2017-11-06T08:34:38-06:00 2016-12-31 420714325 RSM US LLP 1861 INTERNATIONAL DRIVE SUITE 400 MCLEAN VA 22102 990 2016-01-01 131142150 PACKAGING MACHINERY MANUFACTURERS INSTITUTE PACK 5716123200 11911 FREEDOM DR NO 600 RESTON VA 20190 CHARLES D YUSKA PRESIDENT AND CEO 5716123200 2017-11-02 1 JAMES P SWEENEY CPA P01263012 7033366400 108.171.131.187 2017-11-02 18:36:30 ED P B203A4A8A6E61DBC561768F9DF64C20883389877 CB2B12372D54FE5E0767789CA0B48801016E48F0 2016 2021-01-29 14:40:06Z PMMI CHARLES D YUSKA 11911 FREEDOM DR NO 600 RESTON VA 20190 81828153 0 X WWW.PMMI.ORG X 1933 DE PMMI IMPROVES AND PROMOTES MEMBERS' ABILITIES TO SUCCEED IN A GLOBAL MARKETPLACE. 18 18 134 100 16024523 0 0 0 51012917 65482629 427139 584376 6942 2899915 51446998 68966920 42013 68012 0 0 15092346 16956549 0 0 0 39239585 47311309 54373944 64335870 -2926946 4631050 50691417 63485020 26641223 34239718 24050194 29245302 X PMMI IMPROVES AND PROMOTES MEMBERS' ABILITIES TO SUCCEED IN A GLOBAL MARKETPLACE. 0 0 EXHIBIT: DEVELOPS THE PROMOTION AND SPONSORSHIP OF PACK EXPO INTERNATIONAL AND PACK EXPO LAS VEGAS, WHICH ARE HELD IN ALTERNATING YEARS IN CHICAGO, ILLINOIS AND LAS VEGAS, NEVADA RESPECTIVELY. 2,526 EXHIBITORS AND 45,598 ATTENDEES AT THE 2016 CHICAGO SHOW. EXHIBITOR SERVICES & SHOW MANAGEMENT: PROVIDES EXHIBITOR CONTRACTOR SERVICES AT PACK EXPO INTERNATIONAL AND PACK EXPO LAS VEGAS, WHICH ARE HELD IN ALTERNATING YEARS IN CHICAGO, ILLINOIS AND LAS VEGAS, NEVADA, RESPECTIVELY. MEDIA GROUP: PROVIDES LEADING EDGE PRINT AND MEDIA TECHNOLOGIES THAT SERVE AS AN INTERACTIVE KNOWLEDGE EXCHANGE FOR THE PROCESSING AND PACKAGING SUPPLY CHAIN THROUGHOUT THE YEAR. CIRCULATION: 135,000. PUBLICATIONS ISSUED: 40. EDUCATION: ENHANCES THE KNOWLEDGE AND CAPABILITIES OF MANUFACTURERS OF PACKAGING AND PROCESSING MACHINERY AND THEIR CUSTOMERS THROUGH EDUCATION AND TRAINING PROGRAMS, PUBLICATIONS, AND OTHER EDUCATIONAL FORUMS. MEETINGS: CONDUCTS AND COORDINATES THE COMMITTEES, EXECUTIVE LEADERSHIP CONFERENCE, ANNUAL MEETING, AND OTHER MEETINGS. MARKET DEVELOPMENT: IDENTIFIES MARKET OPPORTUNITIES FOR MEMBERS, BOTH DOMESTICALLY AND INTERNATIONALLY. OPERATIONAL EXCELLENCE LEADERSHIP NETWORK: THE OPERATIONAL EXCELLENCE LEADERSHIP NETWORK (FORMERLY ALLIANCE FOR INNOVATION AND OPERATIONAL EXCELLENCE) FOSTERS COOPERATION, COLLABORATION, AND SHARING OF INFORMATION AMONG CUSTOMER GROUPS WITHIN THE PACKAGING AND PROCESSING INDUSTRY. MEMBER SERVICES: OFFERS VARIOUS SERVICES SUCH AS THE MEMBER DIRECTORIES, BROCHURES, AND COMMUNICATIONS, AND COORDINATES PUBLIC RELATIONS WITH OTHER PACKAGING AND PROCESSING ORGANIZATIONS. TECHNICAL: TRACKS AND PARTICIPATES IN THE DEVELOPMENT OF STANDARDS AND REGULATIONS AFFECTING THE PACKAGING INDUSTRY AND PROVIDES TECHNICAL SUPPORT TO MEMBERS IN THE PACKAGING AND PROCESSING INDUSTRY. INDUSTRY SERVICES: FOSTERS COOPERATION, COLLABORATION, AND SHARING OF INFORMATION AMONG VARIOUS GROUPS WITHIN THE PACKAGING AND PROCESSING INDUSTRIES. COMMUNICATIONS: RAISES AWARENESS OF PMMI AND PACK EXPO INITIATIVES VIA COMMUNICATION CHANNELS SUCH AS PMMI REPORTS, JUST IN TIME, PRESS RELEASES, AND OTHER MEDIA. BUSINESS INTELLIGENCE: COLLECTS AND REPORTS VALID SURVEY AND STATISTICAL DATA FOR THE BENEFIT OF THE MEMBERSHIP AND THE INDUSTRY. 