Usfn

“The executive committee, composed of 3 current officers and immediate past president (without vote) may act on matters of urgency between official board meetings; any actions taken in this interim period must be ratified at the next official board meeting by the full board.”

“Regular members and associate members (suppliers). Each regular member firm is afforded one vote, to be cast by the identified key holder of the membership; such member firms elect the members of the usfn board of directors on an annual basis. Regular members consist of law firms and trustee companies. Associate members have the same rights and privileges as regular members except that associate members do not have voting rights and may not sit on the board. Associate members actively participate in the organization's activities.”

“Each regular member firm is entitled to vote on amendments to usfn bylaws that may be proposed from time to time, and which substantively or materially affect their membership rights and privileges. One vote per member firm is authorized.”

“See description in line 6 and 7a above.”

“The audit committee will review the form 990 prior to its filing. As soon as the form is ready, a meeting via conference telephone will be organized, the form will be sent to each audit committee member, and the review will be conducted telephonically. The cpa firm preparing the 990 will be asked to participate as a resource on this call. In addition, the form will be provided to the board of directors as soon as it is available.”

“On an annual basis, all conflict of interest forms are collected and reviewed by the ceo; any disclosures of conflicts are discussed with the member in question and the president or other officer of the board (if appropriate), and are adjudged to be material or immaterial to the members' service on the board. In addition, a conflict statement is printed on each board agenda for reference at the beginning of each board meeting and members of the board are asked to declare any conflicts and remove themselves from discussion of such items.”

“The organization uses a broader process for the ceo's compensation to include the use of the compensation committee, salaries per the 990's of similar organizations for similar responsibilities; written employment contract, published association compensation survey, and approval by the board. All other positions are staff positions and the ceo submits proposal for total staff compensation each year during the budget process. This process occurs annually, and was last conducted in 2015.”

“Governing documents and conflict of interest policy are available on our website and financial documents are available upon request by members; a balance sheet is provided to members at the end of each fiscal year or at the organization's annual meeting.”

“The commercial/ multifamily section/ membership was suspended indefinitely; no dues for section were collected in 2015. The organization also scaled back on the onsite training program by 50%, including contractor's retainer.”

“The process for oversight of the reviewed financial statement and the selection of an independent accountant has not change from the prior year.”