Asphalt Institute Inc

“Members of the asphalt institute are primarily companies engaged in the manufacturing or resale of liquid asphalt both within and outside the united states. Members also include companies who are asphalt terminal operators, sales agents, additive manufacturers, purchase asphalt in bulk quantities for commercial end-use applications, transporters, commercial testing labs, and equipment manufacturers or suppliers. The majority of the members' business is in the united states.”

“Members of the organization elect board members. Voting privileges are designated in ai bylaws under section 3.3”

“Representation and voting privileges on the board and the executive committee are provided for in asphalt institute's(ai)by-laws and differ by membership category. Each member company is represented by a primary director. A board meeting is held at the annual meeting where annual budgets and dues rates are approved and officers are elected. An executive committee is also appointed annually. The executive committee has authority to act for the board on all matters except they may not adopt a budget or set dues, change by-laws, remove officers, directors and committee members, revise any board-approved budget by more than $250,000, merge, consolidate, dissolve or distribute assets of the institute, or sell, lease, exchange or mortgage any ai property or assets.”

“The board has divided responsibility for review of form 990 among the following: the form 990 is first reviewed by ai's internal financial managers. The form 990 is then presented to the treasurer, members of the finance committee, and personnel advisory committee for a thorough review before approving and filing.”

“The conflict of interest policy defines what constitutes a conflict of interest, who is covered by the policy (officers, directors, key employees), what disclosure is required and procedures to manage. The policy is shared with all asphalt institute staff, officers, and directors at an annual meeting in december of each year. The president and cfo/secretary monitor potential, actual, proposed, or ongoing conflicts and must disclose to the chairman of the board. The conflict of interest policy is regularly and consistently monitored and enforced.”

“The company subscribes to an annual compensation survey service for the position of president. These surveys are from a reputable source and specific to the trade association industry. Other key positions are often similarly surveyed, but not on an annual basis. Annual performance evaluations are required for all employees. The compensation of the president is reviewed by the personnel advisory committee which in turn obtains board approval for any changes.”

“Form 1024 and form 990 are available upon request.”

“As a trade association of privately held companies, the organization does generally not make the governing documents, conflict of interest policy, and financial statements available to the public.”

“Printing & publications - program service 103,389. Research & testing 102,833. Supplies 84,942. Dues & subscriptions 78,441. Bank service charges 61,138. Marketing & promotion 40,077. Annual report & directory 28,479. Equipment rental & maintenance 10,735. Printing & publications 5,942. Bad debt expense 1,560. Licenses 1,507. Sales & use tax 2.”

“Asphalt institute's finance committee is responsibility for overseeing the audit and the selection of the independent auditor.”