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FORM 990, PART XII, LINE 2c |
Audit and Budget Committee - The organization's Audit and Budget Committee only oversees the budget and the audit of the financial statements. The Committee does not select the auditor. |
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FORM 990, PART VI, ITEM 1b- INDEPENDENCE |
PER FORM 990 INSTRUCTIONS, THE ORGANIZATION'S BOARD OF DIRECTORS IS NOT CONSIDERED INDEPENDENT BECAUSE THEY RECEIVE COMPENSATION IN EXCESS OF $10,000 EACH. THE ORGANIZATION'S POSITION IS THAT ITS DIRECTORS ARE INDEPENDENT DUE TO THE FOLLOWING: 1) ACCORDING TO ARTICLES OF INCORPORATION EACH DIRECTOR IS VOTED ON INDEPENDENTLY BY VOTING DELEGATES (WHO THEMSELVES) ARE VOTED INTO POSITION BY THE ORGANIZATION'S MEMBERSHIP FOR A THREE YEAR TERM, 2) ACCORDING TO ARTICLES OF INCORPORATION EACH DIRECTOR IS REQUIRED TO BE AN ACTIVE FARMER, 3) BOARD MEETINGS ARE HELD DURING THE DAYTIME HOURS TWO DAYS PER MONTH, AND 4)THE COMPENSATION IS PAID TO EACH DIRECTOR TO MINIMIZE THE FINANCIAL IMPACT OF HIRING HELP TO DO THE FARM WORK IN THEIR ABSENCE. |
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FORM 990, PART IX - LINE 8 |
PENSION PLAN CONTRIBUTIONS INCLUDE THREE AMOUNTS: 1) DEFINED CONTRIBUTION PLAN CONTRIBUTIONS, 2) DEFINED BENEFIT PLAN FAS 87 AND FAS 132 ACCRUALS, AND 3) OTHER PENSION CHANGES AS REQUIRED BY FAS 158. THE LATTER TWO ITEMS ARE ACTUARIAL CALCULATIONS THAT DO NOT REQUIRE FUNDING AND SHOULD NOT BE DEEMED AS ACTUAL CONTRIBUTIONS. |
Form 990, Part VI, Line 19 |
Form 990, Part VI, Line 19: Other Organization Documents Publicly Available |
The organization does not make its governing documents, conflict of interest policy, or financial statements available for public inspection. Pursuant to state law, some documents may be made available to members. |
Form 990, Part VI, Line 15b |
Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees |
Independent third party reviews are conducted for all officers, key employees, and other highly compensated management. These results are forwarded to the officers and board of directors for approval. Standardized reviews and compensation formulas are utilized for non-management positions. The Internal Study Committee (described in comment for Part VI, Item 7b) above) sets the President's compensation after input from third party reviewers. The organization's voting delegates approve the President, Vice-President and board of director's compensation. |
Form 990, Part VI, Line 12c |
Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts |
On an annual basis, all officers, directors, and key employees are required to sign a statement which affirms that they have: 1) received a copy of the conflict of interest policy, 2) read and understood the policy, 3) agreed to comply with the policy, and 4) understand that the Organization is tax-exempt and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish its tax-exempt purpose. A committee, comprised of non-conflicted board of directors, annually receives all conflict of interest information, reviews, and determines if there conflicts of interest. The committee then reports its findings back to the board. |
Form 990, Part VI, Line 11b |
Form 990, Part VI, Line 11b: Form 990 Review Process |
The officers of the organization review the completed Form 990 first. Two weeks before the June board meeting, an electronic version of the 990 is placed on the board website for board review prior to the June board meeting. After all comments or questions have been addressed, the Executive Director will sign the return and instruct the Accounting Department to timely file the return, taking into account all extensions and filing deadlines. |
Form 990, Part VI, Line 7b |
Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders |
The House of Delegates has the following powers: 1) adopt the general policies of the organization, 2) elect the board of directors and approve the President's salary and board of director compensation, 3) nominate voting delegates to the American Farm Bureau, and 4) select the organization's internal study committee members. |
Form 990, Part VI, Line 7a |
Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body |
The President and Vice President of Farm Bureau are elected by the House of Delegates. All other directors are voted on by the House of Delegates from their districts. The House of Delegates is comprised of one member from each county in Iowa who is voted into that position by that county's Farm Bureau members. The delegate must be actually engaged in farming, which must be his/her primary interest. |
Form 990, Part VI, Line 6 |
Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder |
Any person may be a Farm Bureau member. All Farm Bureau members have the same vote and access to member benefits. In order to hold an officer or director position within Farm Bureau, the member must be actually engaged in farming, which must be his/her primary interest. |
Form 990, Part VI, Line 3 |
Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company |
The organization utilizes a wholly owned subsidiary, Farm Bureau Management Corporation (FBMC), to provide the day to day management function of IFBF. This corporation employs the President, Secretary-Treasurer, General Counsel,Chief Financial Officer, Chief Marketing and Communications Officer and Director, Information Resources and allocates their expenses across all of the entities under FBMC management. |
Form 990, Part III, Line 4d |
Form 990, Part III, Line 4d: Other Program Services Description |
OTHER PROGRAM SERVICES 4: COMMODITY SERVICES - PROVIDES ECONOMIC AND POLICY RESEARCH ASSISTANCE FOR THE POLICY DEVELOPMENT AND IMPLEMENTATION WORK OF THE IOWA FARM BUREAU FEDERATION. ASSISTS MEMBERS BY DEVELOPING INFORMATION AND EDUCATIONAL MATERIALS. IN ADDITION, THE COMMODITY SERVICES GROUP OFFERS FINANCIAL MANAGEMENT, RISK MANAGEMENT AND MARKET EDUCATION PROGRAMS AND SERVICES TO MEMBERS. MORE THAN 90,000 MEMBERS BENEFIT FROM THE EDUCATIONAL AND INFORMATIONAL MATERIALS WHICH ARE PUBLISHED AND DISTRIBUTED THROUGH THE SPOKESMAN AND IOWAFARMBUREAU.COM. OVER 5,000 MEMBERS ARE DIRECTLY SERVED THROUGH PARTICIPATION IN THE FINANCIAL MANAGEMENT, RISK MANAGEMENT AND MARKET EDUCATION PROGRAMS. OTHER PROGRAM SERVICES 5: OTHER PROGRAMS - COMMUNITY RESOURCES AND RENEW RURAL IOWA |