South Bergen Region VII Workers Compensation Pool

“Line 6 explanation - the organization's only members are the participating school districts board's of education.”

“Line 7a explanation - all participating school districts board's of education are invited to attend the annual meeting. Those present at the annual meeting participate in the election of the board of directors.”

“Line 11a explanation - the tax return preparer e-mails a copy of the form 990 to the chairperson and treasurer for review. The chairperson will then e-mail the form 990 to the board of directors for additional review and comment before filing the return with the internal revenue service.”

“The organization's conflict of interest policy covers any person serving as an officer, employee, committee or task force member, or member of the board of directors. All persons covered under this policy are required to disclose annually interests that could give rise to conflicts. When the conflict of interest involves a director or committee member, that person must disclose all the facts material to the conflict of interest at a meeting with the appropriate board or committee. Such person may not participate in or be permitted to hear the board's or committee's discussion of the matter except to disclose material facts and to respond to questions. Such person may not exert their personal influence with respect to the matter, either at or outside the meeting. Such person shall not be involved in the decision of what action to take (e.g. May not participate in a vote) and shall not be present in the meeting room when the vote is taken, unless the vote is by secret ballot. The minutes of the meeting will reflect the disclosure of all facts material to the conflict of interest, the board or committee member's ineligibilty to vote and the resolution of the conflict of interest. If the board or committee member with the conflict of interest can't attend the meeting, then that person should disclose all the material facts to the chair of the meeting, who will then in turn, disclose all the facts at the meeting. When the conflict of interst involves a person other than a director or committee member, such person should disclose the information to the chairperson (or secretary if it is the chairperson) of the organization. Such person shall refrain from any action that may affect the organization's participation in such contract or transaction.”

“All board of directors and officers are volunteers that are paid by their respective board of education. The treasurer receives a stipend to do the bookkeeping (which is required by nj department of banking & insurance). The stipend is approved in the minutes.”

“The organization makes its governing documents, conflict of interest policy, and audited financial statements available to the general public upon request for inspection at the organization's office.”

“Actuary fee: program service expenses 0. Management and general expenses 6,500. Fundraising expenses 0. Total expenses 6,500. Insurance administration: program service expenses 149,890. Management and general expenses 0. Fundraising expenses 0. Total expenses 149,890. Insurance consultant: program service expenses 8,525. Management and general expenses 0. Fundraising expenses 0. Total expenses 8,525. Reinsurance broker fee: program service expenses 3,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 3,000.”

“The oversight process of the audit of the organization's financial statements and selection process of an independent accountant have not changed from the prior year.”