Minnesota Bankers Association Employee Benefits Trust

“The organization is a VEBA under 501(c)(9) of the Internal Revenue Code. Each employee of an Employer shall become a member in the Trust upon satisfying the eligibility and participation requirements set forth in the instrument which established the Plan. The Employer includes Minnesota Bankers Association, Minnesota Bankers Association Employee Benefits Trust, and any member of MBA which has adopted the Plan for its eligible employees and their beneficiaries, and any sucessors to MBA or its members.”

“Minnesota Bankers Association (MBA) appoints the trustees. An annual election occurs at the MBA annual meeting to elect the new MBA Vice Chair/Treasurer who also serves as a MBA EBT Trustee.”

“The Trust has no committee with authority to act on behalf of the governing body.”

“The Form 990 is reviewed by MBA's President/CEO prior to filing.”

“Annually, the trustees are required to sign a disclosure acknowledging that they have received and read the conflict of interest policy. Any potential conflicts should be brought forward to the President/CEO.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available upon request.”

“The Board of Trustees consists of employees of the contributing employers, and as such, the Trustees are compensated by the contributing employers for the services they provide as employees of their respective employer. Due to this, the Trustees are not considered independent for tax reporting purposes.”

“The Board of Trustees are employees of contributing employers or the sponsoring employer organization, and those organizations are considered related organizations under the definitions for Form 990, Schedule R. For the related organizations that are for-profit entities, they are not owned or controlled, directly or indirectly, by the organization or one or more related tax-exempt organizations, and do not provide management services for a fee to the organization. As such, under the volunteer exception compensation paid by those related organizations is omitted.”

“The Trust does not have an audit, but the three plans that roll up into the Trust, and make up the total activity of the Trust, do have a separate audit by an independent accountant.”