Commonwealth Local Development Corp

“Directors of Commonwealth Local Development Corporation (CLDC) are appointed by the Harlem Commonwealth Council, Inc the sole member of CLDC.”

“Directors of the Commonwealth Local Development Corp. may be removed without cause by its member.”

“Form 990 is prepared with direct input from the CFO and president. The Form 990 is distributed to each board member and reviewed by the audit committee before filing. An analytical tool (review checklist) is included with the member's copy of the Form 990 to assist in understanding the purpose and content of each part and section of the Form 990. Questions or comments are to be brought to the attention of the president and the Form 990 paid preparer.”

“The organization's written conflict of interest policies and annual updates apply to officers, directors, and key employees. Compliance is monitored through internal control procedures on an ongoing basis by the CFO and President. Restrictions are imposed on the voting rights of board members or the President where participation in governing body's deliberations and decisions could result in conflicts of interest.”

“Compensation of the Chief Executive Officer and President is reviewed and approved by the board of directors, compensation and finance committee of the Harlem Commonwealth Council, Inc. (HCCI). HCCI refers to compensation data for similarly qualified persons in functionally comparable positions. Outside legal counsel's analysis/study of comparable salary levels is used. Contemporaneous documentation of deliberations and decisions regarding compensation contracts is maintained. There are employment contracts for the CEO/President.”

“The organization makes its governing documents, conflicts of interest policies and financial statements available to the general public upon request. Audited financial statements are provided to donors, potential donors and funding sources. All documents are available at the organization's executive office. Financial and program information is published on the organization central website.”

“The organization does not have employees. The compensation, salaries and wages, and payroll taxes reported on Lines 5, 7 and 10 are allocations from Harlem Commonwealth Council, Inc., Commonwealth Industrial Parks, Inc., and Commonwealth Holding Co., Inc., which are all related organizations.”