Financial Planning Association of Minnesota

“We are a non-profit corporation with members that pay for educational sessions.”

“All board directors must be members to be elected to the board. The board is responsible for electing the new board directors.”

“We act within the bylaws which are approved by the national association.”

“A copy of the 990 and backup materials are distributed to the board at a monthly board meeting. The officers review under the direction of the Treasurer.”

“Annually, every board director agrees and signs the policy. If there is a conflict, it must be noted on the form. The President oversees the implementation of the board director not voting, if a conflict of interest exists.”

“The Association Management Agreement Contract is reviewed and approved annually for the Executive Director's compenstation.”

“The governing documents are available in Connect, a communication tool provided through the national association that directors and members have access to. The conflicts of interest policy and finacial statements are available at any time upon request through the FPA office by calling or emailing.”

“In 2020, the Organization delivered in-person meetings through a virtual platform due to the COVID-19 pandemic. This was the first year the Organization held a virtual annual conference and educational chapter meetings.”

“Speaker fees 58,750. Consulting 9,925.”

“In 2019, the Organization was audited by an independant accountant under the accrual basis of accounting in accordance with Generally Accepted Accounting Principals (GAAP). The 2019 990 was prepared using the accrual basis to be consistent with the audit report. The Organization keeps their books under the modified cash basis and changed their accounting method back to the modified cash basis for the 2020 990.”