Lamoille Economic Development Corp

“Election of members and their rights: the members shall not exercise their power to dissolve ledc, alter its status as a non-profit corporation, or change the corporation's purposes, except pursuant to the provisions of the laws of this state, the articles of incorporation or these bylaws.”

“Decisions subject to approval of members: all activities and affairs of ledc shall be conducted and all corporate powers shall be exercised under the direction of the board of directors. There is no approval from the members needed.”

“The 990 tax return is reviewed by the executive director and the board of directors before filing.”

“During board meetings, at which financial and other transactions of consequence are discussed and/or voted on, the question is asked if any board member or executive director have any conflict of interest with the current transactions and matters being discussed.”

“The compensation of the executive director is reviewed and approved by the board of directors or compensation committee of the organization. The compensation of the executive director is reviewed and approved using data as to comparable compensation for similarly qualified persons in functionally comparable positions at other economic development corporations in vermont.”

“SEE DISCLOSURES”

“The state of vermont grant is an annual grant awarded to ledc for a term that is intended to provide funding for ledc's fiscal year, from july through the following june. The grant requires ledc to conduct certain activities related to its mission, which are generally performed evenly over each grant term. This grant comprises ledc's largest contributor, as disclosed in schedule b. The amount recognized as grant revenue in a given year fluctuates based on the date on which the grant is approved by the grantor, which typically occurs in june or july.”

“CONTRACT LABOR 27,600.”

“There has been no change in the selection or oversight process from the prior year.”