Transpacific Carrier Services Inc

“A copy of Form 990 was provided to the officers and directors for review and approval prior to filing.”

“The TCS Conflict of Interest Policy is reviewed periodically by selected board members. All directors, officers and members of committees must sign a statement affirming they have received, read, understand and comply with the policy.”

“The three main criteria the compensation committee uses to determine the amount of salary and bonus for executives of TCS. 1. Based on performance relative to standards and expectations set in advance. 2. Look to industry standards (carriers) as to amount being paid to executives of similar responsibility as well as the current rate of increase in compensation being given by carriers in the industry. 3. Review of member lines' current financial position.”

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

“TCS was originally formed to provide administrative support for several trade associations in the shipping industry. Over the years the industry has changed and these trade associations slowing dissolved. In 2018, the last trade association that TCS administered, Transpacific Stabilization Agreement (TSA), ceased operations and dissolved. TCS continued to provide administrative support in the winding down of TSA, maintain legacy documents and assist in responding to any regulatory or compliance issues that were still pending at year end.”

“Contribution of fund balance from dissolved related exempt organization: 365,922. Transpacific Stabilization Agreement EIN 94-3272657 Depreciation 360. Loss on disposal of fixed assets 403.”

“TCS uses a modified-cash basis of accounting, as follows: Expenses are recorded on the cash basis; that is, when paid, rather than when on obligation is incurred. Revenues from assessments and administrative fees are recorded on an accrual basis when earned. For internal accounting purposes purchases of furniture and equipment are recorded as expenses upon payment rather than capitalized and depreciated over the useful lives of the assests. For tax accounting purposes purchases of furniture and equipment are capitalized and depreciated over the useful lives of the assets.”