Intl Assn Amusement Parks & Attractions

“Founded in 1918, iaapa is the largest international trade association for permanently-located amusement facilities worldwide. The organization represents over 6,700 facility, supplier, and individual members from more than 108 countries. Iaapa helps members improve their efficiency, marketing, safety, and profitability while maintaining the highest possible professional standards in the industry. Members include theme parks, amusement parks, water parks, family entertainment centers, zoos, aquariums, museums, science centers, and tourist attractions. Additionally, the members include the manufacturers, suppliers and consultants that make the industry safe and fun.”

“The iaapa governance committee presents a slate of nominees to the board of directors for election.”

“The board must obtain approval from the members with voting rights for any merger, consolidation, dissolution or disposition of substantially all assets of the association.”

“The annual federal forms 990 and 990-t for iaapa are prepared by the independent accounting firm based on the audited financial information. The completed 990 and 990-t are then reviewed internally by the chief financial officer and director of accounting for accuracy. The forms are posted on a members only section of iaapa's website. A link is sent to all board members with a deadline to reply to staff with any questions or comments prior to filing the forms.”

“Iaapa has a conflict of interest policy that is enforced for individual board members and officers as described below 1) board members and other interested persons have a fiduciary duty to conduct themselves without conflict to the interests of iaapa in their capacity as board members, they must subordinate personal, individual business, third-party, and other interests to the welfare and best interests of iaapa. A conflict of interest arises when a board member may benefit financially or otherwise from a decision he or she could make in that capacity, including indirect benefits such as to family members or businesses with which the person is closely associated. 2) disclosure is expected of the following actual or potential conflicts of interest an ownership, employment, volunteer or agency interest or involvement in a commercial entity or nonprofit organization that competes with iaapa, an ownership, employment, volunteer or agency interest or involvement in a commercial entity or nonprofit organization that is, or seeks to be, a vendor of products or services to iaapa, or a position as spokesperson, consultant or employee or agent for another commercial or nonprofit organization that advances opposing or adverse public policy positions from those of iaapa. 3) all conflicts of interest are not necessarily prohibited or harmful to iaapa however, full disclosure of all actual and potential conflicts and a determination by the disinterested board members - with the interested board member(s) recused from participating in debates and voting on the matter - are required. 4) all actual and potential conflicts of interests shall be disclosed by board members to the officer group through the annual disclosure form and/or whenever a conflict arises the disinterested members of the officer group shall make a determination as to whether a conflict exists and what subsequent action is appropriate (if any) the officer group shall inform the board of such determination and action the board shall retain the right to modify or reverse such determination and action and shall retain the ultimate enforcement authority with respect to the interpretation and application of this policy. 5)on an annual basis, all board members shall be provided with a copy of this policy and required to complete and sign the acknowledgment and disclosure form below all completed forms shall be provided to and reviewed by the officer group, as well as all other conflict information, if any, provided by board members. 6)if the officer group or board has reasonable cause to believe a board member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose if, after hearing the member's response and after making further investigation as warranted by the circumstances, the officer group or board determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action.”

“Iaapa has a compensation committee comprised of the iaapa member officers. Annual goals and objectives for the president and ceo are prepared by the president and ceo and approved by the committee. Their compensation and bonus is based on achieving those goals. Market surveys are performed periodically to compare compensation of highly paid iaapa employees to the local market. The senior staff prepares goals and objectives for approval by the president and ceo. Salary increases for senior staff are approved by the president and ceo based on their achieving the preset goals and a bonus pool for the senior management is approved by the committee and distribution of the pool in aggregate is approved by the committee.”

“Iaapa complies with the public inspection requirements of the internal revenue code section 6104 by making its form 1024, application for recognition of exemption under section 501(a), its determination letter form to the irs, and the forms 990 for its three most recently completed tax periods available to the public upon request. However, as section 6104 does not require an organization exempt under section 501(c)(6) to disclose its governing documents, conflict of interest policies, or financial statements, iaapa has decided not to make such information available for public inspection.”

“Editorial, proofreading, and design 296,630. Photography 39,979. Professional fees 2,153,054. Research & surveys 712,991. Temporary help 116,048. Training & development 143,842. Translation 53,640.”

“Gain (loss) on foreign currency translation -43,527. Gain (loss) on sale of fixed assets”

“The finance committee has oversight over the audit, review, and compilation of its financial statements.”