American Association for the Study of Liver Diseases

“Aasld membership is composed of scientists and physicians dedicated to the field of hepatology and are divided into seven membership categories: regular, emeritus, international, trainee, associate, honorary, corporate affiliate and fellow aasld member.”

“Aasld's regular and emeritus members have the right to elect three members of the governing body.”

“Changes to aasld's articles of incorporation and bylaws are subject to approval by its members.”

“After being prepared by aasld's independent accounting firm, the form 990 is reviewed by senior management and outside legal counsel, then provided to the governing board for review before being filed.”

“An aasld disclosure form is completed by all members of the governing board, committees, and task forces of the association upon nomination and/or appointment and annually. Also included are staff of the association. The form is updated thereafter during each person's tenure of office, as necessary. Committee chairs make forms available at all meetings. If it is determined that a conflict exists, the ethics committee advises the member to take actions including the following possible actions: - divest or resign from the conflict in question. - abstain from discussion and voting on matters involving the conflict. - excuse him/herself from participating in such matters. - resign from the aasld committee or office.”

“Aasld performs annual salary reviews for each staff position and adjusts compensation levels as necessary. Annual compensation surveys are performed by outside consultants every two to three years. The governing board approves/adjusts the ceo's salary. The ceo's performance and salary review are noted in a letter from the president of aasld to the ceo with a copy to the entire governing board. A copy of the letter, along with the related supporting documents, are in the ceo's personnel file. The ceo's compensation was last reviewed in april 2016. The ceo approves staff salary. Staff salary determination is communicated with staff along with written performance evaluation, which is conducted at year-end. Individual memorandums from the ceo to individual staff, communicating the salary change and the position grade, are given to individual staff members. Copies of these memorandums are in individuals' personnel files.”

“The organization's governing documents, conflict of interest policy and audited financial statements are available upon receipt of a bonafide request. The conflict of interest policy and financial statements are also available on the organization's website.”

“During the prior fiscal year, there was a significant decrease in net assets. To fund the aasld foundation, the association's governing board authorized an initial transfer of net assets of $11,061,556. Subsequently, the governing board also authorized the transfer of $35,020 of memorial travel awards to the aasld foundation, bringing the total transfers of net assets to $11,096,576.”

“Unrealized loss on interest rate swap obligation -526,752.”

“In preparing the financial statements, the association has evaluated events and transactions for potential recognition or disclosure through october 13, 2016, the date the financial statements were issued. On august 1, 2016, the association paid all outstanding debt associated with the purchase and construction of its office condominium: 1) the remainder principal due on both conventional loans, 2) the remainder principal on the tax exempt bonds, and 3) the total interest rate swap obligations related to all three loans. The association paid these debts with $3.0 million from cash and investment reserves and entered into a 10 year note payable in the amount of $5,470,814 with a 3.26% fixed interest rate and a closing commitment fee of 20 basis points. The new loan is secured by aasld's investments. The loan agreement contains various covenants which, among other things, place restrictions on the association's ability to incur additional indebtedness and requires the association to maintain certain financial ratios.”