Cfa Society of Minnesota

“The society recognizes four classes of active membership; regular, affiliate, local-only, and student.”

“Regular members may vote to elect directors and change bylaws; bylaws require a quorum of directors for a passing board vote.”

“Bylaw amendments require approval by the board and adoption by a three-quarters vote of the regular members.”

“The entire form 990 will be reviewed prior to filing by the executive director, treasurer, and the business and finance committee.”

“Compliance is monitored by self-reporting for all board members, officers and the executive director. Directors are responsible for promptly making full disclosures of any conflict of interest to the qualified directors of the board (directors with no conflict of interest with regards to the transaction or situation). Qualified directors then discuss the conflict of interest and, depending on the nature of the conflict of interest, vote on continuing with the transaction. Directors subject to a conflict of interest shall not be permitted to be present or to participate in the deliberations or vote of the qualified directors with respect to such conflict of interest. Proceedings are documented in the meeting minutes.”

“The compensation of the executive director is reviewed and voted by the board of directors. It is determined using comparative compensation data with other non-profits of similar size and scope, while considering the organization's budget. The compensation for the executive director was last reviewed in 2014. There are no other compensated officers of the organization.”

“The society's governing documents are available to the public on the society's website. Conflict of interest policy and financial statements are made available upon request.”

“MISCELLANEOUS 6,086.”

“The society uses a modified cash method of accounting. Entries are made on a cash basis, however, the organization will record unpaid invoices in accounts receivable, accrue prepaid expenses and deferred revenue.”