Associated Industries of Massachusetts Foundation Inc

“Form 990 review process: form 990 was prepared by grant thornton llp (gt), the organization's certified public accountants, from information provided by management. Gt and management met with the organization's audit committee to review the filing in detail. Subsequent to review and upon finalization, the complete form 990 (with required schedules) was provided electronically to each member of the governing body prior to filing with the internal revenue service. Complete form 990 (with required schedules) was provided electronically to each member of the governing body prior to filing with the internal revenue service.”

“Conflict of interest policy monitoring & enforcement: the organization has a conflict of interest policy. Annually, each board member and officer of aim and of associated organizations and every aim employee must acknowledge reading and understanding the conflict policy and must complete and return an annual conflict disclosure questionnaire. In addition, any new or potential conflict of interest of any board member, officer, or employee must be disclosed immediately to the president and ceo who in turn must disclose to the chairman, who then determines if a conflict of interest exists. In addition, any member of the board having an existing or potential conflict of interest with respect to any matter which is the subject of action by the board or its committees shall disclose such conflict and the member will not be counted in determining the quorum and shall not vote on the matter. Any employee of aim or of associated organizations with a conflict of interest shall abstain and not participate in discussions concerning the actions of the organization in regard to the matter which is the subject of the conflict.”

“Process for determining compensation: these practices are completed by related organization associated industries of massachusetts. The compensation committee of the board reviews performance and compensation of the organization's president and ceo and makes compensation and bonus recommendations to the executive committee of the board. All recommendations are documented by the compensation committee and sent to the executive committee for approval. The executive committee votes on the recommendations of the compensation committee and documents its decision. On a regular basis - most recently in 2020 - the compensation committee employed the services of an independent compensation consultant to conduct a competitive market review of the ceo's compensation using generally accepted methods and practices. The organization employs the services of an independent compensation consultant to conduct an independent compensation study for all other officers and key employees. Most recently 2020 - including comparable data and contemporaneous substantiation. These findings are presented to the budget and retirement plan committee of the board for review and approval as part of the annual budget review process.”

“How documents are made available to the public: the organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request.”