2016-11-08T14:56:13-06:00 2015-12-31 PricewaterhouseCoopers LLP 300 Madison Avenue New York NY 10017 990 2015-01-01 133298818 INT'L SWAPS & DERIVATIVES ASSOCIATION INC % HUZEFA DEESAWALA CFO INTL 2129016000 360 MADISON AVENUE Suite 16TH FLR NEW YORK NY 10017 SCOTT O'MALIA CEO 2129016000 2016-11-08 2015 2017-02-10 21:41:12Z SCOTT O'MALIA 360 MADISON AVENUE 16TH FLOOR NEW YORK NY 10017 61171935 false X www.isda.org X 1985 NY ISDA FOSTERS SAFE AND EFFICIENT DERIVATIVES MARKETS TO FACILITATE EFFECTIVE RISK MANAGEMENT FOR ALL USERS OF DERIVATIVE PRODUCTS. 24 22 80 0 0 0 0 0 39442368 50454939 -182987 -60879 12566357 10770734 51825738 61164794 12113 0 0 0 23208155 23117157 0 0 0 34069940 29986837 57290208 53103994 -5464470 8060800 80856224 83126473 54223613 48631047 26632611 34495426 X MISSION STATEMENT ISDA FOSTERS SAFE AND EFFICIENT DERIVATIVES MARKETS TO FACILITATE EFFECTIVE RISK MANAGEMENT FOR ALL USERS OF DERIVATIVE PRODUCTS. STRATEGY STATEMENT ISDA ACHIEVES ITS MISSION BY REPRESENTING ALL MARKET PARTICIPANTS GLOBALLY, PROMOTING HIGH STANDARDS OF COMMERCIAL CONDUCT THAT ENHANCE MARKET INTEGRITY, AND LEADING INDUSTRY ACTION ON DERIVATIVES ISSUES. THIS INCLUDES BEING: THE PREEMINENT VOICE OF THE GLOBAL DERIVATIVES MARKETPLACE -REPRESENTING THE INDUSTRY THROUGH PUBLIC POLICY ENGAGEMENT, EDUCATION AND COMMUNICATION AN ADVOCATE FOR EFFECTIVE RISK AND CAPITAL MANAGEMENT -ENHANCING COUNTERPARTY AND MARKET RISK PRACTICES AND ENSURING A PRUDENT AND CONSISTENT REGULATORY CAPITAL AND MARGIN FRAMEWORK THE SOURCE FOR GLOBAL INDUSTRY STANDARDS IN DOCUMENTATION -DEVELOPING STANDARDIZED DOCUMENTATION GLOBALLY TO PROMOTE LEGAL CERTAINTY AND MAXIMUM RISK REDUCTION A STRONG PROPONENT FOR A SAFE, EFFICIENT MARKET INFRASTRUCTURE FOR DERIVATIVES TRADING, CLEARING AND REPORTING -ADVAN false false COMMITTEES - ESTABLISHED TO ENABLE MEMBERS TO ADDRESS SPECIFIC ISSUES RELATED TO DOCUMENTATION, ACCOUNTING, NETTING, COLLATERAL RISK MANAGEMENT, REGULATORY DEVELOPMENTS AND OTHER INDUSTRY TOPICS OF MUTUAL CONCERN AND INTEREST. CONFERENCES - CONDUCTED 115 EDUCATIONAL SEMINARS AROUND THE WORLD TO ADVANCE THE KNOWLEDGE AND UNDERSTANDING OF SWAPS AND DERIVATIVES MARKETS. ANNUAL GENERAL MEETING - ISDA'S ANNUAL GENERAL MEETING AND STRATEGIC PLANNING SESSION PROVIDE FORUMS FOR MEMBERS AND THE BOARD OF DIRECTORS TO EXCHANGE INFORMATION AND IDEAS ABOUT DEVELOPMENTS AFFECTING SWAPS AND DERIVATIVES MARKETS AROUND THE WORLD. A FULLER DESCRIPTION OF ACCOMPLISHMENTS IS AVAILABLE ON THE WEBSITE @ WWW.ISDA.ORG false false false true false false false false false true false false false true true false true false true true false false false false false false false false true false false