Thoroughbred Owners & Breeders Association Inc

“As participants in the thoroughbred industry, it is normal for the board members to have business relationships with each other. Several board members share common ownership interests in thoroughbred horses.”

“The organization is a membership organization made up of dues paying members from the equine industry.”

“The members of the organization vote in an annual election for members of the board.”

“Any changes in the bylaws are subject to approval by a select group of members referred to as sponsor members (roughly 22% of the total membership).”

“The controller reviews form 990 prior to the president signing the form.”

“A conflict of interest policy for employees is included in the toba employee handbook. A conflict of interest policy for the board has yet to be adopted. The only monitoring of this policy occurs by having a competitive bidding process.”

“When the president was hired, the executive committee set his compensation. The chairman reviews the president's compensation and approves any raise of 5% or less. Any raise in excess of that is approved by the executive committee. The president conducts an annual review of other employees and has any compensation adjustments approved by the chairman.”

“The organization's by-laws are posted on the website. Financial information is available through form 990 and upon request at the discretion of the board of directors and management.”

“The organization's payroll reporting is handled by adp totalsource through a co-employment arrangement. The organization prepares payroll and adp is responsible for depositing taxes and preparing payroll tax forms. The organization has 5 employees reported on adp totalsource's payroll reports.”