Westbound Transpacific Stabilization Agreement

“The organization suspended all activity effective may 1, 2013. All transactions are handled by transpacific stabilization agreement.”

“Due to the suspension of activity by wtsa, only the executive director reviewed the tax return before submission.”

“The wtsa conflict of interest policy was reviewed periodically by selected board members. All directors, officers and members of committees must sign a statement affirming they had received, read, understood and complied with the policy.”

“The organizations governing documents, conflict of interest policy, and financial statements are available to the public upon request.”

“The members of wtsa agreed to suspend operations effective may 1, 2013 for an initial period of two years. During this time the activities of the organization will be merged into transpacific stabilization agreement (tsa).”

“Wtsa adjustment - see sch o explanation for form 990, part xi, line 9 -426,847.”

“Westbound transpacific stabilization agreement used a modified-cash basis of accounting, as follows: expenses were recorded on the cash basis; that is, when paid, rather than when on obligation was incurred. Revenues from assessments and administrative fees were recorded on an accrual basis when earned.”

“The board of tcs approves the selection of the auditor and reviews the audited report. The auditors have access to the board chairman as needed for questions.”

“Transpacific carrier services, inc (tcs) pays for all expenses of the organization and passes the costs on to the organization, without any profit or mark up. Expenses reported on form 990, part ix, represent the nature of the expenses paid by tcs on behalf of the organization. The organization makes no payments directly to any vendor.”

“Effective may 1, 2013 westbound transpacific stabilization agreement(wtsa) has been suspended and absorbed into its companion transpacific stabilization agreement(tsa). The wtsa adjustment represents the net receivable as of the may 1, 2013 merger of wtsa with tsa. Subsequent to the merger, tsa manages the activity formerly done with wtsa.”

“Wtsa members agreed to suspended operations for an initial period of approximately 2 years. All operations were merged with tsa, a similar organization. Wtsa anticipates the suspension will become permanent within the 2 year time frame.”