Fats and Proteins Research Foundation

“The foundation entered into an agreement for management services with national renderers association, inc. Under the agreement the foundation will reimburse the association for costs that are incurred by the association on behalf of the foundation.”

“The foundation has members who pay dues on an annual basis. The members who pay the full amount of dues can obtain a seat on the board of directors and are entitled to all the appropriate services due to them from the foundation in regards to the rendering industry.”

“(1) the full members shall elect twelve directors to serve for staggered three year terms. Each year four directors will be elected by the full members to serve for a three year term. (2) each sustaining member shall be entitled to appoint one director to serve for a one year term. Should a sustaining member fail to appoint a director, that director will be elected by the full members. (3) each division of international sustaining members shall be entitled to appoint one director to serve for a one year term. Should any division of international sustaining members fail to appoint a director, that director will be elected by the full members.”

“The draft form 990 was made available to all members of the board of directors on request. The form 990 was reviewed and approved before submission to irs.”

“Directors are required to disclose any potential conflicts of interest related to the foundation in writing on an annual basis. Officers and management review annual disclosures to ensure any conflicts are identified.”

“All governing documents, conflict of interest policy, and financial statements are made available to the public upon verbal or written request.”

“The audit and budget committee assumes the responsibility for oversight of the foundation's financial audit. It is also responsible for the separate selection of the independent auditor.”