Turnaround Management Association

“The executive board is the key governing body of tma. Its 21 members have responsibility for supervising, controlling and directing the business affairs of tma, its committees and publications. It also determines policies and strategic initiatives, approves the annual budget and supervises the disbursement of funds. The board of trustees' governing powers are more limited. Their responsibilities include electing the officers of tma and the at-large trustees, advising the executive board, voting on by-law amendments, and voting on new mandatory financial assessments imposed upon chapters. It is comprised of all chapter representatives, the executive board and various at-large members.”

“The members of the organization consist of professionals in the business of corporate restructuring, reorganization, corporate health attorneys, finance professionals, advisors and consultants, students who are studying buiness turnaround, academic professionals and members of the federal judiciary.”

“Members of the association's nominations committee recommend new members to the executive board, who are approved by a vote of the board of trustees (quorom needed of one-third) at the board meeting held at the annual convention each year.”

“The board of trustees' governing powers include electing the officers of tma and the at-large trustees, advising the executive board, voting on by-law amendments, and voting on new mandatory financial assessments imposed upon chapters. It is comprised of all chapter presidents, the executive board and various at-large members.”

“The president will review the 990 prior to filing.”

“The association has required each officer and director to acknowledge and disclose any potential conflict of interest via a signed written form annually at the beginning of the year or the beginning of their term in office. In any meeting where a conflict may present itself, each person should also verbally disclose any conflict of interest immediately.”

“The compensation review process includes the use of comparability data. The executive board review compensation for all top management and key employees annually during the review of the budget, and document and approve the compensation at that time.”

“All governing documents, policies and financial statements are made available upon request for members and other qualified individuals at turnaround management association headquarters in chicago, il.”

“Other professional fees 773,830. Other fees 51,944.”