Million Dollar Round Table

“The governing body is governed and managed by an executive committee duly elected by the membership which functions as the board of governance. The committee has five voting officers and includes the chief executive officer as ex-officio, non-voting member.”

“The organization has three classes of membership: 1) qualifying, 2) qualifying and life, and 3) life. Each class of membership shall be a privilege which may be granted or withheld each year by the executive committee.”

“The round table has a nominating committee consisting of seven members. The president and two available past presidents shall be members of the nominating committee with the other four members not being members of governance or past presidents. It is the nominating committee that is assembled to elect new members to the governing body. Members of governance must be qualifying and life members.”

“The by-laws may be amended by the members. The process requires notification of the members not less than 30 days prior to the annual meeting and approval by two-thirds of those members present at the annual meeting and casting votes. Amendments may also be made between annual meetings by solicitation of the members by mail or electronic media. This method also requires 30 day notification in advance of the ballot deadline and approval by two-thirds of members casting votes. Members may propose amendments by written petition containing signatures of not less than 20% of all members. Such petition must be submitted 90 days prior to the annual meeting to facilitate compliance with the 30 day notice requirement.”

“The form 990 is prepared by the organization's independent accounting firm based on information supplied by management. A draft of the return is reviewed by management with any appropriate changes being incorporated into the document before being provided to the governing body prior to filing.”

“Each executive committee member is required to agree to the conflict of interest policy and acknowledges this by signing the conflict of interest policy statement on an annual basis. Compliance is monitored by the executive committee on an annual basis. The policy requires full and prompt disclosure to the executive committee of all relevant facts regarding any possible conflicts of interest. Each executive committee member agrees to inform in writing an officer of mdrt not affected by the conflict. They must then refrain from executive committee discussion with respect to the matter and refrain from voting on the matter.”

“The organization uses outside consultants, asae's blue chip and like association surveys to evaluate compensation at all levels of the organization. The board of governance reviews this information in determining the compensation of the chief executive officer. Occupation specific surveys and consultants are used to review most recent compensation documentation. Compensation for all executive positions was reviewed and documented for 2019. Allowances and reimbursements to committee members are determined based upon the guidelines stipulated within the organization's policy book. The policies included within are strictly adhered to. Compensation for all other employees is evaluated on an annual basis by the chief executive officer and senior director of human resources. Compensation studies previously mentioned are used in the process of evaluating all other employees. Additionally, the organization's job descriptions and salaries are reviewed by an external third party to assess whether the organization's compensation is comparable to like positions in similar organizations. This process is performed and documented approximately once over two to three years.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Change in pension liability 7,103,783.”

“The organization's executive committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year. At the time of filing the 990, the organization engaged an independent auditor and will have the audited financial statements available upon completion.”