Textile Research Institute

Form 990, Schedule O

“FORM 990, PART III, LINE 1 TEXTILE RESEARCH INSTITUTES LONG STANDING RESEARCH AND EDUCATION ENDEAVORS REMAIN DEDICATED TO THE ADVANCEMENT OF SCIENCE, ENHANCEMENT OF INNOVATION AND CONTRIBUTIONS TO SOCIETY. THE ORGANIZATION IS COMMITTED TO APPLYING THEIR RECOGNIZED EXPERTISE TO A VARIETY OF CHALLENGES FOR THE BENEFIT OF OUR EMPLOYEES, MEMBERS AND THE SCIENTIFIC COMMUNITY. FORM 990, PART VI, SECTION A, LINE 6 A PARTICIPANT OF THE INSTITUTE SHALL BE A FOR-PROFIT ORGANIZATION(CORPORATE PARTICIPANT) OR A NON-PROFIT ORGANIZATION (ASSOCIATE PARTICIPANT) INTERESTED IN THE ACHIEVEMENT OF THE INSTITUTE'S OBJECTIVES AS SET FORTH IN ITS CERTIFICATE OF INCORPORATION AND IN ARTICLE I, SECTION 2, OF THESE BYLAWS, AND WHO ANNUALLY CONTRIBUTES TO THE SUPPORT OF THE INSTITUTE ACCORDING TO A SCHEDULE ESTABLISHED AND SET FORTH BY THE BOARD OF TRUSTEES. MEMBERS MAY PARTICIPATE IN THE ACTIVITIES OF THE INSTITUTE UNDER CONDITIONS DETERMINED BY THE BOARD OF TRUSTEES. ADMISSION TO MEMBERSHIP IN THE INSTITUTE SHALL BE GRANTED AFTER APPLICATION, IN SUCH FORM AS MAY BE PRESCRIBED BY THE BOARD, HAS BEEN RECEIVED BY THE INSTITUTE. MEMBERSHIP SHALL BECOME EFFECTIVE FOLLOWING RECEIPT OF SUCH APPLICATION, AND PAYMENT OF THE APPROPRIATE MEMBERSHIP FEES. THERE ARE NO FAMILY RELATIONSHIPS AMONGST THE BOARD MEMBERS. MANY OF THE COMPANIES THE BOARD MEMBERS WORK FOR HAVE BUSINESS RELATIONSHIPS. THE TRUSTEES THEMSELVES DO NOT HAVE ANY PERSONAL BUSINESS RELATIONSHIPS WITH EACH OTHER. FORM 990, PART VI, SECTION A, LINE 7A TRUSTEES SHALL BE ELECTED AT THE ANNUAL MEETING OF THE BOARD OF TRUSTEES. TRUSTEES MAY ALSO BE ELECTED AT ANY OTHER MEETINGS OF THE BOARD OF TRUSTEES OR BY THE WRITTEN CONSENT OF ALL TRUSTEES THEN IN OFFICE IN THE FORM OF A UNANIMOUS CONSENT CIRCULATED AND EXECUTED BY ALL TRUSTEES THEN IN OFFICE. AT THE ANNUAL MEETING THE BOARD SHALL ELECT NEW TRUSTEES AS PROVIDED IN ARTICLE II, SECTION 3 OF THE BYLAWS, AND SHALL ELECT OR APPOINT PERSONS TO OFFICES OR POSITIONS IN THE CORPORATION THAT MAY BE VACANT, AND ORGANIZE FOR THE ENSUING YEAR. THERE SHALL BE A NOMINATING COMMITTEE, APPOINTED BY THE CHAIRMAN OF THE BOARD, TO CONSIST OF FIVE (5) PERSONS, TWO (2) OF WHOM MAY BE TRUSTEES. THE CHAIRMAN OF THE BOARD SHALL DESIGNATE ONE (1) MEMBER OF THE COMMITTEE AS COMMITTEE CHAIRMAN. IT SHALL BE THE DUTY OF THE NOMINATING COMMITTEE TO MAKE NOMINATIONS FOR THE TRUSTEES TO BE ELECTED AT THE ANNUAL MEETING AND TO SUBMIT THESE NOMINATIONS TO THE SECRETARY IN WRITING IN ADVANCE OF THE ANNUAL MEETING IN ACCORDANCE WITH ARTICLE II, SECTION 4, OF the BYLAWS. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FEDERAL FORM 990 WAS PROVIDED TO EACH VOTING MEMBER OF ITS GOVERNING BODY (ITS BOARD OF TRUSTEES) PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE ("IRS"). AS PART OF THE ORGANIZATION'S FEDERAL FORM 990 TAX RETURN PREPERATION PROCESS, THE Organization HIRED A PROFESSIONAL CERTIFIED PUBLIC ACCOUNTING("CPA")FIRM WITH EXPERIENCE AND EXPERTISE IN NOT-FOR-PROFIT TAX RETURN PREPARATION TO PREPARE THE FEDERAL FORM 990. THE CPA FIRM'S TAX PROFESSIONALS WORKED CLOSELY WITH THE ORGANIZATION'S TREASURER TO OBTAIN THE INFORMATION NEEDED IN ORDER TO PREPARE A COMPLETE AND ACCURATE TAX RETURN. THE CPA FIRM PREPARED A DRAFT FEDERAL FORM 990 AND FURNISHED IT TO THE ORGANIZATION'S TREASURER FOR REVIEW. THE ORGANIZATION'S TREASURER REVIEWED THE DRAFT FEDERAL FORM 990 AND DISCUSSED QUESTIONS AND COMMENTS WITH THE CPA FIRM. REVISIONS WERE MADE TO THE DRAFT FEDERAL FORM 990 WHERE NECESSARY AND A FINAL DRAFT WAS FURNISHED BY THE CPA FIRM TO THE ORGANIZATION'S TREASURER FOR FINAL REVIEW AND APPROVAL. FOLLOWING THIS REVIEW, THE FINAL FORM 990 WAS PROVIDED TO EACH VOTING MEMBER OF THE ORGANIZATION'S BODY PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION USES AN ANNUAL REVIEW PROCESS TO MONITOR AND ENFORCE COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 A&B THE BOARD OF DIRECTORS REVIEWS AND APPROVES COMPENSATIO”