Maac Asset Corporation

Core Form 990 Responses

“PART VI, SECTION A, LINE 6 Membership in the Corporation shall be by institution. The Corporation shall initially be comprised of all full member institutions of the Metro Atlantic Athletic Conference ("the Conference") as defined by Article VII of the Conference Constitution. PART VI, SECTION B, LINE 11 THE RETURN IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM WITH EXPERIENCE AND EXPERTISE IN NOT-FOR-PROFIT TAX RETURN PREPARATION TO PREPARE THE FEDERAL FORM 990. THE CPA FIRM WORKED CLOSELY WITH THE ORGANIZATION'S MANAGEMENT TO OBTAIN THE INFORMATION NEEDED IN ORDER TO PREPARE A COMPLETE AND ACCURATE TAX RETURN. PRIOR TO THE TAX RETURN BEING FILED, THE FINANCE COMMITTEE WAS PROVIDED WITH AN ELECTRONIC COPY OF THE TAX RETURN AND AFTER THEIR REVIEW AND ACCEPTANCE, THE ELECTRONIC COPY WAS PROVIDED TO THE GOVERNING BODY. UPON APPROVAL, THE FORM 990 WAS FILED WITH THE INTERNAL REVENUE SERVICE. PART VI, SECTION B, LINE 12 THE CORPORATION IS AN AFFILIATE OF THE CONFERENCE, A RELATED INTERNAL REVENUE CODE SECTION 501(C)(3) TAX-EXEMPT ORGANIZATION. THIS CORPORATION HAS NOT ADOPTED ITS OWN CONFLICT OF INTEREST POLICY, HOWEVER, ALL MEMBER OF THE CORPORATION'S BOARD OF TRUSTEES ADHERE TO THE CONFERENCE'S CONFLICT OF INTEREST POLICY AND COMPLETE THE NECESSARY QUESTIONNAIRE. THE CONFERENCE AND THE CORPORATION REGULARLY MONITOR AND ENFORCE COMPLIANCE WITH THIS CONFLICT OF INTEREST POLICY. PART VI, SECTION B, LINE 15 ALTHOUGH THIS CORPORATION HAS NO PAID EMPLOYEES REPORTED IN THE CORE FORM 990, PART VII AND SCHEDULE J ARE EMPLOYEES OF THE CONFERENCE. THE CONFERENCE'S BOARD OF TRUSTEES APPROVES THE SALARY OF THE COMMISSIONER THROUGH A FORMAL EMPLOYMENT AGREEMENT. THE COMMISSIONER APPROVES THE COMPENSATION OF THE EMPLOYEES OF CONFERENCE. THE CONFERENCE HAS PERFORMED A SURVEY OF ATHLETIC CONFERENCE SALARIES. THE SURVEY WAS USED IN THE DETERMINATION OF CONFERENCE EMPLOYEES SALARIES. PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS ARE PROVIDED UPON REQUEST. PART XII, LINE 2C OVERSIGHT, REVIEW AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.”