Yonkers Downtown Waterfront Development Corporation

“Members of the public who represent business, banking, labor, education, environmental organizations, cultural institutions and the community, or other professionals, are eligible to serve as members of the corporation. Membership shall consist of six members, each of whom shall serve on the board of directors of the corporation. Members shall be appointed by the mayor of the city of yonkers and shall each serve a three-year term.”

“Any or all of the directors may be removed for cause or without cause by the members.”

“The corporation's executive director and the treasurer, review the form 990. A meeting is also held with the entire board of directors. The board of directors are handed a copy of the form 990 for review and approval prior to filing the return. Any comments or changes are addressed prior to electronically filing the return.”

“The members of the board periodically review compliance with the conflict of interest policy, at every board meeting members are required to disclose if there any possible conflicts. No director, officer or employee of the corporation shall have or shall acquire any interest, direct or indirect, in any project which the corporation is promoting, or in any contract or proposed contract for material or services, or in any lease, mortgage, sale or contract of any nature whatever, relating to any such project or to the corporation, without forthwith making written disclosure to the corporation of the nature and extent of his/her interest. Such disclosure shall be entered in writing upon the minutes of the corporation. No director who has such interest shall vote on any matter relating to such interest. At the discretion of the board of directors, the acquisition or continuation of any such interest may be deemed cause for removal.”

“The corporation's form 990 is available for public inspection as required under section 6104 of the internal revenue code. The return is posted on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation, form 990, form 1023, and by-laws are also available upon written request or by calling the organization at (914)377-6080.”

“The yonkers downtown waterfront development corporation (the "corporation") is a component government unit of the city of yonkers and is a related organization. Certain individuals on the corporation's board are compensated by the city of yonkers. The corporation has exerted reasonable effort but is unable to secure accurate compensation data paid by the city of yonkers. The corporation lacks direct access to the pertinent payroll documents to report the total compensation paid to these government officials. The corporation has no decision-making or control over the compensation setting process and, as such, the city of yonkers does not share nor provide the compensation data to the corporation. While the base compensation to such government officials may be publicly available, the corporation is unable to accurately establish or estimate the individual's total compensation including bonuses, pension, taxable and other nontaxable benefits. To the best of its knowledge, the corporation believes it has met the reasonable effort standard and is unable to disclose the individual's compensation paid by the city of yonkers in an accurate manner.”

“The corporation's audit committee, in conjunction with the board assumes responsibility for the oversight of the audit of its financial statements and selection of its independent auditor. The policy for selection and oversight of the independent auditors has not changed since last year.”