Fractionation Research Inc

“The governing body of fractionation research, inc. Is made of member companies. Each company has equal voting rights. The members direct the research program and oversee the business part of the company.”

“Each member must elect a technical representative to serve on technical advisory committee (tac). Tac governs research program. Each member can elect a director to serve on board of directors (bod). Bod governs business functions of corporation. Each member is entitled to one vote at annual members meeting. Various topics are discussed and voted on at members meeting.”

“The board of directors approve minutes of all meetings, thus approving actions taken at meetings. Members elect the board of directors.”

“Each year an outside audit firm conducts an audit of fractionation research, inc. The final audit report is used to prepare the 990 form. The audit and 990 form are reviewed internally by the president and corporate administration director.”

“BENCHMARKING FOR ALL JOB DESCRIPTIONS ARE DONE EVERY THREE YEARS. THE EXECUTIVE COMMITTEE APPROVES A SALARY BUDGET EACH YEAR. THE LEADERSHIP TEAM OF FRACTIONATION RESEARCH, INC. (PRESIDENT, TECHNICAL DIRECTOR & CORPORATE ADMINISTRATION DIRECTOR) DISCUSS AND APPROVE ALL RAISES AND COMPENSATION. The Executive Committee approves raises for the President.”

“Financial statement and other corporate documents, i.e. Bylaws, procedures, etc., are available to the fri members at www.fri.org. Documents are available to the public upon request.”

“Director & Officer: Gary Yepsen was compensated through Shell Global Solutions.”

“The President and Corporate Administration Director are responsible for selecting an independent accountant to conduct the audit. They also review the audit prior to issuance. This process has not changed from prior years.”

“FRI's purpose is to operate well-planned experimental programs to collect large scale mass transfer equipment hardware performance data with industrially representative chemical systems, and to report such data to its members clearly, in useful formats, and in a timely manner. The collected data will be interpreted, analyzed, and presented promptly by clear oral presentation at membership meetings, and in Progress Reports and Topical Reports. Accurate predictive mathematical models will be developed and furnished to the membership as computer programs and design handbooks, and in other appropriate and convenient formats. The Data models will enable practicing engineers of member companies to select and design cost effective fractionation equipment with a high probability of success. FRI's large scale experimental facility will serve as the primary independent test forum for new types of fractionation equipment to validate claims of improved performance relative to accepted standard equipment.”