Kentucky Laborers District Council Health & Welfare Fund

“The form 990 is prepared by the fund auditor. It is reviewed by the fund attorney, fund consultant and fund administrator prior to presentation to the board of trustees. The board of trustees then review the form 990 before approval and signing. After approval and execution by board of trustees, the form 990 is filed. (in this case, it is e-filed by the fund auditor)”

“Each trustee or employee of the fund has the duty to disclose any actual or possible conflict of interest. Each trustee or employee must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the trustees delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, the board of trustees will discuss and vote to determine if a conflict of interest exists. If a conflict of interest is determined to exist, the chairperson of the board of trustees shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. The board of trustees shall then determine whether the fund can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. If a more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the board of trustees shall determine by a majority vote of the disinterested trustees whether the transaction or arrangement is in the fund's best interest, for its own benefit, and whether it is fair and reasonable.”

“In determining wage increases for fund employees, the trustees review the current and projected financial status of the fund, including current and projected administrative costs, and take into consideration the wages for similar positions in other taft-hartley trust funds, projected cost of living trends, and employees' work histories and job performances. The trustees have also implemented a policy wherein the administrator will perform annual job performance reviews for each fund employee. The fund trustees do not receive compensation of any kind. There is no ceo, executive director or top management official of this fund.”

“They are made available to the public upon request.”

“The process has not changed from prior year. The fund's administrator and assistant administrator continue to oversee the audit process of its financial statements. However, the full board of trustees for the fund assumes responsibility for the audit of its financial statements and selection of an independent accountant. The board of trustees reviews and approves all monthly financial statements at their quarterly meetings and reviews the annual financial report at a quarterly meeting.”