Capital Regional Development Council

“The form 990 is reviewed and approved by the board of directors in detail prior to filing. Questions are addressed to the preparer and resolved in a timely manner. A final draft version of the return is provided to the full board prior to filing.”

“At least annually, each director and officer of capital regional development council (crdc) completes a written conflict of interest disclosure. Each disclosure is made within 60 days of the beginning of the organization's fiscal year and for newly elected directors and officers, at the time of their election or at the first board meeting such newly elected director or officer attends. The conflict of interest forms disclose any relationships the director or officer or any member of his or her immediate family may have with crdc's clients, service providers, or borrowers. The directors or officers must recuse from voting on or participating in the discussion of any client, service provider, or borrower he or she has a relationship with unless they are asked to respond to specific questions from the board. No director or officer enters into a pecuniary benefit transaction with crdc unless two-thirds majority of the board approves the transaction (the director or officer with the pecuniary benefit does not participate in the vote). It is the intent of capital regional development council to avoid any conflict of interest or the appearance of any conflict of interest in its business dealings. Any potential conflicts of interest that surface are reviewed by the executive director and in some cases the organization's legal counsel to ensure that if there is a conflict it is resolved accordingly.”

“The executive compensation committee is comprised of the organization's board president, vice president, secretary and treasurer. In fiscal years 2013, 2014 and 2015 the compensation committee engaged an independent human resources consultant that performed a comprehensive analysis of the compensation packages of comparable economic development and non-traditional lending organizations throughout new england. Based on the findings of this research the committee has determined that it secured sufficient baseline information to be able to appropriately set executive compensation. The independent consultant is no longer being engaged. In previous years the human resource consultant prepared and sent out a comprehensive survey to board members, bankers and key collaborators served by the organization to gauge the effectiveness of the executive director in representing the organization in an effective and professional manner. The survey has been used for more than six previous fiscal years. The compensation committee has determined that it has established a sufficient base line of information about compensation packages from similar organizations to guide appropriate changes to the annual compensation package of the executive director. The primary determining factor impacting compensation is now focused on the success of reaching detailed and quantifiable goals in the board of directors approved annual work plan.”

“Capital regional development council's form 990 is available online at www.guidestar.org. Governing documents and conflict of interest policies are available upon request. Financial statements are available for inspection at our primary business location.”

“Other professional fees: program service expenses 1,351. Management and general expenses 778. Fundraising expenses 0. Total expenses 2,129.”

“Loan loss reserve adjustment (net) -144,019.”

“No change from prior years.”

“Capital regional development council checked the amended return box on form 990, heading, item b as the incorrect retirement and other deferred compensation amount was shown on part vii and schedule j part ii . Due to this, part vii and schedule j part ii have been adjusted to show the correct retirement and other deferred compensation amount.”