Asphalt Institute Foundation Inc

“The board has designated the responsibility for review of form 990 as follows: the form 990 is first reviewed by the foundation's internal financial managers. The form 990 is then presented to the foundation's treasurer and members of the foundation's finance committee for a thorough review before approving and filing. A complete copy of the final 990 is provided to the treasurer upon filing with the irs.”

“The conflict of interest policy defines what constitutes a conflict of interest, who is covered by the policy, what disclosure is required and procedures to manage. The foundation's president and director, programs and development, will monitor proposed or ongoing transactions for conflicts of interest and disclose them to the chair of the board of directors in order to deal with potential or actual conflicts. The conflict of interest policy is regularly and consistently monitored and enforced.”

“The foundation does not compensate any officers, directors, or employees. However, the process for determining the compensation from a related organization, the asphalt institute, is as follows: the company uses the services of an hr consultant for the position of president. The salary benchmarks provided are from a reputable source and specific to the trade association industry. Other key positions are often similarly surveyed, but not on an annual basis. Annual performance evaluations are required for all employees. The compensation of the president is reviewed by the personnel advisory committee which in turn obtains board approval for any changes.”

“Form 1023 and form 990 are available to the public by contacting the foundation's offices.”

“The foundation makes its governing documents, conflict of interest policy and financial statements available upon request, at the discretion of the board and management.”

“Sustainability - outside labor: program service expenses 245,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 245,000.”

“The foundation's board of directors assumes responsibility for overseeing the audit and the selection of the independent auditor. This process has not changed from the prior year.”

“To conduct strategic research and educational activities that are designed to advance and improve both the liquid asphalt industry and the welfare of the general public by encouraging the development of future leaders in the science, technology, engineering, and mathematics areas by providing students with the opportunity to discover, hands-on, the types of career opportunities available to them in these vital areas. The foundation focuses resources on publicly available research that will improve public safety by providing better and more reliable products and that will reduce infrastructure costs by extending product lives.”