William Penn Association

“Membership shall be extended to any person in accordance with the requirements and limitations set forth in the charter, the by-laws, and the resolutions of the board. Membership shall include voting members and non-voting members.”

“At the general convention, which is the highest governing body of the association, delegates elect the board of directors. The elected board of directors then operates as the governing body between conventions.”

“At the general convention, which is the highest governing body of the association, delegates elect the board of directors. The elected board of directors then operates as the governing body between conventions. The board of directors must seek approval from a general or special convention only if they wish to amend the association by-laws pertaining to the convention, the board of directors, the association charter and the procedures to amend the by-laws.”

“The form 990 will be distributed to board members prior to the third quarter meeting. The treasurer and/or partner of the accounting firm will review the form 990 and answer any questions. The form 990 will then be amended, if need be, and approved by the board of directors.”

“Every january, the national vice president/secretary distributes conflict of interest questionnaires to every director, officer and key employee to complete and return.”

“The process of compensation for the ceo, executive director, or top management official is determined by the association's compensation committee which is comprised of the chairman of the board, the national president, and four national directors appointed by the board. The compensation committee has the authority to retain such independent counsel, accountants, experts and other advisors as it determines appropriate to assist in the performance of its function of determining compensation. The compensation committee develops and administers a compensation policy for senior management that contains appropriate performance incentives and equity-linked components, and oversees the establishment and administration of compensation programs for the association's employees generally; annually reviews the ceo's performance, of which the ceo may not be present during voting and deliberations on the compensation of the ceo; annually reviews the performance of all executive officers of the association, and after such consultation with the full board of directors as it determines appropriate to establish compensation terms for such individuals, reviews and, as deemed appropriate, authorizes to ratify compensation programs and policies of the association.”

“William penn association (wpa) will make its governing documents, conflict of interest policy and financial statements available to the public upon request, and will make the documents available for public inspection at wpa's office. Wpa will also make its audited financial statements available for public inspection through the national association of insurance commissioners or the pennsylvania department of insurance.”

“William penn association (wpa) will make form 1023 and form 990 available to the public upon request, and will make the forms available for public inspection at wpa's office.”

“Change in mandatory securities valuation reserve 1,117,816. Change in nonadmitted assets -50,537. Realized capital losses transferred to imr liability 89,763. Valuation adjustment for bond impairment -232,118.”

“William penn association's board of directors chartered an audit committee, with specific powers and duties relating to wpa's independent audit program and internal control program. The committee meets on a regular basis, and provides active oversight to wpa's financial and compliance activities. The committee is directly responsible for the appointment and dismissal, evaluation, compensation, and oversight of wpa's independent accountant.”