International Masonry Training and Education Foundation

“Some trustees also sit on the board of a sponsoring non-profit entity; one trustee is an employee of that entity.”

“The form 990 is drafted through a collaborative effort of the organization's financial, legal and operations professionals. The draft is presented to and reviewed by the organization's officer then the form is finalized and submitted.”

“In addition to the written conflict of interest policy, pursuant to which conflicts are disclosed, the trust is governed in large part by the employee retirement income security act 29 u.s.c 1106 and the regulations of the internal revenue service and the department of labor which are promulgated according to that law. Erisa and its regulations promulgated there under address the issues of potential conflict of interest. These issues are specifically addressed in section 406 of erisa which prohibits two types of transactions by the trust: (a) transactions between the trust and a party in interest; and (b) transactions between the trust and a fiduciary. Section 408 of erisa provides for the exemptions to section 406. The transactions between the trust and a party in interest which are prohibited, absent an exemption, include: (1) the sale, exchange or leasing of property between a trust and a party in interest; (2) the lending of money or other extension of credit between a trust and a party in interest; (3) the furnishing of goods, services or facilities between a trust and a party in interest; (4) the transfer to, or use by or for the benefit of, a party in interest, of any assets of a trust; and (5) the acquisition on behalf of a trust of any employer security or employer real property unless the requirements of section 407(a) of erisa are met. The transactions between the trust and a fiduciary which are prohibited include, absent an exemption, include: (1) the handling of the assets of the plan in the fiduciary's own interest or for the fiduciary's own account; (2) in the fiduciary's or in any other capacity, acting in any transaction involving the plan on behalf of a party (or represent a party) whose interests are adverse to the interests of the plan or the interests of its participants or beneficiaries; or (3) the receiving of any consideration for the fiduciary's personal account from any party dealing with such plan in connection with a transaction involving the assets of the plan. The trust is required to file an audited financial statement yearly. As part of the audit, the auditors are required to examine for potential prohibited transactions. The board reviews the written conflict of interest policy annually, and are required to disclose any conflicts.”

“Salaries of key employees are set by the president in consultation with the co-chairman of the board of trustees, financial professionals and comparable positions in like organizations.”

“Upon request in accordance with law.”

“This process has not changed from the prior year.”