Illinois Bankers Association

“The organization is an association comprised of entities in the financial services industry.”

“The members have the duty to elect the governing body on a yearly basis according to the bylaws of the association.”

“The bylaws grant the members the responsibility of approving certain decisions of the governing body such as ratifying the board of director's nominations.”

“The 990 is prepared utilizing an outside paid tax consultant with the assistance of the internal staff.Once the completed return is received it is sent via electronic format to the executive committee for review. The other board members are notified via e-mail that a copy of the return is available for their review if they so desire. The final return is subsequently signed by the president and forwarded to the internal revenue service.”

“The organization annually reviews its conflict of interest policy to insure the organization is operating in a manner consistent with its exempt purpose. Annually the organization obtains a new, signed statement from all appropriate individuals which include questions about any possible conflicts of interest. These statements are reviewed for accuracy and completion and any appropriate steps are then taken if necessary.”

“Approval of the organization's top management official (CEO) salary and bonus is made by the executive committee in their executive session. The committee is given the current employee contract information, salary survey data and other pertinent data for it to use in their decision. The board also approves the overall increases and bonuses given to the rest of the staff inclusive of all key employees and highly compensated employees. The decision is ultimately given to the CEO for the adjustments to all employees but the CEO discusses the adjustments for these employees with the executive committee. Executive sessions are noted to the full board and all payroll adjustments and bonuses paid are included in their personnel file.”

“All documents are maintained in the organization's main office in Springfield, Illinois. Documents that, by law, are required to be available for public inspection are available there during normal business hours. Documents such as the board policies and audited financial statements are proprietary to the organization members and thus are not available.”