Ladies Professional Golf Association

“Members or stockholders the members of the ladies professional golf association are the tournament players and lpga professionals members.”

“Members or stockholders who may elect the reserved powers of the ladies professional golf association permit the voting membership to elect one or more members of the governing body of the ladies professional golf association.”

“Decisions subject to approval the ladies professional golf association's bylaws reserve to the members the power to amend, repeal or restate the constitution.”

“Form 990 review process the form 990 is prepared by an independent accounting firm in conjunction with the ladies professional golf association's management. The return is reviewed by management prior to distribution to the full board of directors for information purposes prior to filing.”

“Conflict of interest policy monitoring & enforcement board members are provided with a conflict of interest reporting form on an annual basis on which to report and disclose any real or potential conflict of interest or ethical issue to the lpga. The obligation to report such conflicts or issues is ongoing; therefore board members are required to report any change in circumstances whenever they occur during any calendar year. Each conflict of interest reporting form shall be submitted confidentially for review to the chief legal officer, who is empowered to resolve any conflict of interest or ethical issue that may compromise a board member's ability to fulfill her or his fiduciary obligations to the ladies professional golf association. In the event that a conflict of interest or ethical issue cannot be satisfactorily resolved by the lpga chief legal officer, the matter shall be referred to the lpga governance committee which shall seek to resolve the matter. Any matter that cannot be resolved by the above procedures shall be reported to the board of directors for resolution.”

“Process for determining compensation the human resources committee of the board of directors is charged with recommending the appointment of the commissioner, conducting performance reviews as well as determining compensation. This recommendation is based on the following methods: independent compensation consulting, comparable industry knowledge, and market surveys. The human resources committee recommends to the entire board of directors the commissioner's base salary, benefits and performance bonus, if certain goals are met. The last compensation survey was conducted in october 2019. The commissioner is charged with conducting performance reviews of officers and key employees to determine base salary, benefits and performance bonus, if goals are met. The procedures used to determine compensation include the following: independent compensation consulting, comparable industry knowledge, and market surveys.”

“The ladies professional golf association makes its form 1023, 990, and 990-t available for public inspection via u.s. Mail upon request.”

“The association does not make its governing documents, conflicts of interest policy or its financial statements available to the public, unless authorized by the association's management at its sole discretion.”

“Nancy henderson is an employee of the lpga and receives her form w-2 from the lpga. Ms. Henderson provides services both to the lpga and to a related organization, the lpga foundation. In the interest of clarity, the lpga is reporting that 50% of ms. Henderson's compensation is attributable to services rendered to the lpga foundation.”

“The department of treasury implemented the small business administration's ("sba") payroll protection program ("ppp"), which provides loans for businesses, nonprofits and other organizations with 500 or fewer employees that meet specific eligibility requirements. In march of 2021 and june 2021 the association received two loans of $1,990,000 each through the paycheck protection plan administered by the sba in conjunction with the relief afforded from the cares act. The association used the proceeds from the ppp loans to continue payroll for the entity. In december of 2021 one loan totaling $1,990,000 was forgiven and was reported as a government grant on part viii on the form 990. The second loan was fully forgiven in january 2022 and has been reported as a government grant on part viii on the form 990.”