0 0 0 1 0 0 0 0 0 1 0 0 1 1 1 1 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 1 151 0 1 134 1 1 1 1 MX 0 0 1 1 0 X 18 18 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X CRAIG SILVERIO 5716123200 11911 FREEDOM DR NO 600 RESTON VA 20190 PAUL IRVINE CHAIRMAN 2.00 2.00 X X 0 0 0 MARK ANDERSON VICE CHAIRMAN 2.00 2.00 X X 0 0 0 WILLIAM L CRIST IMMED PAST CHAIRMAN 2.00 2.00 X X 0 0 0 RICK ALLEGRETTI BOARD MEMBER 2.00 X 0 0 0 DALE ANDERSEN BOARD MEMBER 2.00 X 0 0 0 EMMANUEL CERF BOARD MEMBER 2.00 X 0 0 0 WAYNE GOLDBERG BOARD MEMBER 2.00 X 0 0 0 ED HOWE BOARD MEMBER 2.00 X 0 0 0 MATT LERNER BOARD MEMBER 2.00 X 0 0 0 DAVID NAVIN BOARD MEMBER 2.00 X 0 0 0 MARTIN PRAKKEN BOARD MEMBER 2.00 X 0 0 0 OLE RYGH BOARD MEMBER 2.00 X 0 0 0 GARY SAUNDERS BOARD MEMBER 2.00 X 0 0 0 ALAN SHUHAIBAR BOARD MEMBER 2.00 X 0 0 0 GARY TANTIMONICO BOARD MEMBER 2.00 X 0 0 0 JONATHAN TITTERTON BOARD MEMBER 2.00 X 0 0 0 MIKE WAGNER BOARD MEMBER 2.00 X 0 0 0 NANCY WILSON BOARD MEMBER 2.00 X 0 0 0 CHARLES YUSKA PRESIDENT 38.00 2.00 X 2645698 139247 71022 CRAIG SILVERIO VP, FINANCE 38.00 2.00 X 293107 15427 66467 JAMES PITTAS SR. VP, TRADE SHOWS 40.00 0.00 X 442224 0 66578 JOSEPH ANGEL PRESIDENT/PUBLISHER 40.00 X 399124 0 65745 MARY KATHRYN BERGMANN SR. VP, ADMINISTRATION 40.00 X 326256 0 53835 DAVID NEWCORN VP, CUSTOM & DIGITAL MEDIA 40.00 X 305013 0 69798 JAMES CHRZAN VP, PUBLISHER 40.00 X 341061 0 69557 JORGE IZQUIERDO VP, MARKET DEVELOPMENT 40.00 X 293742 0 69171 THOMAS EGAN VP, INDUSTRY SERVICES 40.00 X 297452 0 61656 GLEN LONG SENIOR VP, INDUSTRY SERVICES 40.00 X 332894 0 51610 5676571 154674 645439 10 0 1 0 FREEMAN PO BOX 650036 DALLAS TX 75265 TRADE SHOW GEN CONTRACTOR 7423630 THE EXPO GROUP LLP 5931 W CAMPUS CIRCLE DR IRVING TX 75063 3RD PARTY BILLING SERVICES 4513514 FIXATION MARKETING 4340 EAST-WEST HIGHWAY SUITE 200 BETHESDA MD 20814 OUTSOURCED ADVERTISING/MARKETING 2358760 EMPLOYCO INC 350 WEST OGDEN AVENUE WESTMONT IL 60559 PROFESSIONAL EMPLOYER ORG 2268849 O & B COMMUNICATIONS 3 PAOLI PLAZA PAOLI PA 19301 OUTSOURCED MAGAZINE MANAGEMENT 894266 35 EXHIBITS & MEETINGS 900099 46536218 45566368 969850 PUBLICATIONS & MEDIA 541800 15772641 15338574 434067 MEMBERSHIP DUES 900099 1221315 1221315 PHARMA EXPO 900099 885822 885822 EXPOPACK 900099 685949 0 685949 380684 340684 40000 65482629 577895 577895 12867714 12861233 6481 6481 6481 EARNINGS FROM SUBS 900099 2107600 2107600 EXPOPACK COMMISSIONS 900099 675168 675168 OTHER INCOME 900099 117147 117147 2899915 68966920 50796957 16024523 2145440 X 68012 6188210 8590767 199514 1166205 811853 70837 91105 105677 25948501 