National Association of Student

“Nasfaa has members, as defined by our bylaws. Nasfaa has two classes of members, namely institutional members (voting) and associate members (non-voting). Institutional members include more than 2,800 post-secondary schools. Non-voting associate members include approximately 160 organizations that support or promote student financial aid or provide services to schools or students and exhibit at nasfaa's annual conference.”

“Using an online form, nasfaa members may nominate colleagues who qualify for positions on the nasfaa board of directors, such as representatives-at-large or as the national chair. Members may also be nominated to serve on the nominations and elections committee. The nominations and elections committee reviews all nominations and prepares a slate of candidates for the association's elections. Elections are held in the spring for the upcoming fiscal year. Terms of appointment vary by position.”

“The only decision of the board that required member ratification is an update of articles of incorporation.”

“No committee is authorized to act on behalf of the governing body without the express consent of the board of directors. During such instances, minutes are kept to document actions taken.”

“Upon completion of the annual audit, an independent outside tax accountant prepares the form 990 that is reviewed by the financial affairs committee and made available to the board of directors, then signed by the president & ceo and submitted to the appropriate taxing agencies and any other entities requiring a copy (state solicitation registration agencies, etc.).”

“At the start of each new board year (each july), all board members-not just new members-are required to read and sign the conflict of interest policy. Any potential conflicts listed on those forms are submitted to the national chair for review. The entire list of declared conflicts is also shared with the entire board. Follow up with individual directors is done as needed, if the disclosed conflicts have the potential to place the association at risk. Board policy states that if any new conflicts arise during the year, the member must inform the chair promptly.”

“Unless otherwise requested by the board of directors ("board"), the three presiding officers of the association (the national chairs) will work with nasfaa legal counsel in drafting, changing and signing a contract with the ceo. Compensation guidelines are normally outlined in the employment contract and ultimately determined by the national chairs after seeking appropriate input from the board and examining industry salary and benefit benchmarks. The entire board shall be apprised of the chair's formal evaluation near the end of each fiscal year. Individual board members with questions regarding provisions of the contact or executive compensation are welcome to discuss these items privately with a member of the triumvirate.”

“Nasfaa's governing documents and audited financial are available to nasfaa members (log in required) on their website portal.”

“Earnings of subsidiary 1,277,950.”

“The by-laws of the association state that the association's finances shall be audited at the conclusion of each of the association's fiscal years at the direction of the board of directors.”