Southwest Brooklyn Industrial Development Corporation

“Membership shall be open to persons or organizations who own a business or conduct business or own property or reside within the service area as specified by the board of directors of the corporation or other such persons the board deems appropriate.”

“Members of the organization elect board directors.”

“Management reviewed a draft of the form 990 with the audit/finance committee and provided edits to the tax preparer. After this process was performed, the form 990 was sent to the full board of directors prior to being filed with the irs.”

“The conflict of interest policy is reviewed at least annually by the directors. All directors and officers are required to complete and sign a conflict of interest statement annually. A director or officer with a conflict of interest is prohibited from participating in deliberations and decisions regarding the transaction.”

“Each year, the executive committee reviews comparable salaries based on a recognized study and reviews the performance of the executive director and other officers and key employees to determine if the existing salaries fall within these ranges. After a deliberation of this matter, a new proposed salary and benefit package for each individual is voted on. The minutes of the board of directors reflects the nature of this process.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Southwest brooklyn industrial development corporation leases employees from a professional employment organization, insperity peo services, l.p. The employees are considered common law employees of southwest brooklyn industrial development corporation, however, insperity peo services, l.p. Is the employer of record and employees get their w2s from insperity peo services, l.p.”

“Program consultant fees: program service expenses 177,255. Management and general expenses 0. Fundraising expenses 2,040. Total expenses 179,295. Special event consultant: program service expenses 0. Management and general expenses 0. Fundraising expenses 12,000. Total expenses 12,000.”