Midwest Wall and Ceiling Contractors Nfp

“Various Board members have either family or business relationships with other Board Members.”

“JFM Holdings Inc., whose president is Jean F. Meyer, has been engaged to perform the Executive Director functions of the Association which comprise management and planning of functions and activities of the Association, incurring expenses for support staff for accounting purposes, securing and incurring rental payments for office space, expenses of office equipment, monitoring investment activities and reporting to the Board on all matters of operational, financial, and investment activities significant to the stability of the Association.”

“See Schedule O explanation for Part VI, Line 6a,7a”

“Prior to electronic filing, the Executive Director and return preparer review the return with a finance committee appointed by the governing board who are then apprised of the review results and provided with copies of the completed and reviewed Form 990.”

“Annual statement signed by Board members regarding compliance with conflict of interest policy”

“The Board of Directors formally reviews the budgeted expenses and has had a solid knowledge of the competence and success of the Executive Director in operating this and similar organizations. Their determination of compensation to JFM Holdings, Inc. is based upon such knowledge in conjunction with budgetary reviews.”

“Forms 990 and 1023 are available to the Public upon written request. Other Governing documents, policies, and financial statements are available in accordance with IRS regulations and State of Illinois Nonprofit Corporation Statutes and Open Records Act.”

“The taxpayer prepared financial statements are prepared on a consolidated basis including the assets, liabilities, and activities of the Midwest Wall and Ceiling Contractors (F.E.I.N. # 36-1042740), the Gypsum Drywall Council of Northern Illinois (Mid Res Com) (F.E.I.N. # 36-6086054) and the Chicago Drywall Finishers Advancement Fund (F.E.I.N. # 51-0162818) whose by-laws designate the Midwest Wall and Ceiling Contractors as their sole voting member. Accordingly, these three organizations are related organizations as disclosed on Schedule R of each Form 990. No Compilation or Limited Review or Audit services are performed by independent accountants.Separate Form 990 information returns are prepared and electronically filed by analyzing the taxpayer consolidated financial statements and allocating expenses on the following information returns: The "Umbrella" association, Midwest Wall and Ceiling Contractors (FEIN 36-1042740), the Gypsum Drywall Council of Northern Illinois (F.E.I.N. 36-6086054) and the Chicago Drywall Finishers Advancement Fund (F.E.I.N. # 51-0162818.)Collective bargaining agreement funds received are maintained in separate investment accounts with Morgan Stanley.”

“Although the amount on Part VIII, line 2a is shown as "membership dues and assessments," these are if fact industry contributions in accordance with terms of collective bargaining agreements. Accordingly, the response to Schedule C, Part III-A indicates that these amounts received are in fact from tax-exmempt labor entities which do not deduct any of these collective bargaining payments to the Umbrella Association (Midwest Wall and Ceiling Contractors) as "dues" expense.”

“The investment income for the prior year 2014, was inadvertently included as part of "net unrealized gain/loss" on Part XI. Accordingly, the investment income for 2014 was 16,725, instead of the 9 as shown which represents interest on checking account. The Net Assets, Beginning of year on Part XI, Line 4 is correct as shown.”