Tri-State Warbird Museum

“Disclosure of family or business relationships david b. O'maley, sr. (director) and david b. O'maley, jr. (vice chair/secretary/asst. Treasurer) have a family relationship.”

“The organization had eleven board members during the 2020 calendar year.”

“The president has the power to elect or appoint members of the governing body.”

“Copy of return to all members a copy of form 990 and the supporting schedules are provided to the organization's board members for their review. The board delegates the filing responsibility to one board member who reviews the return for accuracy before filing. Highlights of the return are reviewed during the annual board meeting. The form 990 is prepared by kpmg and reviewed by president and treasurer.”

“Conflict of interest policy the museum has a conflict of interest policy that covers all employees, officers and volunteers. The board reviews conflicts of interest as disclosed by board members, if any, at their annual board meeting. All covered members are required to disclose in writing, on a periodic basis, any known financial interest that the indiviudal has in any business entity that transacts business with the charity.”

“Compensation determination process for 2020 compensation, the board, acting as the compensation committee, none of which have a conflict of interest with respect to the compensation arrangement, was accountable for setting reasonable compensation package for the president. The board developed, consistent with the museum's philosophy and principles, the annual performance goals and criteria to be used in determining merit increases and variable compensation criteria for the president. The board also reviewed appropriate comparability data prepared by an independent consultant that utilized national nonprofit compensation surveys in determining the president's compensation. The board's written records include the (1) terms of the arrangement with the disqualified person (including the date the arrangement was approved); and (2) a description of the comparable data relied on by the board. Key deliberations of the board, including: (a) the terms of the transaction that was approved and the date it was approved; (b) the members of the board who were present during debate on the transaction that was approved and those who voted on it; (c) the comparability data obtained and relied upon by the board and how the data was obtained; and (d) any actions taken with respect to consideration of the transaction by anyone who is otherwise a member of the board but who had a conflict of interest with respect to the transaction are also documented in minutes, which are approved at the next board meeting. The compensation for all other officers is approved by the president.”

“Availability of governing documents, conflict of interest and financial statements are available upon written request.”

“Explanation of hybrid accounting method a hybrid method of accounting is used to prepare financial statements. All items of income are accounted for on a cash basis, donations are recorded when received. The accrual method is used to account for liabilites and expenses.”