Marine Spill Response Corporation

“Msrc is a tennessee non-profit, membership corporation. Msrc's sole member is the marine preservation association ("mpa"). Mpa is an arizona non-profit, membership corporation. Both msrc and mpa are tax-exempt organizations, under irc sections 501(c)(4) and 501(c) (6) respectively.”

“Mpa, as the sole member of msrc, has the right and power to elect the majority of the board of directors.”

“Any adoption, alteration, or repeal of the by-laws of the corporation by its board of directors is subject to the approval of its sole member, marine preservation association ("mpa"). Under mpa's organizational documents, mpa has the authority to elect and/or remove a majority of msrc's directors. Under mpa's corporate organizational documents, this authority is delegated to a special committee comprised of a designated subset of mpa directors who also meet certain citizenship eligibility criteria, as required by the united states shipping act of 1916, as amended.”

“Yes. The form 990 is prepared by the msrc senior accounting manager. The 990 is reviewed by msrc management and outside tax professionals, then submitted to the msrc board of directors for its review prior to filing.”

“Msrc has a written conflict of interest policy. New employees are provided a copy of the policy, and asked to acknowledge their acceptance. Annually, all employees must complete an ethics questionnaire, where they are asked both about their compliance with the policy and their awareness of any other employee's non-compliance with the policy. The company also has a compliance hotline for anonymous reporting of ethics issue.”

“Compensation paid to officers and key employees is market-based and reasonable. Where appropriate, msrc engages the services of professional compensation consultants to obtain comparability data, market surveys and/or opinions as to the reasonableness of compensation paid. Decisions are contemporaneously documented.”

“Compensation paid to officers and key employees is market-based and reasonable. Where appropriate, msrc engages the services of professional compensation consultants to obtain comparability data, market surveys and/or opinions as to the reasonableness of compensation paid. Decisions are comtemporaneously documented.”

“Msrc makes these documents available as/when required by law.”

“Msrc's purpose is to promote the welfare of the public by mitigating environmental damage to the waters of the u.s. Or other waters for which the board of directors authorizes a response by the corporation.the number of persons benefitted is not determinable as the function is to benefit the general public, not a specific group.”

“Oversight of audit: there were no changes in 2024 for the oversight function.”