Tobacco Merchants Association

“Effective in 2025, the organization officially changed its name to the nicotine resource consortium, inc. The bylaws of the organization were changed, and the organization filed for a name change in delaware, its state of incorporation, and north carolina where the organization has a physical presence.”

“Line 11a explanation - the form 990 is prepared by an outside firm and the draft of the completed returns are reviewed by the ceo and cfo. Any comments arising from their review are discussed and if required, changes are made to the draft. That draft will be submitted to the audit committee for its review and approval.”

“Each director, principal officer, key employee and member of a committee with board delegated powers must file and maintain current the organization's directors biographical information form and, on an annual basis, complete the organization's directors conflict of interest statement and acknowledgement which acknowledges that each individual has disclosed any potential conflict of interest; received a copy of the conflicts of interest policy; read and understands the conflicts of interest policy; and agreed to comply with the conflicts of interest policy. The president supervises the distribution, collection and review of the annual directors conflict of interest statement and acknowledgement. The responses are compliled and presented to the board. From time to time, directors, principal officers, key employees and/or committee members are reminded of their obligation to disclose potential or actual conflicts of interest when they arise. Procedures for managing identified conflicts, each director, officer and/or key employee and member of a board committee is required to disclose any actual or potential conflict of interest to the individual considering the proposed transaction or arrangement. In the event of such a disclosure, the interested party is excused from the meeting and the board/committee determines whether a conflict exists. If the board/committee determines that such a conflict exists, the chairperson of the board or designee (if appropriate) will appoint a disinterested person or committee to investigate and report to the board of directors alternatives to the proposed transaction or arrangement. Based on the information furnished by the disinterested person or committee, the board of directors will make a determination of whether the corporation can obtain a more advantageous transaction or more reasonable arrangements from an entity or person that would not give rise to a conflict of interest. If a more advantegeous transaction or arrangement that would not give rise to a conflict of interest is not reasonably attainable under the circumstances, the board of directors will determine, by a majority vote of the disinterested directors, whether the transactions or arrangement is in the organization's best interest and for its own benefit and whether the transaction is fair and reasonable to the organization. All of the actions stated above shall be reflected in the board committee minutes. In the event that a director, principal officer, key employee or member of a board committee fails to disclose a potential or actual conflict of interest, the board/committee, after affording the individual due process, shall determine whether the individual violated the conflict of interest policy by failing to disclose an actual or potential conflict of interst and, in the event of a determination that a violation occurred, take appropriate disciplinary and corrective action.”

“The organization compiles information from comparative groups and of key employees of a base that is as close as possible to the organizations management structure. Different comparative groups are considered for each position. The market analysis is then reviewed by the chairman & board in determining salary adjustments from the perspective of market competitiveness and prior year performance. Performance is based on the extent that each executive has achieved his/her goals. Bonus eligibility is done in a similar manner.”

“No documents available to the public”