Painters Union Vacation Fund

“Decisions subject to approval of members changes in benefits and funding thereof are negotiated between the contractor trustees and the union representative trustees, and must be ratified by the membership of iupat district council 1m (formerly known as district council 22).”

“Organization's process to review form 990 form 990 is reviewed by fund administrator, and is then distributed to the full board of trustees before being filed.”

“Enforcement of conflicts policy key employees are counselled annually on prohibition of conflict of interest, what constitutes conflict of interest, what steps to take if there is a concern that a conflict exists, and what remedies are available to the board of trustees.”

“The administrator's salary is paid by a related, painters union insurance fund. The board of trustees determine the administrator's salary based on a number of factors, including the review of 990s comparable to the painters union vacation fund and related funds obtained by the chairman. Additionally, other factors considered in the determination of compensation include previous compensation adjustment, the length of time since the last compensation adjustment, and performance in the role. This information is discussed at the meeting of the board of trustees while the administrator is excused during this time. The board determines whether a compensation increase is warranted and if agreed upon by the full board, a percentage increase is set. The administrator is subsequently brought back into the meeting and the decision is relayed. The board makes a motion. The process and determination is contemporaneously documented in the minutes.”

“Governing documents disclosure explanation all governance is per the benefit plan document. Each member of the union is provided with the plan's summary description which informs the member that the plan is available for inspection at the plan administrator's offices. In addition, each member is annually provided with a plan summary statement that again informs them of their right to inspection and the procedures for such action.”

“Other changes in net assets 133,433.”

“The audited financial statements of the organization are not finalized at the time of filing however the audit is underway and will be completed after the form 990 is filed. As such, questions on form 990, part xii are answered to indicate that the organization will have audited financial statements available for the year ending november 30, 2024.”