Promostandards Inc

“Expenses bank fees 413 office supplies 18 total 431”

“See attached statement. The promotional products industry is in the business of customizing tangible products and related services. The logistics of researching, procuring, producing, and delivering promotional products is complex, laborious, and error-prone. Unlike other industries, industry standards associated with business commerce do not readily apply and as a result are not readily adopted nor implemented among trading partners within the industry. In response for the need for business commerce integration standards for both competitive and efficiency reasons, promostandards was founded. Promostandards was started by leading suppliers, distributors, and service providers doing business in the north american promotional products industry with the express goal of collaborating on the development of industry electronic interoperability standards. The organization is composed of members, approved by the promostandards board, to contribute to the creation and management of standards through the promostandards standards committee, which is composed of individuals of member organizations. The board directs the standards committee to create standards based on identified industry needs and requirements, which in turn defines the specifications, processes, and data required for a given integration standard. A private draft of a proposed standard is distributed among adopting members and implemented as a proof of concept. Once proven and revised as necessary, the draft is released as a beta version of the standard to the membership community. If and once a standard is approved by the standards committee, the committee presents it to the board for ratification and adoption. Ratified standards are licensed and published. Once ratified, a standard is publicly disseminated for anyone to freely utilize regardless of membership status.”

“The organization had no unrelated business income in tax year 2019.”