Lowell Telecommunications Corporation

“The board of directors voted to amend the by-laws to allow membership for all city of lowell residents and surrounding towns and to include any educational, governmental, health care, arts, religious, business, civic or other entity that serves lowell area residents. In addition, the by-laws specify one class of membership - voting membership. The by-laws were also amended to address the size and composition of the board to be not less than 15 and not more than 23, of which 20% shall be appointed by the city manager, 20% appointed by the city council, 10% appointed by the school committee, and the remaining 50% shall be elected by the membership.”

“A meeting will be held between the finance committee and the external auditors following the completion of the annual audit. The meeting will include discussions relating to the performance of management, results from operations, scope limitations, proposed adjusting entries, changes in accounting and tax matters and other topics at the discretion of the auditors or members of the finance committee.”

“A form is completed annually by current board members. Ltc personnel policies state that ltc employees have an obligation to conduct business within guidelines that prohibit actual or potential conflicts of interest. If employees have any influence on transactions involving purchases contracts, or leases, it is requested that they disclose to an officer of ltc as soon as possible the existence of any actual or potential conflict of interest so that safeguards can be established to protect all parties.”

“Members of the executive committee meet and discuss the performance of the executive director annually. Compensation is based upon performance and a comparative process is used when determining the level of compensation. Data is gathered from similar sized non-profit organizations in the area with similar budgets.”

“All statements and forms are available upon request from the main office.”

“Lowell telecommunication corporation's mission is to strengthen the city of lowell as a community media and education center that empowers, connects, and informs all residents, businesses, and organizations in the city. Ltc provides equipment, facilities and training to lowell residents to produce programming for ltc's three channels. Ltc also provides gallery space for local artists, youth media programs, and production services for businesses.”

“Less direct expenses for special events 3,500 direct expenses for special events -3,500”