Downtown New Rochelle Business Improvement District Management

“The organization has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“Each director, principal officer, and member of a committee with governing board delegated powers shall sign a statement which affirms that such person: a: has received a copy of the conflict of interest policy, b: has read and understands the policy, c: has agreed to comply with the policy, and d: understands that the corporation is a charitable organization and in order to maintain its federal tax exemption it must engage primarily in activities that accomplish one of more of its tax-exempt purposes. In connection with any actual or possible conflict of interest, an interested person must disclose the existance of his or her financial interest and must be given the opportunity to disclose all material facts to the directors and members of the committees with governing board delegated powers considering the proposed transaction or arrangement. After disclosure of the finacial interest, and all material facts, and after any discussion with the interested person, he/she shall leave the board or committee meeting while the determinaiton of the conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists.”

“The organization pays the executive director an annual sum payable in semi-monthly installments upon receipt of a properly executed invoice describing the services rendered. The executive director is eligible for an annual discretionary bonus as well. The executive director was paid as an independent contractor for approxiately half of the year. It was determined that she should be paid as an employee of the organization and was added to the payroll. Reasonable out of pocket expenses incurred by the executive director may be reimbursed upon approval of the board chairman or vice chairman. The board chairman and the board of directors approve the executive director's service contact on an annual basis.”

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

“Contracted services: program service expenses 0. Management and general expenses 80,000. Fundraising expenses 0. Total expenses 80,000.”

“The organization has a committee that is responsible for the oversight of the audit of its finacial statements and selection of an independent accountant. The process has not changed from the prior year.”