Lansing Economic Area Partnership

“The seven (7) member executive committee is appointed on an annual basis and has the authority to act on behalf of the entity with all the powers of the board of directors between meetings of the board of directors. The 60 member board of directors approves the election of the slate of officers, the annual budget, the audited financial statements, form 990 and any by-law changes.”

“The 990 is reviewed by the executive committee consisting of 7 members of leap's board and approved by the full leap board prior to filing.”

“A comprehensive review is conducted upon receipt of annual conflict of interest forms from trustees, directors, officers, and key employees. If any conflicts are noted, these are brought to the attention of the president/ceo and coo.”

“On an annual basis, the executive committee meets to evaluate and approve compensation for the president & ceo. Compensation is compared with other similar economic agencies within the state of michigan and based on accomplishments in leadership, organizational effectiveness, financial strength, stakeholder engagement and community wide collaboration. Documentation is filed in the president & ceo's personnel file.”

“Documents are made available to the public upon request”

“The ring, lansing's (regional innovation network group) is powered by leap as an inclusive startup ecosystem geared towards providing entrepreneurs with a network of resources and events that will help launch their business. As a result, and as part of its contract services with the city of lansing and the lansing economic development corporation, leap launched a fashion business incubator located in the historic knapp's building in downtown lansing called "the runway". Leap began managing, operating and providing program services to create and grow businesses in the fashion garment industry. Leap entered into a professional services contract with the michigan strategic fund effective may 1, 2014 in the amount of $247,828 for the m-trac (michigan translational research and commercialization) program. This program provides training to assist researchers in the commercialization of their technologies and how to be good founders of technology start-ups. The program also assists commercialization project directors about "the coulter process" that accelerates the commercialization of biomedical innovations out of universities. The training focuses on the industry sectors of agro-biotechnology, life science and biomedical, advanced transportation and advanced applied materials. Leap entered into a grant agreement with the michigan economic development corporation effective september 1, 2014 in the amount of $70,000 to contract with a consultant to provide a comprehensive, targeted industry analysis of the economic, entrepreneurial, and community impacts and opportunities presented by the creation of msu's facility for rare isotope beams (frib). Leap entered into a grant agreement with the michigan strategic fund (msf) effective may 1, 2014 in the amount of $500,000 to allow the lansing regional smartzone to repay a portion of the bond debt to make the technology innovation center (tic) business incubator more sustainable by permitting defeasance of a portion of the existing bond obligations. In addition leap secured additional funding from michigan state university in the amount of $249,500, which along with the $500,000 from the msf, was sufficient enough to fully defease the bond debt to make the tic fully sustainable by permitting the defeasance of the existing bond obligations.”

“The process for selecting and overseeing the work of the independent auditor has not changed from prior years.”