American Salvage Association Inc

“General membership consists of companies actively involved in the business of marine salvage, with a proven track record of successful performance, whose salvage activities are primarily related to commercial vessels, as opposed to recreational vessels abd yachts. The executive committee determines the appropriate classification for all members (general or associate).”

“The form 990 is reviewed by the outsourced accounting firm and the executive director lee hill, and is then presented to the leadership for review and comment prior to filing with the irs.”

“Each director, principal officer and member of a committe with board delegated powers shall annually sign a statement which affirms such person: a) has received a copy of the conflict of interest policy, b) has read and understands the policy, c) has agreed to comply with the policy, and understands the association is charitable and in order to maintain its federal tax exemption it must engage primarily in activities whcih accomplish one or more of its tax-exempt purposes. To ensure the association operates in a manner consistent with its non-profit mission and does not engage in activities that could jeopardize its tax-exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: a) whether compensation arrangements and benefits are reasonable, based on competent survey information (if reasonably available). And the result of arm's length bargaining, and b) whether partnerships, joint ventures, and arrangement with management organizations, if any, conform to the association's written polocies, are properly recorded, reflect reasonable investment or payments for goods and services, futher charitable purposes and do not result in inurement or impermissible private benefit or in an excess benefit transaction.”

“The governing documents are made available upon written request.”