Union County Economic Development Corp

“The organization's form 990 is prepared by an independent accounting firm. A copy of the form 990 is distributed electronically to the board of trustees. The board appoints the executive committee board (consisting of 10 members of the board of trustees, one which is a cpa) to review and approve the return. Upon review and consideration of any comments, the form 990 is updated before it is filed with the irs.”

“All members of the ucedc board of trustees and executive committee must complete an annual conflict of interest statement and provide a signed copy of said document to the ucedc president. In addition, the president of the ucedc and all staff program directors are also required to complete a conflict of interest statement, as well as any other staff the president deems appropriate. These documents are reviewed by the president and maintained in the official files of the ucedc headquarters. The ucedc president will review all conflict of interest statements of the board of trustees and staff. The chairman of the board and the chairman of the personnel committee reviews the president's annual conflict of interest statement. If a conflict of interest arises, a series of reviews will be undertaken to determine if action is necessary. The reviews are as follows: 1) president, 2) president/chairman/nominating or personnel committee chairman, 3) nominating committee, 4) executive committee, and 5) board of trustees. If the conflict of interest involves the chairman of the board or the chairman of the nominating committee, the chairman of the board will request the vice chairman of the board to serve in his place. In addition, the executive committee will determine if the conflict of interest is of sufficient nature that it would warrant a request by the board of trustees for resignation of specific trustee. Should the executive committee determine that a request for resignation is warranted, this recommendation would be made to the board of trustees at the next regularly scheduled board of trustees meeting for an official vote.”

“A compensation committee, which is made up of members from the board of trustees, determines the compensation process for the organization on an annual basis. The committee reviews and compares compensation packages of similar positions and reviews salary survey and form 990 of similar sized non-profit organizations by staff size and budget. The full board of trustees must vote on the committee determination of the president's salary and the raise pool to be allocated to the remaining employees. This process is documented in the board minutes. This process was last undertaken in 2024. Form 990, part vi, section b, line 15b: the compensation for other officers (vice president, vice president lending, and controller) is determined by the compensation committee on an annual basis. The committee reviews and compares compensation packages of similar positions and reviews salary survey and form 990 of similar sized non-profit organizations by staff size and budget. The full board of trustees must vote on the committee determination and the raise pool to be allocated to the employees. This process is documented in the board minutes. This process was last undertaken in 2024.”

“The organization makes its form 990 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. The organization makes its form 990, form 1023, financial statements, conflict of interest policy, and governing documents are also available upon request or by calling the organization directly.”

“The organization has an audit committee consisting of 5 independent trustees, one of which is a cpa. The audit committee assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from prior year.”