| FORM 990, PART VI, SECTION A, LINE 6 |
MEMBERS THE ORGANIZATION HAS VARIOUS LEVELS OF DUES PAYING MEMBERS. MEMBERS INCLUDE EMPLOYEES OF MANY FIRMS OPERATING WITHIN THE FINANCIAL INDUSTRY. |
| FORM 990, PART VI, SECTION A, LINE 7A |
MEMBER RIGHTS PURSUANT TO THE ASSOCIATION'S ORGANIZING DOCUMENTS, (ARTICLE VI, SECTION 4(H)), THE ASSOCIATION'S MEMBERS ARE AUTHORIZED TO ELECT MEMBERS TO THE BOARD OF TRUSTEES. |
| FORM 990, PART VI, SECTION B, LINE 11B |
REVIEW OF FORM 990: THE FORM 990 IS PREPARED BY AN OUTSIDE ACCOUNTING FIRM, GRANT THORNTON, LLP, IN CONJUNCTION WITH THE ASSOCIATION'S FINANCIAL DEPARTMENT. UPON COMPLETION, THE 990 IS REVIEWED BY THE PRESIDENT AND CFO BEFORE DISTRIBUTION TO THE CHAIRMAN OF THE BOARD OF TRUSTEES AND THE COMPENSATION COMMITTEE. THE FINAL FORM 990 IS MADE AVAILABLE TO THE ENTIRE BOARD OF TRUSTEES VIA EMAIL. |
| FORM 990, PART VI, SECTION B, LINE 12 |
CONFLICT OF INTEREST POLICY MONITORING AND ENFORCEMENT THE ASSOCIATION HAS A CONFLICT OF INTERESTS POLICY IN PLACE THAT IS USED TO IDENTIFY RELATIONSHIPS BETWEEN GARP AND ITS BOARD MEMBERS AND/OR OFFICERS. THERE IS NO FORMAL PROCEDURE IN PLACE TO MONITOR CONFLICTS OF INTEREST; NEVERTHELESS, EACH BOARD MEMBER AND OFFICER IS REQUIRED TO ANNUALLY SIGN-OFF ON THE CONFLICT OF INTEREST POLICY AND DISCLOSE ANY CONFLICTS, IF THEY EXIST. THE ORGANIZATION REVIEWS THE CONFLICT OF INTEREST POLICY ANNUALLY AT A MEETING OF THE BOARD OF DIRECTORS. |
| FORM 990, PART VI, SECTION B, LINE 15A |
PROCESS FOR DETERMINING COMPENSATION THE BOARD DETERMINES THE PRESIDENT'S SALARY VIA A COMPARISON TO OTHER FINANCIAL SERVICES NOT-FOR-PROFIT ORGANIZATIONS, THEIR PRESIDENT'S COMPENSATION AND A WIDE VARIETY OF OTHER FACTORS TO ENSURE THE COMPENSATION IS MARKET BASED AND CONSIDERS THE UNIQUE CHARACTERISTICS AND ACTIVITIES OF GARP. EMPLOYEES' SALARIES AND BONUSES ARE DETERMINED BY THE PRESIDENT BASED ON MARKET RATES FOR SPECIFIC POSITIONS. THE PRESIDENT'S SALARY AND BONUS ARE DETERMINED AND APPROVED BY THE COMPENSATION COMMITTEE ON BEHALF OF THE BOARD OF TRUSTEES. SALARIES AND BONUSES OF THE PRESIDENT'S DIRECT REPORTS ARE DETERMINED BY THE PRESIDENT BASED ON MARKET RATES FOR SPECIFIC POSITIONS AND RECOMMENDED TO THE COMPENSATION COMMITTEE FOR THEIR REVIEW AND APPROVAL. THE INDIVIDUALS THAT MAKE UP THE COMPENSATION COMMITTEE ARE ALL INDEPENDENT PRACTITIONERS IN THE FINANCIAL SERVICES INDUSTRY WHO HAVE FIRST-HAND EXPERIENCE IN COMPENSATING LARGE GROUPS OF PROFESSIONALS. THIS EXPERIENCE AND KNOWLEDGE OF THE INDUSTRY ASSISTS THE COMMITTEE TO DETERMINE REASONABLE AND APPROPRIATE COMPENSATION FOR THE PRESIDENT AND HIS DIRECT REPORTS. |
| FORM 990, PART VI, SECTION C, LINE 19 |
DISCLOSURE OF DOCUMENTS THE ASSOCIATION'S FORM 990 IS AVAILABLE AT ITS MAIN PLACE OF BUSINESS AND ON THE INTERNET AT WWW.GUIDESTAR.ORG. THE ASSOCIATION MAKES ITS CONFLICT OF INTEREST POLICY, ITS ORGANIZING DOCUMENTS AND ITS FINANCIAL STATEMENTS AVAILABLE ON ITS WEBSITE, WWW.GARP.COM. |
| FORM 990, PART VII: |
THE ORGANIZATION, IN A FULL TRANSPARENCY POSTURE TO REPORTING, IS REPORTING ALL BENEFITS IN FULL IN PART VII, COLUMN F AND NOT APPLYING THE $10,000 PER ITEM EXCEPTION FOR CERTAIN BENEFITS. |
| FORM 990, PART VII, LINE 5, PART V, LINE 2B AND PART IX, LINES 10 & 24B: |
FEDERAL EMPLOYMENT TAX FILINGS AND PAYROLL TAXES EXPENSE: GARP USES THE SERVICES OF A PROFESSIONAL EMPLOYER ORGANIZATION (PEO). THE PEO LEASES EMPLOYEES TO GARP AND COVERS ALL HUMAN RESOURCES AND PAYROLL FUNCTIONS. W-2S AND ALL EMPLOYMENT TAX RETURNS ARE FILED BY THE PEO INCLUDED IN THE OVERALL FEE THAT GARP PAYS TO THE PEO IS THE AMOUNT FOR ALL RELEVANT PAYROLL TAXES. THIS TOTAL FEE IS SHOWN AS ONE NUMBER ON FORM 990, AS A PAYROLL SERVICE FEE, ON LINE 24B. GENERAL STATEMENT REGARDING THE COVID-19 PANDEMIC: IN MARCH 2020, THE WORLD HEALTH ORGANIZATION DECLARED COVID-19 A PANDEMIC RESULTING IN FEDERAL, STATE AND LOCAL GOVERNMENTS MANDATING VARIOUS RESTRICTIONS, INCLUDING TRAVEL RESTRICTIONS, RESTRICTIONS ON PUBLIC GATHERINGS, AND STAY AT HOME ORDERS. AS A RESULT, THE ASSOCIATION HAD TO POSTPONE MANY EXAMS DURING 2020. THE POSTPONEMENT OF EXAMS RESULTED IN A DECREASE OF EXAM REVENUE AND AN INCREASE TO DEFERRED REVENUE. AT DECEMBER 31, 2020, DEFERRED REVENUE RELATING TO EXAM REGISTRATION TOTALED $12,813,300, AND THE RELATED PERFORMANCE OBLIGATIONS ARE EXPECTED TO BE SATISFIED WITHIN ONE YEAR. |
Attach to Form 990 or 990-EZ.