Capital Regional Development Council

“During the fiscal year, the organization revised its by-laws in accordance with new small business administration (sba) regulations for sba certified development companies (cdc). The organization has eliminated membership as permitted and amended its by-laws to conform to sba's guidelines on cdc management and operations.”

“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 abstain 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 compensation committee is comprised of the organization's board president, past president, vice-president, a committee chair selected by the current president, and an engaged independent human resource consultant. The compensation committee reviewed the salaries and benefit packages of the executive directors of comparable economic development companies in the new england region. The compensation committee also considered the experience and success record of the job candidates. The annual review of the executive director includes the completion of a questionnaire by each board member, discussions between the compensation committee and key clients served by the organization, and a review of the adherence to the organization's work plan. Any change in the compensation package of the executive director is determined by the compensation committee upon review and discussion of the aforementioned annual review requirements. The independent human resource consultant engaged by the organization prepares a detailed questionnaire related to the management skills, talents, competencies, and areas needing improvement of the executive director and submits the questionnaire to the board of directors, lenders, municipal officials and other professionals that the executive director interacts with on a routine basis to aid in evaluating the effectiveness of the executive director and the results guide the compensation committee in establishing the comprehensive compensation package for the executive director. More than 50 questionnaires are circulated.”

“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.”