Thoroughbred Owners & Breeders Association Inc

“When the board of trustees is not in session, the executive committee shall have and may have to the extent permitted by law and, subject to the limitations set forth elsewhere in these bylaws and to such limitations as the board of trustees may by resolution prescribe, all the powers and authority of the board of trustees in the management of the affairs of the association.”

“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 president reviews form 990 prior to filing 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.”

“Write off of previously recorded sponsorship revenue -165,000.”

“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 8 employees reported on adp totalsource's payroll reports.”