false false false false false false false false true true true true false true X 2 0 true 80 true false true UK HK SN JA false false false false X 24 22 true false true false true true true true true false false false true true true true true true true true true X HUZEFA DEESAWALA CFO 2129016000 360 MADISON AVENUE 16TH FLOOR NEW YORK NY 10017 X JONATHAN HUNTER DIRECTOR 1.0 0.0 X 0 0 0 ALAN HAYWOOD DIRECTOR UNTIL 4/23/15 1.0 0.0 X 0 0 0 EMMANUEL VERCOUSTRE DIRECTOR 1.0 0.0 X 0 0 0 TJ LIM DIRECTOR 1.0 0.0 X 0 0 0 ERIC LITVACK CHAIRMAN 1.0 0.0 X X 0 0 0 NITIN GULABANI DIRECTOR UNTIL 11/17/15 1.0 0.0 X 0 0 0 TED MACDONALD VICE CHAIRMAN UNTIL 4/23/15 1.5 0.0 X X 0 0 0 YASUNOBU ARIMA DIRECTOR AS OF 4/23/15 1.0 0.0 X 0 0 0 BILL DE LEON DIRECTOR 1.0 0.0 X 0 0 0 ERAJ SHIRVANI DIRECTOR 1.0 0.0 X 0 0 0 DIANE GENOVA TREASURER 1.5 0.0 X X 0 0 0 SAM SKERRY DIRECTOR AS OF 4/23/15 1.0 0.0 X 0 0 0 DIXIT JOSHI DIRECTOR AS OF 11/19/15 1.0 0.0 X 0 0 0 GEORGE HANDJINICOLAOU DEPUTY CEO & HEAD OF EMEA 40.0 0.0 X X 660706 0 57010 RICHARD PRAGER VICE CHAIRMAN 1.0 0.0 X X 0 0 0 RICHARD HERMAN DIRECTOR UNTIL 5/11/15 1.0 0.0 X 0 0 0 ELIE EL HAYEK DIRECTOR 1.0 0.0 X 0 0 0 GUY SAIDENBERG DIRECTOR AS OF 11/19/15 1.0 0.0 X 0 0 0 DARCY BRADBURY DIRECTOR AS OF 11/19/15 1.0 0.0 X 0 0 0 BISWARUP CHATTERJEE DIRECTOR 1.0 0.0 X 0 0 0 SOTARO KATO DIRECTOR UNTIL 4/23/15 1.0 0.0 X 0 0 0 CHRISTOPHER MURPHY DIRECTOR 1.0 0.0 X 0 0 0 WILL ROBERTS DIRECTOR 1.0 0.0 X 0 0 0 KEITH BAILEY SECRETARY 1.0 0.0 X X 0 0 0 EMMANUEL RAMAMBASON DIRECTOR UNTIL 12/31/15 1.0 0.0 X 0 0 0 JONATHAN HALL DIRECTOR UNTIL 9/29/15 1.0 0.0 X 0 0 0 CIARAN O'FLYNN DIRECTOR 1.0 0.0 X 0 0 0 KOJI SAKURAI DIRECTOR 1.0 0.0 X 0 0 0 KIERAN HIGGINS DIRECTOR 1.0 0.0 X 0 0 0 SCOTT O'MALIA CHIEF EXECUTIVE OFFICER 40.0 0.0 X X 1307292 0 27385 HUZEFA DEESAWALA SCH J PT III CHIEF FINANCIAL OFFICER 40.0 0.0 X 300300 0 158697 DAVID GEEN GENERAL COUNSEL 40.0 0.0 X 287407 0 411917 KEITH NOYES DIRECTOR, ASIA-PACIFIC REGION 40.0 0.0 X 613904 0 6054 MARY CUNNINGHAM CHIEF OPERATING OFFICER 40.0 0.0 X 638852 0 34737 STEVE KENNEDY SCH J PT III GLOBAL HEAD OF PUBLIC POLICY 40.0 0.0 X 630000 0 311836 MARY JOHANNES SR DIRECTOR& HEAD OF ISDA WGMR 40.0 0.0 X 535264 0 51016 KATHERINE TEW DARRAS GENERAL COUNSEL, AMERICAS 40.0 0.0 X 499924 0 24140 KAREL ENGELEN SCH J PT III CO-HEAD OF DATA,RPRTING,&FPML 40.0 0.0 X 408000 0 32064 JING GU ASSISTANT GENERAL COUNSEL ASIA 40.0 0.0 X 394076 0 7136 MARK GHEERBRANT HEAD OF RISK & CAPITAL 40.0 0.0 X 641004 0 4568 6916729 0 1126560 58 false true false ERNST YOUNG LLP 5 TIMES SQUARE NEW YORK NY 10036 CONSULTING SERVICES 4184157 SIMPSON THACHER BARTLETT LLP 1155 F STREET NW WASHINGTON DC 20004 LEGAL