2603322 1038436 1058434 1005300 1813822 4699498 1098520 344797 PRINTING & PUBLICATIONS 2000588 COMMISSIONS 1654118 OTHER EXPENSES 1435564 CONTINGENCY 1245129 1097661 64335870 899014 11346524 1466929 3028449 10800 7634 571263 768755 3450773 1806819 1600801 1643954 26799985 25992895 1821561 1948667 17521064 18748142 50691417 63485020 10379207 18235133 8180148 9729026 8081868 6275559 26641223 34239718 X 24050194 29245302 24050194 29245302 50691417 63485020 X 4631050 909680 -345622 X X 0 1 X 1 0 0 1 0 850043 456481 393562 2600730 1350338 1250392 1643954 INTANGIBLE ASSET - UNAMORTIZABLE GOODWILL 12084043 DEFERRED COSTS 1203261 DUE FROM RELATED PARTY 4283383 DRAYAGE RECEIVABLES 416683 DEFERRED COMPENSATION INVESTMENTS 760772 18748142 DEFERRED COMPENSATION 760772 DEFERRED RENT 732904 DUE TO RELATED ENTITIES 81817 DRAYAGE PAYABLE 4700066 6275559 X 72652436 909680 2881513 3791193 68861243 105677 105677 68966920 67450771 3220578 3220578 64230193 105677 105677 64335870 PART X, LINE 2: THE INSTITUTE IS EXEMPT FROM THE PAYMENT OF INCOME TAXES UNDER SECTION 501(C)(6) OF THE INTERNAL REVENUE CODE. HOWEVER, THE INSTITUTE IS SUBJECT TO INCOME TAX ON ITS UNRELATED BUSINESS ACTIVITIES, SUCH AS PRINT AND ONLINE ADVERTISING AND, AS A RESULT OF DIRECT AND INDIRECT ADVERTISING COSTS. THE INSTITUTE HAS NO TAXABLE INCOME RESULTING FROM ITS ADVERTISING REVENUE. THE INSTITUTE IS ALSO SUBJECT TO A 5% WITHHOLDING TAX ON DIVIDEND DISTRIBUTIONS RECEIVED FROM EXPO PACK. THE INSTITUTE HAS GENERATED NET OPERATING LOSS CARRY-FORWARDS FROM ACTIVITIES OF PRIOR YEARS, WHICH WERE UNRELATED TO THE INSTITUTE'S EXEMPT PURPOSE AND SUBJECT TO INCOME TAX. THE NET OPERATING LOSS CARRY-FORWARDS, WHICH MAY BE APPLIED AGAINST FUTURE YEARS' TAXABLE INCOME, TOTALED APPROXIMATELY $9,382,000 AT JANUARY 1, 2016. THE NET OPERATING LOSS CARRY-FORWARDS WILL EXPIRE AT VARIOUS DATES THROUGH 2033. HOWEVER, A 100% VALUATION ALLOWANCE AGAINST THE DEFERRED TAX ASSET HAS BEEN RECOGNIZED DUE TO THE UNCERTAINTY OF REALIZING A BENEFIT FROM THE NET OPERATING LOSS CARRY-FORWARDS. THEREFORE, THE DEFERRED TAX ASSET, NET OF VALUATION ALLOWANCE, TOTALED $0 AT DECEMBER 31, 2016. MANAGEMENT EVALUATED THE INSTITUTE'S TAX POSITIONS AND CONCLUDED THAT THE INSTITUTE HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. GENERALLY, THE INSTITUTE IS NO LONGER SUBJECT TO U.S. FEDERAL INCOME TAX POSITIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2013. PART XI, LINE 2D - OTHER ADJUSTMENTS: REALIZED GAIN ON FOREIGN CURRENCY EXCHANGE 943. EXPOPACK REVENUE INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 6,096,113. EPASE REVENUE INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 290,023. PMMI FOUNDATION REVENUE INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 111,173. CONSOLIDATED AUDIT INTERCOMPANY ELIMINATIONS -3,616,739. