Turnaround Management Association

“Business relationships exist between officers, directors and key employees. The association is a professional organization which promotes industry networking.”

“The members of the organization consist of professionals in the business turnaround industry, students who are studying business turnaround, and academic faculty of the business turnaround educational sector.”

“Members of the association's nominating committee recommend new members to the board of directors, who are approved by a majority vote of the other members of the board of directors at the board meeting held at the annual conference 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 representatives, the executive board and various at-large members.”

“The association's board of directors charge their operating committee with the review and approval of the form 990 each year. They report back their approval and acceptance of the form 990 at the next operations committee meeting, who reports to the board said approval and successful completion and filing. A copy of the form 990 is made available to all members of the assocation's governing body prior to filing.”

“The organization requires 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. Also, in any meeting where a conflict may present itself, each person should also verbally disclose any conflict of interest immediately.”

“The board of directors reviews compensation for all top management and key employees in review of the budget, and approves 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.”

“- 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.”

“Form 990, part xii, line 2c: the process has not changed from the prior year.”