Minnesota Automobile Dealers Association

“The organization's executive committee consists of the president, president-elect, treasurer, secretary, the executive vice president, and immediate past president. The executive vice president and immediate past president are voting members of the board of directors. The executive committee may act in place and stead of the board of directors between board meetings on all matters, except those specifically reserved to the board by the bylaws, pursuant to delegation of authority to such committee by the board of directors.”

“Regular voting members are franchised automobile and truck dealers. Associate members are non-voting and are from allied industries.”

“One director shall be elected from each of the thirteen districts of the state with the exception of district 8 and of district 7 which shall each have two directors. Directors from each district shall be elected by vote of the members from that district.”

“Each regular member gets one vote; they vote to amend bylaws or articles of incorporation. An amendment requires a majority vote of members present at regular or special meetings called for that purpose.”

“A copy of the form 990 is presented to the board chair before it is filed with the irs. The board chair is asked to review the return thoroughly and to forward any questions to management for a detailed response.”

“The organization's conflict of interest policy covers officers, directors, trustees and key management personnel. Each interested person annually signs a statement which affirms that such person has received a copy of the conflict of interest policy, read and understands the policy, and agrees to comply with the policy. All covered persons disclose in writing financial interests which could give rise to a conflict of interest. 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 considering the proposed transaction or arrangement. The board minutes 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's decision as to whether a conflict of interest in fact existed and 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.”

“The compensation of the president was determined by the independent persons of the executive committee who collected data from a survey of automotive trade association executives. This process occurs in august each year for the organization's president. The process described here was last completed in 2024.”

“The organization's governing documents and conflict of interest policy are available to the public at the mada office location by appointment. The organization's financial statements are not made available to the public.”

“Unrealized gain from mada services 299,994.”

“The process for oversight and selection of an independent accountant has not changed from the prior year.”