Property Loss Research Bureau

“Property loss research bureau is a membership organization and has six institutional voting members, as provided in its bylaws.”

“Each of the six institutional voting members identified in the bylaws designates a representative that is appointed to the 11-member board of directors. The remaining five members of the board of directors are appointed by the six representatives of the voting members.”

“Under the bylaws, no action of the board of directors amending the bylaws or articles of incorporation, removing officers, adopting a plan of merger or consolidation, or approving the sale, lease, exchange or other disposition of the bureau's assets or the dissolution of the bureau, shall be effective without the unanimous written consent of the voting members.”

“Property loss research bureau's (plrb) form 990 was prepared on behalf of plrb by the accounting firm sikich llp who also serve as plrb's independent auditors. Plrb's staff accountant, katharine johnson, consulted with sikich llp about various information requested by the form. Plrb president & ceo, bryan falchuk, reviewed the proposed answers to all the lines and questions on the form and drafted narrative information requested by the form 990. All review of plrb's form 990 by the plrb president occurred prior to the filing of that form 990 with the irs.”

“All employees are required to fully disclose to their supervisors any activities which might be prohibited under section 5.4, conflict of interest, of the plrb employee handbook. In addition, management investigates any activity by any employee which management observes or becomes aware of which might be prohibited under the conflict of interest policy. After such investigation, management determines whether the activity either violates or does not violate plrb's conflict of interest policy and takes any required steps to enforce the policy.”

“The executive/compensation committee of the property loss research bureau (plrb) board of directors reviews the president's written performance evaluations and annual salary increase and incentive compensation recommendations for each of plrb's vps and avps. The executive/compensation committee also reviews the president's performance annually and independently determines the president's annual salary increase and incentive compensation award. This process is undertaken pursuant to a board-approved plrb performance evaluation and salary administration program which includes a performance-based salary adjustment guide matrix. This program was adopted by the board after it was developed by an independent compensation consultant. That compensation consultant annually offers recommendations for updating the plrb salary structure and applying the performance-based salary adjustment guide matrix, which recommendations are reviewed and adopted or modified by action of the executive/compensation committee and the plrb board of directors.”

“The organization does not make its governing documents or financial statements available to the public.”

“The organization has not changed either its audit oversight or selection process during the tax year.”