Alexandria Chamber of Commerce

“The articles of incorporation and bylaws were outdated and were not entirely consistent with the chamber's practices. After review, it was determined that they both could better provide for governance of the chamber by being updated and conformed to each other.”

“The organization has members who pay dues.”

“The chair can appoint two members of the board.”

“The board's finance committee will review the form 990 before it is finalized.”

“The executive generally monitors conflicts of interest on a semi-annual basis but considers these matters in all governing decisions.”

“Compensation process involves finance committee review and recommendations, executive committee review and approval to full board for approval. It includes a 990 study and a review of similar organizations in our geographical area of similar size and responsibility.”

“The organization's governing documents, conflict of interest policy, and financial statements are available to the public upon request at the chamber's offices.”

“Effective january 1, 2013, the organization changed from the accrual method to the modified cash basis of accounting. Accordingly, the accompanying consolidated financial statements have been prepared on the modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the united states of america. Under the modified cash basis of accounting, membership dues revenue and the related assets are recognized when received rather than earned. Accordingly, the organization has not recognized accounts receivable and deferred revenue relating to membership dues and their related effects on changes in net assets in the consolidated financial statements.”

“The process has not changed from the prior year.”