Texas Farm Bureau

“The organization has over 540,000 member families.”

“The board representation is divided by districts and members from each district elect their representatives to the governing body(the board)”

“Changes to the organization's by-laws require a two/thirds majority of members who are present at the annual convention as voting delegates.”

“Form 990, prepared by an outside cpa firm, is reviewed by the cfo before it is filed.”

“Counsel for the organization reviews the written conflict of interest policy with the officers, directors and key employees before the policy is signed and conflicts disclosed. Counsel follows up on any conflicts and takes appropriate action to resolve the conflicts.”

“An outside salary consulting firm has determined grades for every position in the organization and the board of directors has approved each grade. Each year, the human resources director performs a market analysis for salary increases. The human resources director and cfo then meets with the compensation committee(the board officers of the organization plus one more director) and relays the recommended salary increases. The compensation committee also reviews each grade level in the organization. The compensation committee then recommends to the entire board of directors the amount of the salary increases, and after the board approves the amount, the cfo and human resources director implements the recommendation. The organization's executive director is included in the salary administration plan, so his grade level has been determined by the independent salary consulting firm as well.”

“The organization makes these statements available to the public by designating the cfo as the contact person for all requests. The cfo has access to all documents and understands the irs procedures for making the documents available.”

“Royalties consist of $2,839,602 from sfb life insurance company, of which texas farm bureau owns 10% of the stock; $11,278,227 from tfb casualty company, a controlled subsidiary of texas farm bureau; and $7,929,008 from tfb mutual insurance company, of which texas farm bureau does not own any of the stock, but shares the same board of directors as tfb mutual insurance company.”

“Equity in earnings of subsidiaries 73,672,369. Unrealized gains/losses 721,327. Post-retirement benefits expense -106,902. Federal income tax/benefit -6,039. Other comprehensive(income)loss -20,190,339. Net period benefit cost-opeb 42,972. Meal exclusion -125,861.”

“No change was made in the process of oversight and selection in 2024.”