Canadian Lung Association

“The Canadian Lung Association does not have shareholders but it does have members. As a Canadian national organization its members include each of the 10 individually incorporated Provincial Lung Associations in the country. In addition, the Canadian Lung Association's medical and allied health professional sections (the Canadian Thoracic Society and the Canadian Respiratory Health Professionals) each have approximately 600 paid members.”

“As stipulated in the Canadian Lung Association by-laws the Association's Members elect the people on the governing Board of Directors including the Board Chair and Past-Chair.”

“The members typically meet once each year. As stipulated in the Canadian Lung Association by-laws the Association's Members receive the annual report of the Board, the financial statements of the Association and the report of the auditors. Association Members must appoint auditors for the ensuing year. Any proposed amendments to the by-laws of the Association must first be approved by a majority of the Board, then sanctioned by an affirmative vote of at least two-thirds of the Members at a meeting duly called for the purpose of considering the by-laws. The Board of Directors may call a meeting of the Members at any time, provided appropriate notice is given.”

“Prior to being reviewed and signed by the President and CEO, the IRS Form 990 is submitted to the Chairman of the Board of Directors and the Treasurer.”

“A request is made at all Board meetings for individuals with a declaration of conflict to state it for the minutes.”

“Audited Financial Statements are available on the company's website at http://www.lung.ca/about-us/our-annual-reports-and-financial-statements Other governing documents, including the Conflict of Interest policy, are available upon request. NOTE: the 2014-15 Audited Financial Statements have been reviewed and accepted by the Board's Audit Committee, the full Board of Directors, and by the Association's Members at their June 2015 Annual General Meeting.”

“This is the difference in foreign exchange March 31, 2014 versus March 31, 2013. The organization operates in Canada with its books stated in Canadian dollars and its Financial statements stated in Canadian dollars. In order to complete Form 990 each year, the Canadian dollar statements are converted to US dollars based on the Bank of Canada exchange rate on the last day of the fiscal year - March 31st. The difference between these rates on March 31st of the previous year and March 31st of this year account for the "other change in net assets" amount.”