Five Rivers Carpenters District Council Educational Trust Fund

“The board of trustees consists of six members. Three are appointed by allied construction interests, inc. (the association) and three are appointed by the chicago regional council of carpenters (the union), with preference given to affiliated local unions 308, 678 and 1260 of the united brotherhood of carpenters and joiners of america.”

“An employer trustee or an employee trustee may be removed from office at anytime for just cause by a resolution adopted at a special meeting of the employer appointing authority.”

“The fund does not have any committees with broad authority to act on behalf of the governing body.”

“The organization's public accounting firm prepares the form 990 based on information provided by management. Once the return is available in draft form, a copy is provided to the governing body for review prior to being filed.”

“The fund's conflict of interest policy covers directors, trustees, and officers. For each interest disclosed, the chairman or secretary will determine whether to: (a)take no action; (b) assure full disclosure to the board of trustees and other individuals covered by this policy such that the board of trustees may take action; or (c) ask the persons to recuse from participation in related discussions or decisions within the fund. The fund's chairman will monitor proposed or ongoing transactions for conflicts of interest and disclose them to the board of trustees of the fund in order to address potential or actual conflicts, whether discovered before or after the transaction has occurred.”

“The board determines salary amounts for the training director. They review local collective bargaining agreements for wage and benefit guidance. A review was completed on october 19, 2017. Wages are formalized in a contract with the training coordinator.”

“The organization makes its governing documents and financial statements available to the public upon request.”

“The fund uses a the modified cash basis of accounting with modifications for donated or purchased property and equipment, depreciation expense and accumulated depreciation, undeposited payroll withholdings, and liabilities arising from the receipt of borrowed cash. That basis differs from generally accepted accounting principles primarily because the fund has not recognized accounts receivable or amounts due vendors nor the related effects on earnings.”