Springfield Area Chamber of Commerce Inc

“Significant changes to the governing documents: the organization changed the term process requiring the immediate past chairman to serve on the executive committee one year upon the completion of their chairman term.”

“Members or stockholders: the organization has chamber business members. The organization's bylaws state any individual, corporation, partnership, or any other entity of good standing, interested in the promotion of the purposes of the organization, shall be eligible to be a member. Annual membership dues are required. The board may admit honorary members who are exempt from paying annual dues and are not eligible to hold an office.”

“Members with election power: members of the organization may elect board members. In july, a director nominating committee is formed to identify potential new directors. These potential candidates are then narrowed down to a slate of seven. In october, the potential board member list is published in the chamber's monthly electronic newsletter and a request for write-in candidates is made. If write-in candidates are received, members would then vote on the candidate list and elect seven board members. If no write-ins are received, the seven directors nominated by the director nominating committee are confirmed by the board and become the new board members.”

“Form 990 review process: the form 990 is prepared by an independent accounting firm based on the audited financial statements and information provided by the accounting department of the organization. Board members were provided with a copy of form 990 via e-mail distribution prior to the form being filed with the irs and given an opportunity to review, ask questions, or suggest changes. The chamber president and chief operating officer thoroughly review form 990 prior to filing.”

“Monitoring compliance with conflict of interest policy: all board members, including ex-officio members, are covered under the policy. Board members are asked to sign the conflict of interest form annually. If a conflict of interest is disclosed, the board member is expected to abstain from any action taken by the board that would highlight the conflict of interest.”

“Compensation determination: the executive committee conducts the chamber president's review annually through the use of salary survey data provided by association of chamber of commerce executives to determine an appropriate salary. Actions of the executive committee are documented in minutes and a letter is also provided to the chief operating officer for payroll and personnel files. The chief operating officer's salary is evaluated by the president. One tool that is used is the salary survey data provided by the association of chamber of commerce executives.”

“Document availability: abbreviated financials are included in the annual report. Governing documents are available upon request to view in the organization's office. The annual report is e-mailed to all active chamber members. Additionally, it is available on the organization's website. The conflict of interest policy is available upon request.”

“Accounting method: the organization uses a modified accrual accounting method. The accrual basis is used for recognizing revenue except for membership revenue.”