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPOPACK EXPENSES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 4,325,172. EPASE EXPENSES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 298,986. PMMI FOUNDATION EXPENSES INCLUDED IN CONSOLIDATED FINANCIAL STATEMENTS 104,616. CONSOLIDATED AUDIT INTERCOMPANY ELIMINATIONS -1,508,196. NORTH AMERICA 0 0 INVESTMENTS IN REGION 1948667 0 0 0 0 0 0 1948667 0 1948667 0 0 1 0 0 0 1 PMMI EDUCATION AND TRAINING FOUNDATION 11911 FREEDOM DR STE 600 RESTON VA 20190 541820667 501(C)(3) 68012 OPERATIONS 1 0 PART I, LINE 2: GRANTS ARE MADE TO PMMI EDUCATION & TRAINING FOUNDATION, A RELATED SUPPORTING ORGANIZATION, AND ARE RESTRICTED TO USES THAT SUPPORT THE CHARITABLE AIMS OF PMMI. PMMI MAINTAINS OVERSIGHT OF EXPENDITURES MADE BY THE FOUNDATION. X X X 0 1 X X 0 1 0 CHARLES YUSKA PRESIDENT 738385 38862 110375 5809 1796938 94576 41725 2196 25746 1355 2713169 142798 1026688 0 CRAIG SILVERIO VP, FINANCE 262270 13804 27189 1431 3648 192 40993 2158 22150 1166 356250 18751 0 0 JAMES PITTAS SR. VP, TRADE SHOWS 397992 0 39950 0 4282 0 41252 0 25326 0 508802 0 0 0 JOSEPH ANGEL PRESIDENT/PUBLISHER 351203 0 35000 0 12921 0 43901 0 21844 0 464869 0 0 0 MARY KATHRYN BERGMANN SR. VP, ADMINISTRATION 293666 0 28750 0 3840 0 43901 0 9934 0 380091 0 0 0 DAVID NEWCORN VP, CUSTOM & DIGITAL MEDIA 274283 0 27500 0 3230 0 43837 0 25961 0 374811 0 0 0 JAMES CHRZAN VP, PUBLISHER 299521 0 30000 0 11540 0 43901 0 25656 0 410618 0 0 0 JORGE IZQUIERDO VP, MARKET DEVELOPMENT 263891 0 26745 0 3106 0 43901 0 25270 0 362913 0 0 0 THOMAS EGAN VP, INDUSTRY SERVICES 265895 0 26138 0 5419 0 43901 0 17755 0 359108 0 0 0 GLEN LONG SENIOR VP, INDUSTRY SERVICES 306500 0 23100 0 3294 0 41009 0 10601 0 384504 0 0 0 PART I, LINE 1A PMMI REIMBURSED CERTAIN STAFF MEMBERS FOR SPOUSAL TRAVEL. EACH INDIVIDUAL WAS APPRISED OF THE TAXABLE NATURE OF SUCH REIMBURSMENT BY WAY OF A FORM W-2 ADDITION TO COMPENSATION. PMMI PAYS FOR A SOCIAL CLUB MEMBERSHIP FOR ITS PRESIDENT AND CEO. IN ADDITION, A TAX GROSS-UP OF $232,958 WAS PAID TO THE CEO DURING 2016. ALL AMOUNTS ARE PROPERLY REPORTED ON FORM W-2 AND IN FORM 990, PART VII AND ON FORM 990, SCHEDULE J, PART II. PART I, LINE 1B PMMI HAS WRITTEN POLICIES ON EVERYTHING EXCEPT FOR SPOUSAL TRAVEL. PMMI'S SPOUSAL TRAVEL POLICY IS NOT EXPLICITLY WRITTEN OUT, BUT IS AN OFFICIAL POLICY AND IS CARRIED OUT CONSISTENTLY. PART I, LINE 4B IN 2008, THE INSTITUTE ESTABLISHED A DEFERRED COMPENSATION ARRANGEMENT FOR PRESIDENT AND CHIEF EXECUTIVE OFFICER, CHARLES YUSKA, FOR CURRENT AND PAST SERVICES. THE ARRANGEMENT CALLED FOR EMPLOYER'S CONTRIBUTION CREDITS DURING THE YEARS 2008 THROUGH 2016, ALL WHICH WERE REPORTED ON THE INSTITUTE'S PREVIOUS FORM 990S IN FULL. THE ARRANGEMENT VESTED IN 2016 AND IS PROPERLY REPORTED ON THE ORGANIZATION'S 2016 FORM 990, PART VII & SCHEDULE J. IN ADDITION, THE VESTED PORTION WAS INCLUDED ON THE RECIPIENT'S W-2, BOX 1 AND 5 IN 2016. FORM 990, PART VI, SECTION A, LINE 1 PMMI HAS AN EXECUTIVE COMMITTEE COMPOSED