SERVICES 3374594 ALLEN OVERY ONE BISHOPS SQUARE LONDON 0 UK E1 6AD LEGAL SERVICES 2613426 SIFMA 120 BROADWAY NEW YORK NY 102710584 RENT & MAINTENANCE 2010888 FTI CONSULTING INC 1101 K STREET NW WASHINGTON DC 20005 DISPUTE ADVISORY 1705774 39 0 MEMBERSHIP DUES 900099 38043251 38043251 CONFERENCES 900099 2802023 2802023 ANNUAL GENERAL MEETING 900099 1445865 1445865 SPECIAL ASSESSMENT 900099 8163800 8163800 50454939 -60879 -60879 0 2481124 2481124 732701 732701 0 732701 732701 0 0 0 1124994 7141 1117853 1117853 FPML SERVICES 900099 108099 108099 ISDA AMEND AND PROTOCOL FEES 900099 6330957 6330957 6439056 61164794 50454939 10709855 0 0 0 0 5378934 0 14611624 532622 1317108 1276869 0 7575803 221699 496430 0 0 4992151 0 1367444 280241 0 4148252 1243616 0 1976138 0 0 417506 404312 BOARD MEETINGS 234253 INVESTIGATION CONTINGENCIES 6595955 OTHER 33037 53103994 4083544 4078985 35416856 42919556 0 0 37506737 30428976 0 0 0 0 0 0 90375 95045 855022 874034 3130406 2019545 732499 1110861 0 0 1405297 2757468 0 0 0 0 765894 861548 80856224 83126473 7387190 8158484 0 0 46043505 39443943 0 0 0 0 0 0 0 0 0 0 792918 1028620 54223613 48631047 X 0 0 0 0 26632611 34495426 26632611 34495426 80856224 83126473 X 8060800 -132680 -65305 X X false true X true false false false true 46207051 496430 496430 739313 -242883 1481361 930345 551016 1641684 1089200 552484 7361 7361 1110861 0 SALES, PAYROLL & VAT TAXES PAY 269980 DEFERRED RENT PAYABLE 297637 SECURITY DEPOSIT PAYABLE 163163 FX MTM LOSS 250959 INVESTMENT GAIN/LOSS LIABILITY 36953 LIABILITY FOR SALE OF TRADING 1200 CUSTOMER DEPOSIT ON ACCOUNT 1502 OTHER LIABILITIES 7226 1028620 X 61406271 24470 24470 61381801 -217007 -217007 61164794 53543456 439462 439462 53103994 53103994 FORM 990, SCHEDULE D, PART X, LINE 2 FINANCIAL STATEMENT FOOTNOTE ISDA IS A NOT-FOR-PROFIT BUSINESS LEAGUE AND AS SUCH IS NOT REQUIRED TO PAY FEDERAL OR STATE INCOME TAXES ON INCOME DERIVED FROM ITS CORE MISSION. ISDA IS SUBJECT TO INCOME TAXES ON UNRELATED BUSINESS INCOME. DURING 2015 AND 2014, ISDA PAID AN IMMATERIAL AMOUNT OF INCOME TAX EXPENSES IN FOREIGN JURISDICTIONS FOR UNRELATED BUSINESS INCOME. THIS AMOUNT HAS BEEN INCLUDED WITHIN GENERAL AND ADMINISTRATIVE ON THE CONSOLIDATED STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. ISDA HAS REVIEWED ITS TAX EXEMPT STATUS AND PERFORMED AN ANALYSIS OF ALL OF ITS REVENUE STREAMS TO DETERMINE WHICH MAY BE TAXABLE IN THE EVENT THAT THEY WERE CHALLENGED BY THE INTERNAL REVENUE SERVICE. AS OF DECEMBER 31, 2015, ISDA DID NOT IDENTIFY ANY MATERIAL UNCERTAIN TAX POSITIONS. FORM 990, SCHEDULE D, PART XI, LINE 4B RECONCILITATION OF REVENUE BOOK-TAX DIFFERENCE IN UNCONSOLIDATED ENTITY : $ 65,305 