Transpacific Stabilization Agreement

“As there was no board at the end of the year, the Executive Director of the affiliated organization reviewed the 990.”

“The TSA Conflict of Interest Policy was reviewed periodically by selected board members. All directors, officers, and members of committees were required to sign a statement affirming they had received, read, understood, and complied with the policy.”

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

“In December 2017, 2 of the TSA member lines tendered their resignation from the Agreement. This was rapidly followed in January 2018, by resignations from the remaining members. Given that all members had tendered their resignations by the end of January 2018, TSA accordingly terminated its operations effective on February 8th 2018, which coincided with the effective resignation date of the last TSA member line. There was no specific vote to terminate TSA, it simply terminated by operation of law, because under the US Shipping Act an agreement like TSA cannot exist without at least 2 member lines.”

“Dissolution-fund balance transfer -365,922.”

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

“Transpacific Carrier Services, Inc (TCS) paid for all expenses of the Organization and passed the costs on to the Organization, without any profit or mark up. Expenses reported on Form 990, Part IX, represented the nature of the expenses paid by TCS on behalf of the Organization. The Organization made no payments directly to any vendor.”