OF THE OFFICERS OF THE INSTITUTE. THE EXECUTIVE COMMITTEE EXERCISES ALL OF THE POWERS OF THE BOARD IN BETWEEN MEETINGS OF THE FULL BOARD, EXCEPT AS LIMITED BY LAW. THE EXECUTIVE COMMITTEE KEEPS MINUTES OF ITS MEETINGS AND REPORTS ITS ACTIONS TO THE FULL BOARD AT THE FIRST BOARD MEETING FOLLOWING ANY ACTIONS TAKEN. FORM 990, PART VI, SECTION A, LINE 6 THE MEMBERSHIP OF PMMI IS DIVIDED INTO EIGHT (8) CLASSES: CHARTER, GENERAL (VOTING), HONORARY, SUPPLIER, MATERIALS, PROCESSING, ASSOCIATE, AND AFFILIATED SUPPLIER. CHARTER MEMBERS: ALL APPLICANTS WHO JOINED DURING 1933 WERE CHARTER MEMBERS. GENERAL MEMBERS: ANY LEGAL ENTITY, FIRM OR CORPORATION OR SUBSIDIARY OR DIVISION THEREOF MAINTAINING OFFICES AND MANUFACTURING FACILITIES IN THE UNITED STATES, CANADA OR MEXICO SHALL BE ELIGIBLE FOR MEMBERSHIP IN THE INSTITUTE PROVIDED: 1. THEY ARE ENGAGED IN TEH MANUFACTURING OF PACKAGING MACHINERY, OR PACKAGING-RELATED CONVERTING EQUIPMENT, OR PROCESSING MACHINERY AS DEFINED IN PMMI'S BYLAWS; 2. HAVE BEEN ENGAGED IN THIS ACTIVITY IN THE U.S., CANADA OR MEXICO FOR A PERIOD OF TWO YEARS PRIOR TO APPLICATION; 3. HAVE APPLIED FOR SUCH MEMBERSHIP AND FOR ALL SERVICES AND PRIVILEGES OF MEMBERSHIP AND HAVE BEEN ELECTED BY THE AFFIRMATIVE VOTE OF THE MAJORITY OF THE BOARD OF DIRECTORS TO SUCH MEMBERSHIP; 4. HAVE AGREED TO PAY ALL FEES, DUES, AND ASSESSMENTS REQUIRED TO MEET THE EXPENSES OF THE INSTITUTE; AND 5. AGREE TO ABIDE BY PMMI'S BYLAWS. HONORARY MEMBERS: ANY INDIVIDUAL WHO HAS RENDERED DISTINGUISHED SERVICE TO THE INSTITUTE OR TO THE PACKAGING MACHINERY INDUSTRY, MAY BE ELECTED TO HONORARY MEMBERSHIP IN THE INSTITUTE, BY THE BOARD AND BY THE MEMBERSHIP. SUPPLIER MEMBERS: ANY LEGAL ENTITY, FIRM OR CORPORATION OR SUBSIDIARY OR DIVISION THEREOF THAT IS ENGAGED IN THE MANUFACTURING OF COMMERCIALLY AVAILABLE PACKAGING MACHINERY COMPONENTS AND THAT IS NOT ENGAGED IN THE MANUFACTURING OF PACKAGING MACHINERY, OR PACKAGING-RELATED CONVERTING EQUIPMENT, OR PROCESSING MACHINERY AS DEFINED IN THE BYLAWS, MAY APPLY FOR MEMBERSHIP IN THE INSTITUTE AS A SUPPLIER MEMBER. MATERIALS MEMBERS: ANY LEGAL, FIRM OR CORPORATION OR SUBSIDIARY OR DIVISION THEREOF THAT IS ENGAGED IN THE MANUFACTURING OF COMMERICALLY AVAILABLE PACKAGING MATERIALS AND CONTAINERS AND THAT IS NOT ENGAGED IN THE MANUFACTURING OF PACKAGING MACHINERY, OR PACKAGING-RELATED CONVERTING EQUIPMENT, OR PROCESSING MACHINERY AS DEFINED IN PMMI'S BYLAWS, MAY APPLY FOR MEMBERSHIP IN THE INSTITUTE AS A MATERIALS MEMBER. PROCESSING MEMBER: ANY LEGAL ENTITY, FIRM, CORPORATION OR SUBSIDIARY THAT IS ENGAGED IN THE MANUFACTURING OF COMMERCIALLY AVAILABLE PROCESSING MACHINERY AND RELATED EQUIPMENT OUTSIDE OF NORTH AMERICA AND THAT IS NOT ENGAGED IN THE MANUFACTURING OF PACKAGING MACHINERY OR PACKAGING-RELATED CONVERTING EQUIPMENT AS DEFINED IN SECTION 3(A) AND 3(B) OF THIS ARTICLE, MAY APPLY FOR MEMBERSHIP IN THE INSTITUTE AS A PROCESSING MEMBER. TO