Basic Crafts Workers' Compensation Benefits Trust Fund

“The organization has delegated control of management duties customarily performed by or under the direct supervision of officers, directors, trustees or key employees to a contract administrator, the carpenter funds administative office.”

“The organization does not have any committees with the authority to act on behalf of the governing body.”

“Thr trustees designate the contract administrator to review the form 990 prior to filing.”

“In connection with any actual or potential conflict of interest, a trustee should disclose to all other trustees and fund counsel the existence and nature of the financial interest or benefit involved including disclosure of all material facts attendant to the transaction.”

“The organization does not make its governing documents, conflict of interest policy, and financial statements available to the public.”

“Deferred compensation from related organizations was provided by 3rd parties, which did not calculate based on the actuarial value of their individually unique pension plan rules and no estimate of the increase in actuarial value has been included in column f.”

“50% of the board of trustees are employees of contributing employers or sponsoring employer organizations that are considered related organizations under the definitions in schedule r. The related organizations are for-profit organizations, are not owned or controlled, directly or indirectly, by the organization or one or more related tax-exempt organizations, and do not provide management services for a fee to the organization. As such, under the volunteer exception compensation paid by those related organizations is omitted. 50% of the trustees are employees of sponsoring unions that are considered related organizations per schedule r definition. Employee compensation provided by the sponsoring unions is reported in part vii, except for the 2 trustees employed by northern california district council of laborers (ncdcl) which provided cross reference to form 990 filed for ncdcl fein# 94-0722837 as disclosure of their compensation.”

“The board of trustees of this taft-hartley plan are employees of the sponsoring labor and management organizations. As such they are compensated by those related organizations for the services they provide as employees of their respective employer. For that reason, they are not considered independent trustees.”

“The board of trustees assumes responsibility for the oversight of the audit of the organization's financial statements and selection of the independent auditor.”