International Union of Operating

“Line 6 explanation - members of international union of operating engineers local 150”

“Line 7a explanation - the members of local 150 can elect the governing body and have referendums for any major proposals.”

“Line 7b explanation - by-laws changes are subject to approval by union members.”

“Line 11a explanation - form 990 is reviewed and approved by the organization's executive board.”

“The organization abides by a code of ethics policy, which includes a conflict of interest policy. The conflict of interest policy states that all activities of officers and agents whether appointed or elected must hold a sacred trust and fiduciary duty to serve the best interests of the members and their families. Officers and agents are required to avoid any outside transaction which creates a potential conflict of interest.a representative of the organization must not have a substantial interest in any business in which the organization bargains collectively, with the exception of stock purchase plans, profit sharing & retirement plans. No representative of the organization shall accept kick-backs, under the table payments, valuable gifts, lavish entertainment or any personal payments of any kind. It is the organizations policy that if any portion of the above policy is violated, then disciplinary action may be taken.”

“Pursuant to the by-laws of the organization, the president-business manager shall receive a salary and expense allowance as determined by the executive board. By custom and practice, the local 150 executive board sets that salary annually at its january meeting. In so doing, the board considers the average annual earnings of union members working under the collective bargaining agreement known as the illinois building agreement in the class i classification of craft foreman. It also considers the salaries paid to executive officers of comparable labor organizations in the chicago area, the unions finances, the individual performance of the officer, and the state of the economy generally.”

“The organization's financial statements are being printed in the local 150's newspaper; form lm-2 is available on the department of labor website; governing documents and conflict of interest policy are available in the constitution and by-laws upon request.”

“Adj to balance on page 11 -2,559,125.”

“The modified cash basis of accounting is used by this organization.”

“The audit process has not changed from the prior year.”