Senior Executives Association

“The board uses an external executive director as part of a multi-year association management contract to oversee the day-to-day management of the association.”

“Sea members elect the governing body and approve, per bylaws, major changes (e.g., changes in the membership of the board, changes to the bylaws, etc.).”

“The membership votes annually to elect five board members for three-year terms.”

“Major governance decisions, such as amending the association's bylaws, are subject to a vote by the membership and/or by the board of directors.”

“The return was prepared by an independent accounting firm based on information provided by sea. Sea's chair, financial committee, and a financial consultant reviewed the draft contents of the form 990. In a meeting between the chair, finance commitee and financial consultant, the chair asked clarifying questions about the documents, the underlying data, and other supporting information, and worked with their financial consultant and cpa firm to address inconsistencies or areas with questions, to the extent that these existed, and thereafter authorized the financial consultant and the cpa firm preparing the form 990 to make necessary adjustments to the return, and to finalize and submit the form 990.”

“In addition to requiring all board officers and key employees to disclose their conflicts of interest annually, the association also has processes in place to ensure they are regularly and consistently monitoring and enforcing compliance with the conflict of interest policy. At any time prior to the association engaging in business with a potential partner, information about the partner, the issues on which the association may be working with the potential partner, and the proposed terms of a partnership or contract with the potential partner are shared with the board officers, and key staff. Those parties are presented with an opportunity to specify whether they have any actual or potential conflicts with the potential partner. Should there be a conflict, the officer or key staff are required to recuse themselves. Only after such review occurs will the association proceed to engage the potential partner.”

“Compensation is reviewed by the executive committee and approved by the board. Terms of compensation are included in the association management contract.”

“Governing documents, conflict of interest policy, and financial statements are available upon request.”

“Form 990, line 1 (tax exempt status)-iaw irs guidance, irm 21.3.8.12.5.5 (10-01-2018), sea in consultation with legal counsel are notifying irs of a change in subsection of our exempt status. With no application required for this change, we are notifying irs via form 990, pursuant to the irm section cited here. There have been no changes to sea's governance documents. Pursuant to our analysis, at the time of the exemption application and thereafter, sea was eligible under both 501c(5) or 501c(6). It was granted tax exempt status under 501c(5). However, due to the confusion about whether sea is a labor union (it is not), now sea is electing to be exempt under 501c(6). A detailed justification support package for the status change is available upon request. Contact robert corsi, [email protected] with questions.”

“The organization's governing body is responsible for the oversight of its financial statement review and for the selection of the independent accountant.”