Labc Institute

“Does the organization have members or stockholders? Labc institute has one member, los angeles business council (labc), a nonprofit mutual benefit corporation described in section 501(c)(6) of the internal revenue code of 1986 as amended.”

“DOES THE ORGANIZATION HAVE MEMBERS WHO HAD THE POWER TO ELECT OR APPOINT ONE OR MORE MEMBERS OF THE GOVERNING BODY? THE ORGANIZATION HAS ONE SOLE MEMBER, LOS ANGELES BUSINESS COUNCIL, THAT HAS THE RIGHT TO VOTE ON THE ELECTION, REMOVAL AND REPLACEMENT OF DIRECTORS. LOS ANGELES BUSINESS COUNCIL HAS THE RIGHT TO APPROVE DECISIONS MADE BY THE BOARD OF DIRECTORS, INCLUDING CHANGES TO BYLAWS. The organization also has a group of advisors, who are not members, that help manage the organization.”

“Describe the process used to review the form 990: governing body reviews tax returns, financial reports, disclosures, and tax return filings on an annual basis.”

“Please describe how the organization annually monitors compliance with their conflict of interest policy: THE GOVERNING BODY MUST PREPARE AN ANNUAL DISCLOSURE STATEMENT FOR REVIEW REGARDING THE CONFLICT OF INTERESTS. CONTRACTS ARE REVIEWED PERIODICALLY TO ENSURE THEY MEET THE CONFLICT OF INTERESTS POLICY OF THE ORGANIZATION.”

“The organization makes its governing documents, financial statements and tax filings available to the public in the following manner: all governing documents, tax filings and financial statements are made available upon request to the public and tax filings are listed on www.guidestar.org”

“The member organization, los angeles business council, provides management and office space for the organization.”