National Minority Supplier Development Council Inc.

“NMSDC is a membership organization. Certain firms that desire membership in the organization are required to pay annual membership dues in amounts as determined by the Board of Directors. Members received certification services, electronic database access of certified minority-owned companies, supplier diversity training and seminars, vendor referral support and matchmaking opportunities as well as networking opportunities with their corporate peers to exchange best practices and promote advocacy for minority supplier development. Dues are accessed for services provided, accordingly, they are not tax deductible as contributions and are reported as program income on Form 990.”

“Each corporate member of the organization is entitled, at every meeting of the members, to one vote in person or by proxy upon each subject properly submitted to vote. A majority of the corporate members represented in person or by proxy constitutes a quorum for the transaction of business at any annual or special meeting of members. The nomination of directors to the board is submitted for voting by a nominating committee of the membership.”

“Vice President of Finance and Administration completes the questionnaire provided by preparer (Mitchell & Titus) from which a draft is generated. Draft is submitted to Vice President of Finance and Administration for review. Once the review is completed, the final Form 990 is presented to the President for her review and approval. A copy is forwarded to the Treasurer for his review and comment. The e-filing authorization is provided to Mitchell and Titus to submit the Form 990 electronically. Form 990 is also provided to GuideStar for listing in their website and it is also available on request.”

“The organization asks members of the Board to report on any conflict. Since no conflict of interest has been reported and no conflict of interest has been identified independently, no action has been required. The NMSDC Board of Directors is made of 80 members which has been deemed too large. As a result, NMSDC is in the process of revising its by-laws to reduce the Board size to a maximum of 50 members. The reporting of conflict of interest by Board members will be addressed accordingly.”

“The president's performance and compensation is reviewed annually by a compensation committee headed by the chairman of the executive committee. The chairman of the executive committee authorizes the treasurer to issue written notice to the vice president of finance and administration of salary increases awarded to the president. Annual bonuses (if any) are also authorized by the chairman of the executive committee with input from the chairman of the board and the treasurer and confirmed in writing by the treasurer. The chairman of the executive committee then reviews the award of bonuses with the executive committee. Nmsdc's president is responsible for the hiring, management and supervision of key employees. The president is responsible for evaluating key employees' performance and authorizes salary increases. Salary increases generally follow annual increases approved by the executive committee in the approved budget. Salary increases due to promotions follow guidelines contained in the approved budget for such position. External compensation studies, such as those issued by the american society of association executives, are used to establish salary levels. The award of annual bonuses, if any, follow the same approval process used to award bonuses to the president.”

“Audited financial statements are incorporated in the organization's published annual report which is disseminated to members, board of directors and regional councils. Through a network distribution list, hundred of copies of the annual report are sent to the regional councils for local dissemination. The annual report is also available on nmsdc's website. Copies of nmsdc's certified financial statements are also available upon request. The conflict of interest policy is contained in nmsdc's employee manual and the affiliates operating manual.”

“Other program services include: (1) trade show - provides a forum for business exchange between corporate buyers and minority suppliers; (2) learning programs - provides a learning and educational platform for corporate members, minority suppliers and regional councils; (3) international program - builds an international network of nmsdc-like organizations to assist corporate members in implementing supplier diversity programs in other countries and help nmsdc-certified minority suppliers to make international connections; (4) corporate plus - provides corporate members with referrals and access to the largest minority-owned vendors in the country with capacity for servicing national contracts; (5) centers of excellence - provides a platform for minority suppliers to increase business capacity and minority supplier program development for corporate members; (6) program development - a platform for the development of new programs to address growing needs of constituent groups.”