Chicago Drywall Finishers Advancement Fund

“Although the amount on Part VIII, line 2a is shown as "membership dues and assessments," these are in fact industry contributions in accordance with terms of collective bargaining agreements. Accordingly, the response to Schedule C, Part II-A indicates that these amounts received are in fact from tax-exempt labor entitiies which do not deduct any of these collective bargaining payments to the Umbrella Association (Midwest Wall and Ceiling Contractors) as "dues" expense.”

“Business or Family Relationship of Officers, Directors, Etc. Various board members have either family or business relationships with other board members.”

“Description of Delegated Duties to Management Company JFM Holdings Inc., whose president is Jean F. Meyer, has been engaged to perform the Executive Director functions of the Associations which comprise management and planning of functions and activities of the Association, incurring expenses for support staff for accounting purposes, securing and incurring rental payments for office space, expenses of office equipment, monitoring investment activities and reporting to the Board on all matters of operational, financial, and investment activities significant to the stability of the Association.”

“Explanation of Classes of Members or Shareholder The taxpayer prepared financial statements are prepared on a consolidated basis including the assets, liabilities, and activities of the Midwest Wall and Ceiling Contractors (FEIN: #36-1042740), the Gypsum Drywall Council of Northern Illinois (Mid Res Com) (FEIN: #36-6086054), the Chicago Drywall Finishers Advancement Fund (FEIN: #51-0162818), and the MidResCom Construction Industry Advancement Trust (FEIN: #04-3721208) whose by-laws designate the Midwest Wall and Ceiling Contractors as their sole voting member. Accordingly, these four organizations are related organizations as disclosed on Schedule R. No Compilation or Limited Review or Audit services are performed by independent accountants. Separate information returns are prepared and electronically filed by analyzing the taxpayer consolidated financial statements and allocating expenses on the above mentioned returns. Collective bargaining agreement funds received are maintained in separate investment accounts with Morgan Stanley and MB Financial Bank. #51-0162818), and the MidResCom Construction Industry Advancement Trust (FEIN: #04-3721208). Collective bargaining agreement funds received are maintained in separate investment accounts with Morgan Stanley and MB Financial Bank.”

“Form 990 review process Prior to electronic filing, the Executive Director and return preparer review the return with the finance committee appointed by the governing board who are then apprised of the review results and provided with copies of the completed and reviewed 990.”

“Explanation of Monitoring and Enforcement of conflicts Annual statement signed by Board members regarding compliance with conflict of interest policy.”

“Compensation review & approval process - CEO & Top Management The Board of Directors formally reviews the budgeted expenses and has had a solid knowledge of the competence and success of the Executive Director in operating this and similar orgainizations. Their determination of compensation to JFM Holdings Inc. is based upon such knowledge in conjunction with budgetary reviews.”

“Other Organization documents publicly available Forms 990 is available to the public upon written request. Other governing documents, policies, and financial statements are available in accordance with IRS regulations and State of Illinois Nonprofit Corporation Statutes and Open Records Act.”

“Program Service Accomplishments The primary activities and program service accomplishments of the Chicago Drywall Finishers Advancemetn Fund are as follows: 1. Negotiations over collective bargaining agreements which become industry standards for wages and working conditions. 2. Industry Involvement: Members are involved in every aspect of the union construction trade. They sit on industry labor management and apprentice committies, as well as health and welfare pension trusts, bringing a wealth of industry information to its members. 3. Keeping members abreast of industry regulations and topics shaping the industry through its newsletters and educational seminars. 4. Networking: providing forums for the membership to obtain knowledge of current job opportunities. the Special events held during the year, such as a golf outing, holiday party, and turkey night. 5. Keep up with the latest legislative activities in City, State, and National levels.”