affiliate members. Fellows are eligible to vote, hold office, make nominations, and generally exercise the rights of full membership. Associate members are entitled to attend meetings and participate in society functions. Affiliate members support the mission and activities of the organization.”

“Fellow members can vote for president-elect and directors, and on bylaws and constitution changes.”

“Changes to constitution and bylaws need to be approved by vote from fellow members.”

“The casualty actuarial society (cas) management reviews the 990 with the executive director signing the returns each year. The cas board has delegated the review of the 990 to the cas audit committee, a committee reporting to the board and staffed by at least 3 board members.”

“Conflict of interest statements are required of all board members, executive council members, and key staff members. Statements are updated annually. Generally if there is a conflict of interest, that person will be recused from decision making/voting. The board chair monitors the conflict of interest policy for board members. If a conflict is identified that board member will recuse themselves from discussions and votes.”

“Executive director compensation is set by the president, president-elect and board chair. Merit increases and bonuses are performance-based and directly tied to accomplishing goals agreed to at the beginning of the year. Executive director salary is validated against similar type organizations/positions using salary surveys. The process was most recently performed in 2016. The cas president is responsible for the annual performance review for the executive director. The president gets input from volunteer leaders as part of the review. The president meets with the executive director to conduct the performance review. The president notifies the cfo/hr director of actions taken with respect to annual salary and bonuses. The executive director sets compensation for all paid staff members. Merit increases and bonuses are performance-based and directly tied to accomplishing goals agreed to at the beginning of the year. Staff compensation is validated against similar type organizations using salary surveys. The process was most recently performed in 2016.”

“The governing documents and financial statements are posted on the casualty actuarial society (cas) website. Annual financials are also published and mailed out in the february issue of the actuarial review, cas's bimonthly magazine. The conflict of interest policy is made available to the public upon request.”

“Change in pension liability -603,806.”