Ifbf Property Management Inc

“The organization utilizes a wholly owned subsidiary of its tax-exempt parent, farm bureau management corporation, to provide the day to day management function of pmi. This corporation employs the president, secretary-treasurer, general counsel and chief financial officer and allocates their expenses across all of the entities under fbmc management.”

“Pmi is wholly-owned by iowa farm bureau federation, a tax-exempt organization under 501(c)(5).”

“Per the articles of incorporation, the president, secretary-treasurer, general counsel, and chief financial officer positions for iowa farm bureau federation are the directors for pmi.”

“Being wholly-owned by iowa farm bureau federation, the board of directors of ifbf ultimately control the activities of pmi.”

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

“The officers of the organization review the completed form 990 first. Before the board meeting where approval is an agenda item, an electronic version of the 990 is placed on the board webstie for board review prior to the board meeting. After all comments or questions have been addressed, the executive director will sign the return and instruct the accounting department to timely file the return, taking into account all extensions and filing deadlines.”

“On an annual basis, all officers, directors and key employees are required to sign a statement which affirms that they have: 1) received a copy of the conflict of interest policy, 2) read and understood the policy, 3) agreed to comply with the policy, and 4) understanding that the organization is tax-exempt and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish its tax-exempt purpose. A committee, comprised of non-conflicted board of directors, annually receives all conflict of interest information, reviews, and determines if there are conflicts of interest. The committee then reports its findings back to the board.”

“Independent third party reviews are conducted for all officers, key employees, and other highly compensated management. These results are forwarded to the officers and board of directors for approval. Standardized reviews and compensation formulas are utilized for non-management positions. The internal study committee sets the president's compensation after input from third party reviewers. The tax-exempt parent organization's voting delegates approve the president's compensation. The tax exempt parent organization's board of directors approves the secretary-treasurer, general counsel and vice president's compensation.”

“The organization does not make its governing documents, conflict of interest policy, or financial statements available for public inspection.”

“Pension plan contributions include three amounts: 1) defined contribution plan contributions, 2) defined benefit plan fas 87 and fas 132 accruals, and 3) other pension changes as required by fas158. The latter two items are actuarial calculations that do not require current funding and should not be deemed as actual contributions.”

“Net income payment to exempt parent per tax exemption requirement -13,811,951. Issuance of capital stock in exchange for cancellation of accounts rec. 9,121,510.”