CIVIC Committee Action

“Members Who May Elect One or More Members of the Governing Body Illinois is Broke is a membership organization. Members nominate and vote on the election of governing board members. Form 990, Part VI, 8b Committees There were no committees with the authority to act on behalf of the governing body during the year.”

“Review of Form 990 The Form 990 was prepared by a national public accounting firm in conjunction with Management and staff of the Organization. A draft was then provided to Management. Management and the Treasurer reviewed a draft version of the Form 990. Subsequent to their review, Management and the Treasurer, along with the Commercial Club's VP, Finance & Admin discussed the draft versions with the tax preparers including any questions or necessary revisions. Based on feedback from that meeting, the Form 990 was revised as necessary. The Board of Directors received a copy of the Form 990 prior to filing with the IRS.”

“Director conflict of interest policy no director or member of any committee shall derive any personal profit or gain, directly or indirectly, by reason of his or her membership on the board of directors or a committee. If a director or committee member is directly or indirectly a party to any transaction considered by the board of directors or a committee, the director or committee member shall disclose the material facts of the transaction and the director's interest or relationship prior to the approval or ratification of the transaction by the board of directors or committee, and shall not vote on the approval or ratification of the transaction.”

“Monitoring Conflict of Interest Transactions that involve a board member or officer are assessed to determine if a conflict of interest exists. The decisions regarding if a conflict exists is determined by the governing committee of the organization. If a conflict is identified, the member that it relates to is asked to abstain from the conversation and any related decisions made. Although the organization's conflict of interest policy does not require an annual completion of a conflict of interest statement, each officer, director, and key employee is required to disclose on a contemporaneous basis when a conflict arises.”

“Compensation Approval The President is not compensated by Illinois is Broke. His compensation and benefits are paid and reviewed by a related organization. IIB has no paid employees, however, a related organization used the following to establish compensation for all employees: a compensation committee, an independent compensation consultant, Form 990 of other organizations, compensation surveys, and approval by the board and compensation committee.”

“Documents Available to the Public NO DOCUMENTS AVAILABLE TO THE PUBLIC.”

“ORGANIZATION'S MISSION ILLINOIS IS BROKE (IIB) WAS ORGANIZED ON OCTOBER 6, 2011, BY THE CIVIC COMMITTEE OF THE COMMERCIAL CLUB OF CHICAGO (THE CIVIC COMMITTEE). IIB IS CHARGED WITH EDUCATING THE GENERAL PUBLIC ABOUT THE POOR FINANCIAL CONDITION OF THE STATE, THE NEED FOR BUDGET REFORM AND THE SUPPORT OF LEGISLATION TO ACHIEVE THESE GOALS. IIBS CAMPAIGN HAS GARNERED A GREAT DEAL OF ATTENTION IN THE PRESS, AND THE STATES FINANCIAL CONDITION HAS BECOME A MORE COMMON TOPIC OF PUBLIC DISCUSSION. IN ADDITION, MEMBERS OF THE CIVIC COMMITTEE AND STAFF HAVE MADE PRESENTATIONS ON THE NEED FOR STATE BUDGET REFORM TO BUSINESS, CIVIC, COMMUNITY AND GOVERNMENTAL GROUPS. ONE OF THE KEY ISSUES WHICH IIB HAS PUSHED FOR IS REFORM OF THE STATE OF ILLINOIS' PENSION PLANS. Form 990, Part IV, Line 5 Membership Dues Illinois is Broke has not received any membership dues in the current year. Form 990, Part VI, Line 6 Members or Stockholders Illinois is Broke is a membership organization. Members nominate and vote on the election of governing board members. The elected governing board members employ a president who then manages the day to day operations of the organization.”

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