CIVIC Committee Action

“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.”

“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.”

“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. Form 990, part vi, line 12c 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 iib employees are compensated through a common paymaster by a related organization. Iib reimburses the related organization for its allocated salary expense. The 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. Compensation is contemporaneously documented by the compensation committee.”

“Documents available to the public iib provides documents to the public upon request.”

“Organization's mission illinois is broke (iib) was organized on october 6, 2011, by the civic committee of the commercial club of chicago (civic committee). Iib is charged with educating the general public about the troubled jobs climate and financial condition of the state of illinois, the need for budget and tax reform and to support legislation to address these issues. Iib's campaigns have garnered attention in the press, and the state's financial condition has become a 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.”

“MEMBERSHIP DUES ILLINOIS IS BROKE HAS NOT RECEIVED ANY MEMBERSHIP DUES IN THE CURRENT YEAR. Form 990, Part V, Line 2a Number of Employees on Form W-3 The number of employees reported (4) corresponds to IIB employees that are compensated through a common paymaster by a related organization in who all wage/W-3 reporting is provided through. IIB reimburses the related organization for its allocated salary expense.”