Lake County Chamber of Commerce

“Copies of the completed draft form 990 (including required schedules) will be distributed to the chamber board chair, co-chair, legal counsel, and executive director in electric form for review and approval any questions or concerns will be noted and addressed, and the controller will update the form 990 as appropriate. Approval by the chamber board chair, co-chair, legal counsel, and executive director should be provided in writing after changes are made during the review stage. Copies of the draft form 990 will then be distributed to the board of directors in electronic form for review and approval. Upon approval,form 990 will be distributed in electronic form by the controller to every voting member of the chambers board of directors prior to filing with the irs.”

“The organization requires directors, officers, and key personnel to disclose any financial or personal interests that could influence their decision-making on behalf of the association. When a potential conflict exists, the interested individual must disclose it and abstain from discussion and voting, and the disinterested board members determine whether the transaction is fair, reasonable, and in the organizations best interest. All conflicts and actions taken are documented, and each covered person annually certifies that they understand and will comply with the policy to ensure the 501(c)(6) operates for the common business interests of its members and not for private benefit.”

“The compensation of the organizations top management official is reviewed and approved by the board of directors (or an independent compensation committee) composed entirely of individuals without a conflict of interest. The individual whose compensation is being determined is not present for deliberations or voting. In making its determination, the board/committee relies on appropriate comparability data, which may include compensation surveys, data from similarly situated trade associations, and other relevant market information. The basis for the compensation decision and the data relied upon are documented contemporaneously in the meeting minutes. Compensation is approved only after the board/committee determines it to be reasonable and consistent with fair market value for services r”

“Compensation for officers and key employees other than the top management official is proposed by the executive director/ceo and approved by the board of directors or an independent committee composed of disinterested individuals. Persons whose compensation is being considered do not participate in deliberations or voting. The approving body relies on appropriate comparability data, including compensation surveys and information from similarly situated organizations, to determine that compensation is reasonable and consistent with fair market value for services rendered. The basis for the decision is documented contemporaneously, and compensation is reviewed periodically thereafter.”

“Governing documents are available to the public upon request”

“The beginning cash balance was $6689, not $5894 that was reported in error.”