Kentucky Farm Bureau Education

“Acting voting members: to be eligible to be an acting voting member a person must be a duly elected acting member of the board of directors of the kentucky farm bureau federation. If a person ceases to be a member of the board of directors of the kentucky farm bureau federation, such person's membership in this corporation is terminated at the next annual meeting. Non-voting membership: non-voting associate memberships & honorary memberships may be extended by a majority vote of the board of directors.”

“Members of the board of directors are elected by acting voting members at each annual meeting of the members and shall be selected from the eligible district elected directors from each federation district of the board of directors of kentucky farm bureau federation and may also include the immediate past president when seated by the voting delegates. All vacancies on the board shall be filled by the remaining directors. Any director may be removed, with or without cause, by a majority vote of the members constituting a quorum at any special meeting called for that purpose. The business affairs of the company shall be managed by the board of directors, but may be delegated, subject to state statute restrictions, to an executive committee consisting of the president, first vice president & second vice president of the organization.”

“The organization's form 990 is reviewed by the chief executive officer and the assistant to the executive officer and director of finance & accounting prior to filing and is available to the members of the board of directors upon request.”

“Conflicts, if any, are reviewed by the executive vice president & the audit committee appointed by the directors.”

“The executive officer's annual compensation, paid by a related parent company, is determined by the board of directors of that company while meeting in executive session based on their deliberation and knowledge of the value to the organization and comparable businesses. He receives no compensation from the education foundation. Compensation for other officer and director services is paid by a related parent or sister company and determined by its directors in accordance with the bylaws of the related parent & sister companies. Services for the education foundation are performed by volunteers without compensation.”

“Only the required public disclosure documents are made available to the public, upon request. Confidential documents are not provided.”

“Returned scholarship payments 2,000.”

“Schedule d not included: the organization's audited financial statements are prepared on a fiscal year basis, whereas this form 990 reports information on a calendar year basis. Because the return does not represent a short year, schedule d is not required in accordance with the instructions for part iv, line 12b.”