Transportation Development Association of Wisconsin Inc

“The prepared form 990 is reviewed by the executive director and an independent accountant before the return is filed with the irs.”

“In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with board delegated powers considering the proposed transaction or arrangement. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If the board or committee has reasonable cause to believe a member has failed to disclose actual or possible conflicts of interest, it shall inform the member of the basis for such belief and afford the member an opportunity to explain the alleged failure to disclose. If, after hearing the member's response and after making further investigation as warranted by the circumstances, the board or committee determines the member has failed to disclose an actual or possible conflict of interest, it shall take appropriate disciplinary and corrective action. The minutes of the board and all committees with board delegated powers shall contain: the names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the board or committee's decision as to whether a conflict of interest in fact existed; the names of the persons who were present for discussions and votes relating to the transaction or arrangement, the content of the discussion, including any alternatives to the proposed transaction or arrangement, and a record of any votes taken in connection with the proceedings.”

“The members of the governing body annually review data on compensation paid by comparable organizations for similar services in determining the compensation of the association's executive director. Most members of the governing body also work for similar organizations in the transportation industry and are knowledgeable about the compensation paid for similar positions.”

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

“The financial statements of the association have been prepared on the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the united states of america. Modifications to the cash basis of accounting include recording investments and their related unrealized gains and losses, property and equipment and its related depreciation, and accruing for payroll liabilities. Accordingly, revenue is recorded when received rather than when earned and expenses are recorded when paid rather than when the obligation is incurred. Consequently, the association has not recorded deferred revenue from membership dues received in advance, accounts payable to vendors, or their related effects on the change in net assets.”