Minnesota Library Association

“FIN 48 Footnote - Accounting principles generally accepted in the USA require mangagement to evaluatea tax psitions taken by the organization and recognize a tax liabiltiy or asset for any uncertain position that more likely than not be sustained upon examination by the applicable tax authorities. The organization is subject to routine audits by taxing authorities; however, there are currently no audits for any tax periods in progress.”

“Management Delegated - The organization contracts with a management firm for accounting, event management, and administrative support. The account manager manages relationships between the organizations bankers, but does not have check signing authority.”

“Classes of Members or Stockholders - The organization is comprised of many types of libraries and librarians including public, academic, school, special, multi-type, institutional and others.”

“Election of Members and Their Rights - Active and life members have the right to vote in elections, business meetings, and referenda of the Association.”

“Decisions Subject to Approval of Members - Some decisions require approval by the members but no all. For instance, a dues increase would require membership approval.”

“The Associations Process to Review Form 990 - The treasurer reviews the 990 prior to the board meeting. At the board meeting, the treasurer will bring copies of the 990 for all to review and discuss key points with the board. After the review, the board vots to approve the 990 as presented.”

“Enforcement of Conflicts of Interest Policy - After disclosure, board members understand that they may be asked to leave the room for discussion and will not be permitted to vote on the question.”

“Governing Documents Disclosure Explantion - The documents are available to the public upon request.”