International Valuation Standards Council

“Membership in the ivsc consists of: - valuation professional organizations: which shall include valuation professional organizations recognized either by legal decree or general consensus; - associate valuation professional organizations: a non-voting category of membership; - corporate members: which shall include valuation companies and companies having an interest in valuation as well as entities with an interest in valuation standards and which secure or use valuation services to include but not be limited to lenders, accountants, insurers, asset managers, investment bankers, and others. Corporate members should be able to demonstrate how they help encourage or participate in the creation of a professional high quality valuation; - institutional members: which are not-for-profit entities to include but not be limited to government agencies and regulators; and - academic members: which shall include but not be limited to universities, colleges, and other institutions offering advanced education.”

“Per the bylaws, each member in good standing is entitled to participate in the international valuation standards council functions through its designated representatives. This privilege includes voting, eligibility for election to office, and attendance at meetings.”

“A final draft form 990 is shared with the board of trustees for any questions, prior to signing by the ceo and chair (or vice-chair) and filing.”

“The board of trustees are covered under the conflicts of interest policy and have agreed to raise any conflicts of interest at each meeting. As a not for profit which sets standards it would be rare for a conflict to arise as the majority of trustees are independent of anything valuation related and ivsc has limited transactions. Conflicts raised would involve recusal from discussion of that item by the relevant trustee. Were there a conflict between the individual's activity and the general activity of ivsc then the individual would be required to resign. Additionally, a declaration of related party interests is made by each trustee annually and included in the ivsc financial statements.”

“The compensation provided to the ceo and board chair was determined by the finance committee of the board of trustees and approved by the board of trustees. The board chair does not participate during the vote for the chair's compensation. The amount of the board chair's compensation was determined based on the significant experience and reputation in international matters of the board chair as well as the time devoted to the performance of the chair's activities. The amount of compensation for the ceo was determined based on the general compensation knowledge of the board, all of whom are sophisticated business persons knowledgeable in compensation issues, as well as the level of difficulty in finding someone who has as much knowledge as the organization's ceo in the operation of an international standards setting organization.”

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

“The organization does not issue forms w-2 since all employees are non-us citizens who live and work outside the united states.”

“Foreign currency translation adjustments -66,922.”

“The organization obtained separate, independent audited financial statements prepared under the international financial reporting standards (ifrs) basis of accounting as opposed to the us gaap basis of accounting. Financial statements have been prepared based on british pounds sterling being the functional currency. Form 990 has been translated to us dollars using prevailing exchange rates for the period.”