Gasket Fabricators Association

“The executive committee is comprised of the board president, vice president, secretary-treasurer and one additional board member. The executive committee shall have and exercise all of the powers and authority of the board of directors in the management of the business and affairs of the association, and shall represent the association in all contacts with the united states government, except that the executive committee shall not have the power or authority to: 1. Fill vacancies in the board of directors 2. Adopt, amend or repeal the bylaws 3. Amend or repeal any resolutions of the board”

“Gfa delegates management functions to multiservice management company (mmco), an unrelated professional management entity. Management services provided by mmco include, planning and executing budgets and financial operations as well as supervising exempt operations. Mmco is directly supervised and reports to the board of directors. Peter lance is a key employee at mmco and acts as the top management official for gfa. During 2021, gfa paid mmco $72,076 management services rendered. Peter lance receives compensation through mmco for his services rendered to gfa.”

“There shall be one class of voting members whose qualifications shall be: 1. Regular members: (a) any business entity (whether a person, firm, corporation, or operating division of a corporation) engaged in the gasket fabricating industry and meeting the qualifications of this corporation set forth in paragraph (b) below, is eligible to be elected to regular membership. (b) to qualify for regular membership, an applicant must: (1) have been engaged in the gasket fabricating industry a minimum of one year; and (2) manufacture and sell an annual volume of at least one million dollars ($1,000,000 u.s.) in sales of fabricated gaskets and converted materials, including metallic gaskets and gaskets which are perforated, encased, or enveloped. For the purposes of this section, fabricated gaskets shall include metallic gaskets and gaskets which are perforated, encased or enveloped. Verification of the above criteria will be aided by the inclusion of three raw material suppliers for references by the gfa office. (c) a gasket fabricator meeting the above requirements may be admitted to regular membership only upon the approval of two-thirds of the members of the board of directors then in office. (d) regular members shall, upon election to membership, agree to abide by the association's bylaws, articles of incorporation, and policies and procedures, and as a condition of continued membership, to pay such membership dues and assessments as may be prescribed by the board of directors from time to time.”

“Regular members in good standing are responsible for the election of the board of directors. No person may be elected, be appointed or serve as a director who is not a regular member in good standing.”

“The amendment, adoption or repeal of the bylaws requires approval of at least two-thirds of the quorum of regular members in good standing.”

“The form 990 is prepared by an independent accounting firm and then a draft is provided to the management company for review. A complete copy is provided to all voting board members prior to filing with the internal revenue service.”

“Gfa does not have any compensated individuals that meet the internal revenue service definition of officer or key employee.”

“The governing documents are available to the public upon request. The financial statements are not made available to the public. At this time there is no written conflict of interest policy.”

“CLERICAL FEES 65,333.”