REALIZED FX LOSS : $ (275,171) COST OF GOODS SOLD : $ (7,141) ----------------------------------------------------------- TOTAL : $ (217,007) FORM 990, SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES UNREALIZED LOSS ON FX CONTRACTS : $ 250,959 2014 UNREALIZED LOSS REVERSAL : $ (93,809) REALIZED FX LOSS : $ 275,171 COST OF GOODS SOLD : $ 7,141 -------------------------------------------------------- TOTAL : $ 439,462 Europe (Including Iceland and Greenland) 2 83 Maintaining offices GENERAL & ADMIN 9753806 East Asia and the Pacific 3 36 Maintaining offices GENERAL & ADMIN 3417940 Europe (Including Iceland and Greenland) 41 Program Services CONFERENCES 155596 East Asia and the Pacific 29 Program Services CONFERENCES 454578 North America 2 Program Services CONFERENCES 23263 North America 4 Program Services ANNUAL GENERAL MEETING 733620 5 195 5 195 14538803 14538803 false false false false false false X false true X X X X X false false false HUZEFA DEESAWALA SCH J PT III CHIEF FINANCIAL OFFICER 208000 92300 126633 32064 458997 92300 DAVID GEEN GENERAL COUNSEL 287407 405778 6139 699324 KEITH NOYES DIRECTOR, ASIA-PACIFIC REGION 357419 256485 6054 619958 MARY CUNNINGHAM CHIEF OPERATING OFFICER 330000 308852 23000 11737 673589 MARY JOHANNES SR DIRECTOR& HEAD OF ISDA WGMR 280000 255264 15952 35064 586280 STEVE KENNEDY SCH J PT III GLOBAL HEAD OF PUBLIC POLICY 362000 268000 279929 31907 941836 268000 KATHERINE TEW DARRAS GENERAL COUNSEL, AMERICAS 304000 195924 20639 3501 524064 GEORGE HANDJINICOLAOU DEPUTY CEO & HEAD OF EMEA 426667 234039 42667 14343 717716 KAREL ENGELEN SCH J PT III CO-HEAD OF DATA,RPRTING,&FPML 268000 140000 0 32064 440064 70000 JING GU ASSISTANT GENERAL COUNSEL ASIA 286110 107966 4802 2334 401212 SCOTT O'MALIA CHIEF EXECUTIVE OFFICER 657585 624707 25000 5000 22385 1334677 MARK GHEERBRANT HEAD OF RISK & CAPITAL 370370 270634 4568 645572 FORM 990, SCHEDULE J, PART I, LINES 2 & 3 SCOTT O'MALIA RECEIVED A HOUSING ALLOWANCE UPON HIS MOVE TO LONDON, SUBJECT TO A WRITTEN AGREEMENT. THE HOUSING ALLOWANCE IS INCLUDED IN W-2 WAGES REPORTED ON SCHEDULE J, PART II, COLUMN B(III). SCHEDULE J, PART II, COLUMN B(III). FORM 990, SCHEDULE J, PART II, COLUMN F * DEFERRED BONUSES FOR THE YEAR ENDED DECEMBER 31, 2015, HUZEFA DEESAWALA, STEVE KENNEDY, AND KAREL ENGELEN WERE PAID BONUSES DEFERRED FROM 2014, REFLECTED IN SCHEDULE J, COLUMN (B)(II) AND COLUMN (F). THE 2015 BONUSES FOR HUZEFA DEESAWALA AND STEVE KENNEDY REFLECTED IN SCHEDULE J, COLUMN (C) WERE DEFERRED IN 2015 AND PAID IN 2016. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIPS BETWEEN BOARD MEMBERS ALAN HAYWOOD & SAM SKERRY HAVE A BUSINESS RELATIONSHIP RICHARD HERMAN & DIXIT JOSHI HAVE A BUSINESS RELATIONSHIP JONATHAN HALL & GUY SAIDENBERG HAVE A BUSINESS RELATIONSHIP TED MACDONALD & DARCY BRADBURY HAVE A BUSINESS RELATIONSHIP THE DIRECTORS LISTED ABOVE DID NOT SERVE ON THE BOARD CONCURRENTLY. FORM 990, PART VI, SECTION A, LINE 4 ISDA'S BY-LAWS WERE AMENDED BY THE BOARD OF DIRECTORS ON NOVEMBER 19, 2015 TO CHANGE THE MAXIMUM NUMBER OF THE BOARD OF DIRECTORS AND THE QUALIFICATIONS OF CERTAIN DIRECTORS. THE AMENDMENTS REMOVED THE QUALIFICATION THAT A DIRECTOR-AT-LARGE, WHICH IS A DIRECTOR APPOINTED BY THE BOARD OF DIRECTORS AND NOT VOTED UPON BY THE MEMBERSHIP, MUST BE AN EMPLOYEE OF A SUBSCRIBER MEMBER THAT IS A NON-DEALER FINANCIAL FIRM WHOSE DERIVATIVES RELATED ACTIVITY IS IN CONNECTION WITH INVESTING AND TRADING FOR THE FIRM'S OWN ACCOUNT OR FOR THE ACCOUNT OF CLIENTS OF THE FIRM WHO ARE SOPHISTICATED INVESTORS. THE NEW QUALIFICATION FOR A DIRECTOR-AT-LARGE IS ANY EMPLOYEE OF A SUBSCRIBER OR ASSOCIATE MEMBER, WHICH ALLOWS FOR REPRESENTATION FROM A BROADER SET OF THE ISDA MEMBERSHIP. IN ADDITION, THE MAXIMUM NUMBER OF DIRECTORS HAS BEEN INCREASED FROM 26 TO 30 AND THE DIRECTORS-AT-LARGE HAVE BEEN INCREASED FROM FOUR TO EIGHT. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 REVIEW PROCESS FORM 990 IS REVIEWED BY THE CFO, CEO, AND THE COO. PRIOR TO FILING, FORM 990 IS PROVIDED TO THE MANAGEMENT COMMITTEE. FORM 990, PART VI, SECTION B, LINE 12 CONFLICT OF INTEREST POLICY EACH MEMBER OF THE BOARD, OFFICER, AND KEY EMPLOYEE OF ISDA SHALL FURNISH A CONFLICT OF INTEREST DISCLOSURE STATEMENT TO THE SECRETARY OF ISDA PRIOR TO HIS OR HER ELECTION TO THE BOARD, ELECTION AS AN OFFICER OR APPOINTMENT OF A KEY EMPLOYEE, AS APPLICABLE, AND THEREAFTER ON AN ANNUAL BASIS. THE DISCLOSURE STATEMENTS SHALL BE REVIEWED ANNUALLY BY THE MANAGEMENT COMMITTEE, IN CONSULTATION WITH ISDAS GENERAL COUNSEL. IN ADDITION, EACH MEMBER OF THE BOARD, OFFICER, AND KEY EMPLOYEE SHALL REPORT PROMPTLY TO THE SECRETARY OF ISDA ANY POTENTIAL CONFLICT OF INTEREST AS AND WHEN IT ARISES. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST: A. ALL QUESTIONS AS TO WHETHER A RELATED PARTY HAS A FINANCIAL INTEREST OR A DUALITY INTEREST, AS APPLICABLE, IN A TRANSACTION, AGREEMENT OR ARRANGEMENT IN WHICH ISDA IS A PARTICIPANT SHALL BE RESOLVED BY A VOTE OF THE BOARD OR THE AUTHORIZED COMMITTEE IN WHICH THE INTERESTED INDIVIDUAL, IF HE OR SHE IS A MEMBER OF THE BOARD, MAY NOT VOTE. B. THE OFFICE OF THE CEO SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION, AGREEMENT OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, IT SHALL BE DETERMINED WHETHER ISDA CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION, AGREEMENT OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT CONSTITUTE A CONFLICT TRANSACTION. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT CONSTITUTING A CONFLICT TRANSACTION, THE BOARD OR THE AUTHORIZED COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED MEMBERS OF THE BOARD WHETHER TO APPROVE THE PROPOSED TRANSACTION, AGREEMENT OR ARRANGEMENT BECAUSE IT IS FAIR, REASONABLE AND IN THE BEST INTEREST OF ISDA. E. THE MINUTES OF THE MEETING OF THE BOARD OR THE AUTHORIZED COMMITTEE CONSIDERING THE CONFLICT TRANSACTION SHALL (I) REFLECT THAT THE RELATED PARTYS FINANCIAL INTEREST OR DUALITY INTEREST, AS APPLICABLE, IN THE TRANSACTION, AGREEMENT OR ARRANGEMENT IN WHICH ISDA IS A PARTICIPANT WAS DISCLOSED, (II) STATE THAT THE RELATED PARTY (AND ANY MEMBER OF THE BOARD, OFFICER, OR KEY EMPLOYEE AFFILIATED WITH THE RELATED PARTY) WAS NOT PRESENT DURING THE FINAL DELIBERATION OR VOTE OF THE BOARD OR THE AUTHORIZED COMMITTEE ON THE CONFLICT TRANSACTION, (III) STATE THAT THE RELATED PARTY, IF A MEMBER OF THE BOARD, ABSTAINED FROM VOTING ON THE CONFLICT TRANSACTION, (IV) DESCRIBE THE ACTION TAKEN BY THE BOARD OR THE AUTHORIZED COMMITTEE RELATING TO THE CONFLICT TRANSACTION (E.G., APPROVAL OR DISAPPROVAL), AND (V) DESCRIBE ANY CONSIDERATION OF ALTERNATIVE TRANSACTIONS, TO THE EXTENT APPLICABLE, BY THE BOARD OR THE AUTHORIZED COMMITTEE. THE BOARD OR THE AUTHORIZED COMMITTEE WILL REPORT THE FOREGOING TO THE MANAGEMENT COMMITTEE PROMPTLY FOLLOWING SUCH MEETING. FORM 990, PART VI, SECTION B, LINES 15A & 15B COMPENSATION REVIEW PROCESS THE COMPENSATION FOR MANAGEMENT STAFF IS REVIEWED AND APPROVED BY THE MANAGEMENT COMMITTEE. THE CEO AND DEPUTY CEO RECUSE THEMSELVES FROM DISCUSSIONS OF THE MANAGEMENT COMMITTEE INVOLVING THEIR COMPENSATION. PRIOR TO APPROVING THE COMPENSATION, THE DATA IS COMPARED TO OTHER INDUSTRY ASSOCIATIONS SIMILAR TO ISDA, OTHER EXCHANGE NON-PROFITS AND FINANCIAL SERVICES COMPARISON GROUP. IN FEBRUARY 2013, AN INDEPENDENT COMPENSATION STUDY WAS CONDUCTED AND IN 2010 A MANAGEMENT COMMITTEE WAS SET UP TO REVIEW COMPENSATION. INDEPENDENT COMPENSATION STUDIES ARE CONDUCTED EVERY 2-3 YEARS. FORM 990, PART VI, SECTION C, LINE 19 PUBLIC DISCLOSURE THE BY-LAWS ARE AVAILABLE ON THE WEBSITE. THE CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NET ASSETS OR FUND BALANCES BOOK-TAX DIFFERENCE IN UNCONSOLIDATED ENTITY: ($65,305) FORM 990, PART XII, LINE 2C THE AUDIT PARTNER PRESENTS THE AUDIT RESULTS TO THE MANAGEMENT COMMITTEE AND THE MANAGEMENT COMMITTEE PRESENTS TO THE BOARD. THE AUDIT PARTNER IS ALSO AVAILABLE AT THE BOARD MEETING TO ANSWER ANY QUESTIONS REGARDING THE AUDIT PRESENTATION. 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