Cape Ann Fisheries Development

“The board of directors may establish committees and appoint such representatives of the members as the board shall determine to serve on such committees, for such purposes as may be determined in the vote establishing such committees. Unless the board of directors shall otherwise provide, any such committee may make rules for the conduct of its business, but tmless otherwise provided by the board of directors or such rules, the meetings of any such committee shall be called, notice given or waived and business conducted as nearly as may be in the same manner as is provided in these by-laws with respect to meetings or the conduct of business or the taking of actions by the board of directors.”

“Massdevelopment finance agency (mdfa) oversees management services for cape ann, including providing necessary staff and administrative support. Cape ann pays mdfa a management fee that covers time spent by certain mdfa employees. The compensation from mdfa is for overall services to ndfa and its affiliates. There is no specific compensation allocated for services provided to the organization.”

“Cape ann fisheries development corporation (cape ann) is a 501(c)(25) title holding corporation. Its sole beneficiary when formed was the massachsuetts government land bank which merged to frim mdfa. The organization has two members, mdfa and planning office for urban affairs, inc., an affiliate of the catholic archdiocese of boston.”

“There are 5 directors, 4 are appointed by members: massachusetts development finance agency has the power to appoint 2, planning office for urban affairs has the power to appoint 2, and 1 is a representative of the gloucester community appointed by the other 4 directors. At the end of this fiscal year, the planning office for urban affairs had not yet replaced one of its appointees, leaving a vacancy on june 30.”

“Board will review and approve the form 990 after it is prepared by an outside paid preparer. Once the form has been approved, it will be provided to the remaining board members.”

“There are no compensated officers or key employees”

“Forms 1024 and 990 are available for public inspection at the organization's office upon request.”

“Certain governing documents, policies and financial statements are available to the public at the organization's office.”