New Mexico Society of Cpas

“THE TAXPAYER ELECTS TO MAKE THE SAFE HARBOR ELECTION UNDER REGULATION 1.263(a)-3(h)WITH RESPECT TO EQUIPMENT.”

“Tamara beall and caitlin gutierrez work for the same firm. Yasmeen addeljalil and emily wilson work for the same firm.”

“The organization has dues paying members.”

“The dues paying members of the organization elect the board members and officers.”

“No committees are empowered to act on behalf of the governing body. Committees report to the governing body and make recommendations but final authority rests only with the board of directors.”

“Chapters are required to adopt bylaws consistent with and approved by the organization. Chapters are required to annually report their financial information to the organization. Chapter representatives sit on the board of directors and regularly report their activities to the organization.”

“The 990 is reviewed by the members of the finance committee. Copies of the 990 are provided to the board members prior to filing.”

“All directors are required to file an annual report disclosing any potential conflicts of interest. Staff monitors activity during the year and reminds the board when a potential conflict may exist.”

“The compensation of the president is based on market evaluation and the paramaters of the organizations budget. Performance was reviewed at least twice during the year by the chairman of the board. The president sets the salary for the executive vice president with the advice of the executive committee. The salary is based on market evaluation and the budget of the organization.”

“The salaries of remaining staff are determined by the president within the parameters of the budget which is approved by the board of directors.”

“The 990s, the governing documents and the conflict of interest policy are available at the office of the organization to anyone who requests them. The copies are prepared by the office manager as soon as the information is requested.”

“The finance committee meets monthly to review the financial statements and supporting documentation. The committee advises on the preparation of the budget. The committee also reviews the 990 as well as any policies impacting the finances of the organization.”

“Part xii, line 2a the organizations financial statements are prepared by an independent contract bookkeeper.”

“SCHED I, PART II, LINE 1(h) RECIEVABLE FROM RELATED ORGANIZATION FOR SHARED SALARIES AND ADMINISTRATIVE EXPENSES WAS FORMALLY FORGIVEN TO RESOLVE THE OUTSTANDING INTERCOMPANY BALANCE.”