BE ELIGIBLE FOR MEMBERSHIP, A MANUFACTURER MUST HAVE BEEN ENGAGED IN THIS ACTIVITY FOR A PERIOD OF TWO YEARS PRIOR TO APPLICATION, AND SALES OF PROCESSING MACHINERY MUST CONSTITUTE A MAJOR ACTIVITY (AS DETERMINED BY THE BOARD OF DIRECTORS) OF SUCH MANUFACTURER. ASSOCIATE MEMBER: ANY LEGAL ENTITY, FIRM OR CORPORATION OR SUBSIDIARY OR DIVISION THEREOF ENGAGED IN THE MANUFACTURING OF PACKAGING MACHINERY OR PACKAGING-RELATED CONVERTING EQUIPMENT OR PROCESSING MACHINERY AND THAT HAS A PRESENCE, AS DETERMINED BY THE BOARD OF DIRECTORS, IN THE UNITED STATES, CANADA, OR MEXICO, BUT DOES NOT MEET THE REQUIREMENTS OF GENERAL MEMBERSHIP, MAY APPLY FOR MEMBERSHIP IN THE INSTITUTE AS AN ASSOCIATE MEMBER. AFFILIATED SUPPLIER MEMBER: ANY LEGAL ENTITY, FIRM OR CORPORATION OR SUBSIDIARY OR DIVISION THEREOF THAT IS ENGAGED IN THE PROVISION OF SERVICES TO THE PACKAGING OR PROCESSING INDUSTRIES, BUT IS NOT ENGAGED IN THE MANUFACTURING OF PACKAGING OR PROCESSING MACHINERY COMPONENTS, PACKAGING MATERIALS OR CONTAINERS, OR PACKAGING MACHINERY OR PACKAGING-RELATED CONVERTING EQUIPMENT OR PROCESSING MACHINERY AS DEFINED IN SECTIONS 3(A) AND 3(B) OF THIS ARTICLE, MAY APPLY FOR MEMBERSHIP IN THE INSTITUTE AS AN AFFILIATED SUPPLIER MEMBER. FORM 990, PART VI, SECTION A, LINE 7A DIRECTORS SHALL BE ELECTED BY THE MEMBERSHIP. THE ELECTION OF NEW DIRECTORS BY MEMBERS SHALL BE HELD THE FIRST DAY OF THE ANNUAL MEETING. AT LEAST TWENTY DAYS PRIOR TO THE ANNUAL MEETING THE NOMINATING COMMITTEE - CONSISTING OF THE IMMEDIATE PAST CHAIRMAN, WHO SHALL SERVE AS THE CHAIRMAN OF THE NOMINATING COMMITTEE; CHAIRMAN OF THE BOARD; AND VICE CHAIRMAN - SHALL MEET TO SELECT A SLATE OF CANDIDATES TO FILL ANY FULL FOUR (4) YEAR TERM, OR ANY VACANCY FOR A SHORTER TERM SHOULD THE NEED ARISE. IN SELECTING THE SLATE OF QUALIFIED NOMINEES TO BE PRESENTED TO THE MEMBERSHIP, THE NOMINATING COMMITTEE SHALL TAKE INTO CONSIDERATION THE OVERALL COMPANY SIZE AND GEOGRAPHIC MAKE UP OF THE EXISTING BOARD AND SHALL, TO THE EXTENT PRACTICABLE, SELECT NOMINEES THAT WILL MAINTAIN A WELL-BALANCED BOARD, REFLECTING THE INSTITUTE'S MEMBERSHIP. NO EXECUTIVE REPRESENTAT IVE OF A MEMBER IN AN AFFILIATED GROUP, AS DEFINED IN SECTION 3(C) OF ARTICLE II OF THESE BYLAWS, SHALL BE ELIGIBLE FOR NOMINATION IF ANOTHER MEMBER IS ALREADY A MEMBER OF THE CURRENT BOARD. ONLY ONE NOMINATION FROM AN AFFILIATED GROUP CAN BE CONSIDERED BY THE NOMINATING COMMITTEE. TEN (10) DAYS PRIOR TO THE ANNUAL MEETING, THE PRESIDENT SHALL NOTIFY THE MEMBERS IN WRITING OF THE SLATE OF NOMINEES FOR THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ALTERATIONS OR AMENDMENTS OF THESE BYLAWS MAY BE PROPOSED BY THE BOARD OF DIRECTORS OR BY PETITION SIGNED BY AT LEAST TWENTY PERCENT (20%) OF THE GENERAL MEMBERS OF THE INSTITUTE. BYLAWS MAY BE ALTERED OR AMENDED BY A MAJORITY VOTE OF THE GENERAL MEMBERS PRESENT AND VOTING AT ANY MEETING OF THE INSTITUTE AT WHICH A QUORUM