Police and Firemens Insurance Association

“As a fraternal benefit association, the Association has members.”

“Members nominate and vote for all officers and directors. Every four years the Association convenes a meeting of the Supreme Legislative Body. During this meeting all directors and officer positions are up for election. Vacancies that occur between meetings of the Supreme Legislative Body are filled by elections held by the Board of Directors.”

“The Association convenes a tribunal made up of independent members to resolve disputes and disagreements that a member may have with executive officer or Board of Director decisions.”

“The Association's Form 990 is prepared internally by staff and management. The completed form is reviewed by the accounting and financial reporting staff and by the Vice President and Treasurer before it is filed.”

“Annually each executive officer and director is required to complete and sign a conflict of interest statement.”

“Officers and Directors receive compensation evaluations and increases every four years. The Directors have an advisory committee that is responsible for evaluating performance and recommending compensation increases. These recommendations are presented every four years during the meeting of the Supreme Legislative Body. The most recent increase was approved in 2020 and became effective on January 1, 2021.”

“All governing documents, conflict of interest policy and financial statements are made available to the public upon request.”

“Other changes in unrestricted net assets include an increase in nonadmitted assets ($600,321), an decrease in the asset valuation reserve $1,222,050) and decrease in pension liability recognized through unrestricted net assets ($56,052).”