Fair Contracting Foundation of Minn

“The fair contracting foundation is a labor management committee, within the meaning of section 302(c)(9) of the labor management relations ("taft hartley") act, formed to contribute to and promote greater cooperation among various labor and management segments of minnesota's construction industry in order to improve economic development and job security. Membership in the organization comes from two main sources : 1) 'unions,' which represent construction 'employees' employed in the building construction and heavy and highway 'industry' in minnesota, and 2) 'employer associations,' composed of businesses or 'employers' that employ the 'employees' in the 'industry.' the unions and employer associations signed an agreement and declaration of trust for the fair contracting foundation, which sets forth the terms and conditions under which the fair contracting foundation is to be maintained and administered. The organization is governed by a board of trustees consisting of 21 trustees : 11 from member unions and 10 from member employer associations. The board is vested with all authority and power necessary or appropriate to carry out the purposes of the trust. Each trustee has equal voting rights.”

“The trustees elect 2 officers - a chairman and a secretary treasurer. One bloc of trustees, either union or employer, will elect each officer. The bloc of trustees that elects each respective officer alternates after every two-year term. The officers continue to serve until voted out or until resignation, incapacity, death, or removal as trustee by the party who appointed him or her. An officer's full term will be for two calendar years. The trustees may elect additional officers as they see fit.”

“The board of trustees is the governing body of the organization. It is authorized and empowered to take action and render decisions on any and all matters necessary to carry out the functions and purposes of the organization. Trustees vote on certain things, including overall policies and objectives of the organization, but delegate responsibility for the daily operations of the organization to the director. Trustees have equal voting rights.”

“A copy of the form 990 was reviewed by the director and a selected group of trustees prior to signing and filing. The 990 will also be discussed with the entire board of trustees at its normal meeting following the filing of the return.”

“Compensation of director is approved by the board of trustees.”

“Officers and trustees receive no compensation. Compensation of key employees is approved by the board of trustees.”

“The organization's governing documents and form 990 are available upon request in the organization's office during normal business hours.”

“AUDIT ADJUSTMENT 19,178”