Electronic Check Clearing House Organization Inc

“David walker will become an independent contractor hired by electronic check clearing house organization to help with winding down of the organization.”

“At the board of directors meeting held in november 2017, the board determined to sell selected assets and liabilities and to dissolve the organization by april, 2018.”

“THE CORPORATION SHALL HAVE A CLASS OF MEMBERS DESIGNATED FULL MEMBERS, CONSISTING OF FOUNDING AND NONFOUNDING MEMBERS, AND SUCH OTHER CLASSES OF MEMBERS AS SHALL BE PROVIDED FROM TIME TO TIME IN THE OPERATING RULES OF THE CORPORATION.THE FULL AND OTHER MEMBERS SHALL HAVE SUCH QUALIFICATIONS, RIGHTS AND INCIDENTS OF OWNERSHIP AS ARE PROVIDED IN THE OPERATING RULES AND THE BYLAWS. ANY DEPOSITORY INSTITUTION AS DEFINED IN SECTION 19(B) OF THE FEDERAL RESERVE ACT, MAY BECOME A NONFOUNDING FULL MEMBER UPON PAYMENT OF INITIAL MEMBERSHIP FEES AND EXECUTION OF SUCH MEMBERSHIP AGREEMENT AS MAY BE REQUIRED BY THE BOARD OF DIRECTORS OF THE CORPORATION. NO MEMBER OF THE CORPORATION SHALL HAVE ANY VOTING RIGHTS OR BE A MEMBER OF THE CORPORATION WITHIN THE MEANING OF SECTION 5056 OF THE CALIFORNIA CORPORATIONS CODE. FOUNDING AND NONFOUNDING MEMBERS HAVE THE RIGHT TO DESIGNATE DIRECTORS. DURING 2017, ECCHO HAD NO STATUTORY MEMBERS UNDER CALIFORNIA LAW.At it's November 2017 meeting, the Board of Directors eliminated the membership requirement for directors and determined to continue the current directors through the dissolution of the organization. Other financial and legal responsibilities were assigned to the Chairman and other officers in the absence of any employees.”

“The form 990 is prepared by an external, independent auditing firm. Eccho reviews the 990 upon receipt and verifies the information against it's internal records through its accounting software and payroll processor. Any modifications that are necessary are made by the external independent auditing firm prior to the 990 being executed by the president and filed with the irs.the eccho board of directors will see a version of the 990 before it is filed along with the external auditing firm's comments.”

“The president and executive vice president's compensation are reviewed/approved by eccho's personnel committee which is a subcommittee of the board of directors. Other employee, officer and directors' (not on the board) compensation are set by the president.”

“Other employee compensation is at the discretion of the president within parameters of the annual budget approval process of the board of directors. The board/personnel committee has, in the past, used an outside consulting firm as an aid to its compensation deliberations.”

“The form 990 is available for review on guide star or at the organization's administrative office upon request.”

“Eccho is not a publicly traded company and has no stock. The primary result of eccho's activities is in the eccho operating rules and commentary which is available publicly through the eccho website at www.eccho.org.”

“At the Board of Directors meeting held in November 2017, the Board determined to sell selected assets and liabilities and to dissolve the organization by April 30, 2018.”

“contribution of members' equity = $831885”

“Gain on sale of assets acquired in dissolution = $709103”