Renaissance Economic Development Corporation

“Renaissance economic development corporation is a membership organization with asian americans for equality, inc. As a sole member. Other persons may become a member only after favorable action by the current members and the board of directors of the corporation. The board of directors of the corporation may establish such other criteria for membership as they deem appropriate.”

“Asian americans for equality, inc., being the sole member, is entitled to appoint the directors; provided, however, that in the event that additional persons are accepted as members of the corporation pursuant to section 2.2 of the organization's by-laws, the number of directors to be appointed by each member may be reapportioned by a favorable action of the board of directors.”

“The following corporate actions may not be taken without the approval of the members: (a) a majority of the votes cast at a meeting of the members is required for (1) any amendment of or change to the certificate of incorporation or (2) a petition for judicial dissolution; (b) two-thirds of the votes cast at a meeting of the members is required for (1) disposing of all, or substantially all, of the assets of the corporation, (2) approval of a plan of merger, (3) authorization of a plan of non-judicial dissolution, or (4) revocation of a voluntary dissolution proceeding. Provided, however, that the affirmative votes cast in favor of any such action shall be at least equal to the minimum number of votes necessary to constitute a quorum. Further, the members can also remove any director any time with or without cause by a vote.”

“At least 14 days prior to filing, the organization distributes a draft form 990 to the board for review. Ten days are allowed for feedback, through the board treasurer, before form 990 is finalized and filed. A copy of the filed form 990 is provided to the board for their records.”

“Directors and officers are issued with a copy of the current conflict of interest policy on appointment and annually thereafter. Directors and officers complete annual declarations to either confirm no conflicts or indentify possible and/or actual conflicts.”

“The organization uses the following to determine the compensation of its ceo, executive director, or top management official: 1) compensation survey or study; 2)approval by the board or compensation committee.”

“Governing documents, conflict of interest policy and financial statements are available to the public by request to any board member. These documents are maintained at the oranization's registered office.”

“The process of overseeing the audit and selection of independent accountant has not been changed from prior year.”