IS PRESENT PROVIDED THAT NOTICE OF SUCH ALTERATION OR AMENDMENT SHALL HAVE BEEN GIVEN TO THE MEMBERS IN WRITING NOT LESS THAN FOURTEEN (14) DAYS PRIOR TO THE DATE OF THE MEETING AT WHICH SUCH MATTER IS TO BE VOTED UPON. GENERAL MEMBERS MAY ALSO CHOOSE TO VOTE BY BALLOT. BALLOTS MUST BE RECEIVED BY THE VICE-CHAIRMAN, OR HIS OR HER DESIGNEE, TWENTY-FOUR (24) HOURS BEFORE THE MEETING VOTE, THE BOARD OF DIRECTORS MAY, ON ITS OWN AUTHORITY, EFFECT AMENDMENTS TO THESE BYLAWS THAT ARE EDITORIAL IN NATURE AND DO NOT AFFECT THE SUBSTANCE OF ANY PROVISION. HONORARY PMMI MEMBERS, AS PREVIOUSLY DESCRIBED, ARE INITIALLY SELECTED BY UNANIMOUS VOTE OF THE BOARD OF DIRECTORS PRESENT AT ANY BOARD MEETING, AND BY TWO-THIRDS VOTE OF THE MEMBERS PRESENT AT A SUBSEQUENT GENERAL MEMBERSHIP MEETING. THE BOARD OF DIRECTORS, AS EMPOWERED BY AN AFFIRMATIVE VOTE OF TWO-THIRDS OF ALL PMMI MEMBERS, MAY SUSPEND OR EXPEL A MEMBER FOR CAUSE AFTER PROVIDING THE MEMBER WITH REASONABLE NOTICE AND OPPORTUNITY TO ANSWER THE CHARGES AGAINST IT AND AN APPROPRIATE HEARING. THE BOARD OF DIRECTORS SHALL HAVE POWER TO ESTABLISH DIVISIONS OF PMMI UNDER SUCH REGULATIONS AS MAY BE VOTED BY THE MEMBERSHIP. THE BOARD OF DIRECTORS SHALL ALSO HAVE POWER TO ESTABLISH DIVISIONS TENTATIVELY, SUBJECT TO RATIFICATION BY THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE PMMI 990 IS REVIEWED BY MEMBERS OF THE EXECUTIVE COMMITTEE AND APPROPRIATE STAFF PERSONS PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C PMMI REQUIRES ANNUAL DISCLOSURES BY ALL BOARD MEMBERS, AND SUCH DISCLOSURES ARE REVIEWED FOR COMPLIANCE AND TO ENSURE RECUSAL OR OTHER APPROPRIATE CONDUCT BY ANY CONFLICTED DIRECTOR. FORM 990, PART VI, SECTION B, LINE 15 THE RESPONSIBILITY FOR ASSESSING THE PRESIDENT AND CEO'S ANNUAL PERFORMANCE AND DETERMINING HIS ANNUAL PAY CHANGE IS THAT OF THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS (THE COMMITTEE). THE COMMITTEE USES A COMBINATION OF GOAL SETTING AND COMPETENCIES TO EVALUATE PERFORMANCE. THE ANNUAL PERFORMANCE CYCLE IS 12 MONTHS WITH TWO FORMAL MEETING EACH YEAR - PERFORMANCE FEEDBACK /PLANNING MEETING AND A MID CYCLE REVIEW. THE PERFORMANCE CYCLE COVERS A 12-MONTH PERIOD BEGINNING ON THE EMPLOYMENT ANNIVERSARY DATE EACH YEAR. THE CYCLE PROVIDES A CONTEXT FOR ALL WORK-RELATED PERFORMANCE AND BEHAVIOR. THE ACTIVITIES THAT OCCUR WITHIN THE CYCLE - PLANNING, OBSERVING AND REVIEWING PERFORMANCE, AND PROVIDING FEEDBACK - ARE ONGOING. THE PRESIDENT AND CEO DEVELOPS A PERFORMANCE PLAN WHICH IS SUBMITTED TO THE COMMITTEE FOR REVIEW AND APPROVAL. THE CHAIR OF THE EXECUTIVE COMMITTEE (THE CHAIR) COMMUNICATES WITH THE PRESIDENT AND CEO PERIODICALLY THROUGHOUT THE PERFORMANCE PERIOD TO DISCUSS THE ORGANIZATION'S RESULTS AND ADJUST THE PLAN AS NECESSARY. THE FORMAL EVALUATION BETWEEN THE PRESIDENT AND CEO AND THE COMMITTEE OCCURS AT THE END OF THE ANNUAL CYCLE. THE CHAIR IS RESPONSIBLE FOR MEETING