Union Square Main Streets Inc

“The board of directors may include, as non-voting members, liaison(s) with the city of somerville and such other persons as it shall determine appropriate from time to time. Such non-voting members shall not count towards quorum requirements and shall not be entitled to vote with respect to any matter before the board of directors.”

“The form 990 is reviewed by management and board of directors prior to filing.”

“All board members annually complete the conflict of interest disclosure form and related party questionnaire, which documents direct services by a board member, relative or by an entity in which they have an interest. By relative, usms considers family relationships as defined by irs to include spouse, ancestors, all descendents, siblings whether by whole or half blood, and the spouses of all descendents and siblings. This information is circulated in writing to all board members and updated annually. At the end of each year, all board members and staff doing business with usms disclose the full amount of money they (or the related party) have been paid. Disclosures also address potential issues raised if a board member has or might acquire investments that may affect or be affected by usms' investment decisions. Any decision coming before the board of directors or the executive director that involves doing business with a board member, staff person, relative or related entity requires full disclosure of the financial interest in the matter. Before usms enters into a business relationship with a board member, staff person, relative or related entity thereof, a full discussion of all related information must be held by the board or executive committee and a vote taken to insure that it is truly in the best interest of usms. The party in interest abstains from said vote. If the business transaction between the organization and the related party is considered substantial, the board will decide if it is prudent to obtain an outside evaluation to insure that the proposal is feasible. All votes on related party transactions must receive a vote of two-thirds of the board members present, excluding the party in interest, and there must be a quorum. Usms maintains full documentation of the process in which the decision was made for any related party transactions.”

“The union square main streets, inc board of directors implemented a strategic salary restructuring in 2020 following two unsucessful hiring rounds for its newly created small business liason position. Research to inform the restructure included engaging the city of somerville economic development director who hires for comparable roles in the same labor market and researching job postings for the executive director, small business liason, and other roles in fellow economic development organizations throughout the greater boston region. The union square main streets, inc board raised the starting small business liason position salary 30% (which resulted in a sucessful hiring round) and implemented the salary restructure throughout all full-time roles in the organization to maintain equity for all employees.”

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

“The organization's board of directors are responsible for oversight of the audit or review of its financial statements and the selection of an independent auditor or accountant. This process has not changed during the reporting year.”