National Venture Capital Association

“The national venture capital association is a trade association consisting of dues paying members. Membership shall be open to individuals, corporations, partnerships, and other entities actively engaged in venture capital/private equity investing in the united states and whose interests are aligned with those of the association.”

“The directors shall be elected annually by majority vote of the total number of members voting. Upon election to the board of directors, a member thereof shall hold office for a term of four years, unless a lesser term is specified by the membership, or until his/her successor is elected and qualified. Officers are selected by the board. The elected officers shall hold office until the term of their respective successors begins.”

“Executive committee meetings are held via telephone and are generally brief. No minutes of these meetings are kept.”

“Draft versions of the 990 tax returns are reviewed by the president and ceo, coo and vp administration of the organization and then forwarded to the board of directors prior to filing.”

“Nvca regularly and consistently monitors and enforces compliance with its conflict of interest policy. If an employee is made aware of a conflict they are instructed to disclose the situation though the proper chain so that appropriate action may be taken. All contracts go through extensive review process. All accounts payable checks are reviewed and approved by either the president and ceo or the vice president of administration before they are released. The expense reports of the president & ceo are reviewed monthly by the treasurer for reasonableness.”

“The compensation of the president and ceo is determined by members of the executive committee each year. The salaries of the other key employees are determined by the president upon annual review. The process for determining compensation is determined by reference to certain industry benchmarks.”

“Nvca makes its governing documents, all written policies, and all financial statements available to board members. The following are available to members and staff: the audited financial statements, governing documents, and all written policies. The tax return is available to the public upon request.”

“Nvca has a professional employer organization agreement with insperity to provide personnel, benefits, and administrative services for the staff of the organization. Nvca does not directly employ its personnel; all such services are provided through the insperity contract.”