Indiana Corn Marketing Council

“The council has a management agreement with indiana soybean alliance inc., an unrelated 501(c)(6) organization, to manage the daily activity of the council. The ceo and coo of the council are paid by indiana soybean alliance inc.'s peo.”

“Farmers may elect one or more members of the governing body.”

“The budget & finance committee will review and recommend approval of the 990 prior to the form being submitted to the full board. The 990 is then reviewed and approved by the board.”

“Each officer, director, and key employee must annually review and complete a form disclosing any conflicts. If a conflict exists, appropriate action is taken to eliminate the conflict, including such steps as notifying the board, reassignment of responsibilities or not voting on the matter deemed a conflict of interest. If a matter involves a board member or officer, the conflict will be documented including appropriate resolution by the compliance committee or board as appropriate.”

“The financial statements are available upon request and are published at audit.sboa.in.gov. The annual report is available at incornandsoy.org and is published in the indiana corn and soybean post magazine.”

“The council does not have any employees. The council pays a contracted fee to the indiana soybean alliance inc. (isa) for management services including work performed by employees who are paid by a peo.”

“The organization prepares its financial statements on a modified cash basis of accounting. Under that basis, corn checkoff assessments are recognized when received rather than when earned, and first purchaser handling fees and refunds are recognized when paid rather than when the obligation is incurred. The modified cash basis of accounting differs from accounting principles generally accepted in the united states of america primarily because icmc has not recognized receivables for corn checkoff assessments, accruals for estimated first purchaser handling fees, accruals for estimated refunds, and their related effects on the change in net assets. Icmc accrues research grants in which icmc has minimal involvement once the board approves the grant for funding and the grant is executed, rather than at the time the expenses are incurred. These expenses, which are considered contribution transactions, are included in grants expense. Research grants in which icmc has significant involvement, which are considered exchange transactions, are expensed as incurred and are included in consulting fees expense.”

“The budget and finance committee assumes responsibility for the oversight of the audit and approves the selection of the independent accountant.”

“$2,817,649 of the net assets have been designated by the board for future projects.”