Franklin County Community Development Corporation

“The organization, a private non-profit organization has members, which include both individuals and business/organizations.”

“Individual membership: individual and family membership of the corporation shall be open to anyone who has completed the corporation's membership application and filed it with the corporation's office. A family must designate one voting representative. Memberships are renewable annually. Organization membership: businesses or organizations may become members of the corporation by completing the corporation's membership application and filing it with the corporation's office. An organization member must designate one voting representative. Memberships are renewable annually. Voting rights of members: an individual member may also be the representative of an organization member. However, no one person shall have more than one vote.”

“A copy of the form 990 is provided to the board of directors via email. The board members review the 990 and provide feedback at their discretion before the return is filed with the irs.”

“The organization makes these documents available to the public upon request. The financial statements are on the organization's website.”

“Equipment rental: program service expenses 15,700. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,700. Loan loss reserve/bad debt: program service expenses 5,040. Management and general expenses 3,000. Fundraising expenses 0. Total expenses 8,040. Communications: program service expenses 0. Management and general expenses 6,889. Fundraising expenses 0. Total expenses 6,889. Memberships and subscriptions: program service expenses 3,585. Management and general expenses 2,216. Fundraising expenses 0. Total expenses 5,801. All other: program service expenses 300. Management and general expenses 0. Fundraising expenses 0. Total expenses 300.”

“Loan/interest forgiveness 43,997. Write-off of uncollectible loans -1,225.”

“The board of directors assume responsibility for oversight of the audit and the auditor is selected each year for approval. This policy has not changed from the prior year.”