Johnson O'Connor Research Foundation

“Johnson o'connor research foundation, inc. Has members. According to article ii section 1 of the by-laws of the organization, new members are elected by the current members by majority vote.”

“The governing body of this organization is the board of trustees. As stated in the by-laws article ii section 1 the trustees shall be elected for a term of 1 year at the annual metting of members, and shall serve for the term for which they have been elected and/or their successors have been duly chosen and qualified. The board of trustees does not need member approval for any of its decisions.”

“After management has reviewed the form 990 and prior to its submission, copies of the form 990 will be distributed to all members of the organization's governing body giving them the opportunity to properly review and comment on the form 990.”

“The conflict of interest policy is signed by each trustee annually, monitoring possible conflicts of interest is part of financial controls and oversight: all expense checks are signed by two individuals; all significant expenses are voted on by an executive committee of the board of trustees and approved regularly by the full board; the books and records are audited by an independent auditing firm annually; and no unauthorized payments or loans to or purchases from any board member are permitted. Monitoring includes review of any persons with potential financial interest in engaging directly with or indirectly with the organization and receiving compensation or gifts and favors. If there were ever a conflict, enforcement would include review of the potential conflict to include all material facts and a vote. Any such person in question would not be included in the review or vote. The board would address the conflict by hearing both interested and disinterested parties and determining if a reasonable agreement could be made that would result in a more advantageous transaction. If it were ever determined that any such person were to have failed to disclose possible conflicts, then the board would review the reason for such failure and take appropriate corrective action. All of these proceedings would be recorded in the minutes of these meetings to include any such persons involved and the persons reviewing and voting. Additionally there are periodic reviews of compensation and partnerships or joint ventures which may or may not include the use of outside experts.”

“The board of trustees uses published management compensation reports from consulting, inc. And other available review materials to set salary levels for the president and all other officers. Officers under salary review who serve on the board of trustees do not participate in salary discussions and votes by the board of trustees.”

“The governing documents, conflict of interest policy, and financial statements are made available upon request to any individual who wishes to review them.”

“Pension-related changes other than net periodic benefit costs 1,522,547. Other components of net periodic benefit costs -26,297.”