| FORM 990 PROVIDED TO GOVERNING BODY |
PART VI, SECTION B: POLICIES, LINE 11 Following an independent audit of the consolidated financial statements oF THE NATIONAL FEDERATION OF INDEPENDENT BUSINESS ("NFIB") AND ITS affiliates, a draft of NFIB's form 990 is prepared. THIS FORM 990 IS REVIEWED INTERNALLY BY NFIB'S TAX ACCOUNTANT, CONTROLLER/TREASURER, AND VP/CFO. ANY QUESTIONS ARISING FROM THE INITIAL REVIEW ARE ADDRESSED TO ENSURE THE RETURN IS COMPLETE AND ACCURATE. ANY NECESSARY CHANGES/CORRECTIONS ARE MADE ON THE FORM 990 AND THE RETURN AGAIN GOES THROUGH NFIB'S INTERNAL REVIEW PROCESS. UPON APPROVAL OF THE VP/CFO, THE RETURN IS REVIEWED BY THE CHAIR OF THE FINANCE/AUDIT COMMITTEE OF THE BOARD OF DIRECTORS. THE FINAL RETURN IS THEN FILED WITH THE INTERNAL REVENUE SERVICE. |
| WRITTEN CONFLICT OF INTEREST POLICY |
PART VI, SECTION B: POLICIES, LINE 12 EVERY BOARD MEMBER AND OFFICER OF NFIB IS REQUIRED TO DISCLOSE ANY ACTUAL OR POTENTIAL CONFLICTS OF INTEREST ON AN ANNUAL BASIS. |
| PROCESS OF DETERMINING COMPENSATION FOR OFFICERS |
PART VI, SECTION B: POLICIES, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS IS RESPONSIBLE FOR RECOMMENDING THE COMPENSATION OF ALL OFFICERS OF THE ORGANIZATION. THEIR COMPENSATION IS THEN FORMALLY APPROVED BY THE BOARD OF DIRECTORS. IN OCTOBER 2018, AN OUTSIDE COMPENSATION CONSULTING FIRM WAS ENGAGED TO PROVIDE EXPERT ANALYSES REGARDING THE REASONABLENESS OF THE TOTAL COMPENSATION PACKAGE FOR THE EXECUTIVES OF NFIB AND ITS AFFILIATED ORGANIZATIONS. The results of the study and an IRC 4958 opinion letter were provided to the chair of the executive committee of the board of directors. THE COMMITTEE RELIES ON THIS INDEPENDENT REVIEW TO ENSURE THAT REASONABLE COMPENSATION IS PAID TO THE OFFICERS. THE COMMITTEE'S PHILOSOPHY IS TO ENSURE THAT THE COMPENSATION FOR THESE POSITIONS, RELATIVE TO MARKET COMPARISONS, IS COMPETITIVE IN ORDER TO ATTRACT, RETAIN, AND MOTIVATE QUALIFIED EMPLOYEES WHILE NOT BEING AT THE TOP OF THE RANGE. THE COMMITTEE SETS THE COMPENSATION FOR THE OFFICERS EACH YEAR DURING THEIR MEETING WHICH IS TYPICALLY HELD IN FEBRUARY. MINUTES FROM THESE ANNUAL MEETINGS ARE TAKEN BY THE CORPORATE SECRETARY DURING THE MEETING. WHEN THE MINUTES ARE REVIEWED AND APPROVED, THEY ARE RETAINED WITH ALL OTHER CORPORATE RECORDS. |
| DOCUMENTS AVAILABLE TO THE PUBLIC |
PART VI, SECTION C: DISCLOSURE, LINE 19 IT IS NFIB'S POLICY TO MAKE AVAILABLE FOR PUBLIC INSPECTION, UPON REQUEST, EITHER WRITTEN OR IN PERSON, ITS EXEMPTION APPLICATION, SUPPORTING DOCUMENTS AND ANY LETTER OR DOCUMENT ISSUED BY THE IRS CONCERNING THE APPLICATION. NFIB ALSO MAKES AVAILABLE FOR PUBLIC INSPECTION AND COPYING, UPON REQUEST, EITHER WRITTEN OR IN PERSON, ITS FEDERAL FORM 990, RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX, AND ITS CONFLICT OF INTEREST POLICY. |
| FUND BALANCE RECONCILIATION |
FORM 990, PART XI, LINE 9 EQUITY IN LOSS OF AFFILIATED ORGANIZATION (317,682) NET CHANGE IN PENSION AND POSTRETIREMENT BENEFIT PLANS (1,719,848) ----------- OTHER CHANGES IN FUND BALANCE (2,037,530) ============ |
Attach to Form 990 or 990-EZ.