Fair Labor Association

“The controller works cooperatively with the external preparer to complete and update the federal form 990. Upon completion of update and initial review, the cfo reviews the form noting any necessary changes prior to the submission of the draft form to the audit committee of the board of directors, in a phone based meeting between the audit committee, the controller, the cfo and the tax preparer the draft form 990 is walked through noting any necessary changes based on input from all parties. Once the filing has been updated and accepted by the audit committee, the public disclosure version of the federal form 990 is presented to the general board by the committee. Once the general board accepts the public disclosure copy it is communicated to the preparer and the final copy is filed electronically with the internal revenue service.”

“On an as-needed basis the board reviews the conflict of interest policy and discloses any potential conflicts of interest. All senior management fla staff and board of directors sign a conflict of interest disclosure statement annually, the signed documents are reviewed by the human resources manager and kept by the executive director, the coi policy is always taken into consideration when there is the potential for conflict, particularly when signing new contracts or beginning new relationships, any possible appearance of a conflict of interest that arises in the course of business is researched to determine the existence of a conflict. If a contract is to be made with a related party, it is disclosed to the board and a vote is taken according to irs regulations, if fla staff members identify a conflict of interest, the director of finance & executive director share this information with the executive committee of the board for its action, board members are precluded from voting on matters for which a conflict exists.”

“The board of directors is comprised entirely of independent directors, the board requested, discussed, and relied upon objective evidence of the ceo and the cfo's compensation prior to making its decision. Through its general counsel, the board of directors compiled objective compensation data in the form of a detailed independent compensation survey for association executives and ensured that it only compared data from peer organizations under similar circumstances and demographics. The last compensation review took place in january 2016.”

“Fla makes its financial statements available on an as requested basis through the vehicle of the federal form 990. With respect to its governing documents those are posted on fla's website while the conflict of interest policy's existence is noted in fla's governing documents, but not explicitly provided to the public in any forum.”

“Foreign currency translation loss -7,099.”