WITH THE PRESIDENT AND CEO TO REVIEW HIS PERFORMANCE RESULTS AFTER COLLABORATION WITH THE COMMITTEE. THE FORMAL EVALUATION INCLUDES SUMMARIZING AND DOCUMENTING THE PRESIDENT AND CEO'S PERFORMANCE OVER THE PAST 12 MONTHS. THE COMMITTEE ACCESSES RESOURCES TO REVIEW THE EXTERNAL COMPETIVENESS OF THE PRESIDENT/CEO'S COMPENSATION PACKAGE IN THE CONTEXT OF THOSE PROVIDED TO EXECUTIVES IN COMPARABLE TRADE ASSOCIATIONS BASED ON INDUSTRY TYPE AND ANNUAL OPERATING BUDGETS. DATA IS COLLECTED REGULARLY TO ASSESS THE EXTERNAL COMPETIVENESS OF COMPENSATION FOR THE KEY EMPLOYEE POSITIONS. THIS DATA INCLUDES ANALYZING JOB CONTENT AND BENCHMARKING COMPENSATION FOR SIMILAR POSITIONS IN THE VARIOUS LABOR MARKETS IN WHICH THE ORGANIZATION COMPETES FOR EXECUTIVE TALENT. THIS INFORMATION IS UTILIZED TO OBTAIN CURRENT MARKET PAY DATA ACROSS THESE MARKETS FOR USE IN ESTABLISHING THE INTERNAL COMPENSATION STRUCTURE. ADDITIONAL BENCHMARKING DATA IS AVAILABLE TO THE COMMITTEE FROM OTHER SOURCES THAT HAVE COMPLETED A MARKET ANALYSIS BASED ON SURVEY RESULTS FROM DATA FROM COMPARABLE ORGANIZATIONS IN THE TRADE ASSOCIATION INDUSTRY. KEY EMPLOYEES: THE RESPONSIBILITY FOR ASSESSING THE ANNUAL PERFORMANCE AND PAY CHANGES FOR KEY EMPLOYEES IS THAT OF THE PRESIDENT AND CEO. THE PROCESS INCLUDES A COMBINATION OF GOAL SETTING AND COMPETENCIES TO EVALUATE PERFORMANCE. THE PERFORMANCE CYCLE COVERS A 12-MONTH PERIOD BEGINNING ON THE EMPLOYMENT ANNIVERSARY DATE EACH YEAR. IN ADDITION, EACH CALENDAR YEAR, INDIVIDUAL GOAL SETTING OCCURS AFTER THE PRIORITY GOALS FOR THE ORGANIZATION HAVE BEEN DOCUMENTED. THE GOALS OF THE KEY EMPLOYEES ARE IN SUPPORT OF THE OVERALL GOALS OF THE ORGANIZATION. COLLECTIVELY, THESE TWO PROCESSES PROVIDE THE CONTEXT FOR ALL WORK-RELATED PERFORMANCE AND BEHAVIOR. THE ACTIVITIES THAT OCCUR WITHIN THESE CYCLES - PLANNING, OBSERVING AND REVIEWING PERFORMANCE AND PROVIDING FEEDBACK ARE ONGOING. THE PERFORMANCE PLAN FOR KEY EMPLOYEES IS ADDRESSED BOTH IN THE PERFORMANCE APPRAISAL DOCUMENT AND DURING THE GOAL SETTING PROCESS AS APPROPRIATE AND ARE REVIEWED AND APPROVED BY THE CEO. FORMAL EVALUATION BETWEEN THE KEY EMPLOYEES AND THE PRESIDENT/CEO OCCURS BOTH AT THE END OF THE ANNUAL CYCLE AND THE CALENDAR YEAR CYCLE AND INCLUDES SUMMARIZING AND DOCUMENTING THE KEY EMPLOYEES' PERFORMANCE OVER EACH 12 MONTH PERIOD. FORM 990, PART VI, SECTION C, LINE 19 PMMI DOES NOT GENERALLY MAKE THESE DOCUMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G CONSULTING FEES 1,049,950. OTHER PROFESSIONAL FEES 24,898,551. FORM 990, PART XI, LINE 9: REALIZED GAIN ON FOREIGN CURRENCY EXCHANGE -927. EQUITY IN EARNINGS OF SUBSIDIARY -364,892. OTHER COMPREHENSIVE LOSS 20,197. FORM 990, PART XII, LINE 2C: THE PROCESS FOR OVERSEEING THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT THAT AUDITED THE FINANCIAL STATEMENTS HAS BEEN CONSISTENT WITH PRIOR YEARS. 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