Montgomery County Development Corporation

“Mcdc has one class of voting members. Any person or business entity in montgomery county may become a member by applying and paying the current membership fee.”

“Members have the power to elect individuals to serve on the board of directors as member elected directors.”

“Members have the power to approve amendments to the bylaws as recommended by the board of directors as well as matters concerning merger, consolidation and voluntary transfer of corporate assets, division, conversion or voluntary dissolution and winding up of the corporation.”

“Governing board review of 990 the audit/finance committee will review the form 990. After which, but prior to filing, a complete copy of the form 990 is given to each board member for comment.”

“Each mcdc director, officer, employee, standing or ad hoc committee member, consultant or independent contractor, and any person seeking to do business with mcdc who has a conflict of interest in any matter involving mcdc shall promptly disclose the nature of such interest to mcdc's chairman or the executive director in writing and shall complete and sign mcdc's "ethics and conflict of interest policy disclosure". Each mcdc director, officer, employee, standing or ad hoc committee member, consultant or independent contractor, and any person seeking to do business with mcdc shall be provided a copy of this ethics and conflict of interest policy and upon receipt shall complete and sign mcdc's "ethics and conflict of interest policy signature page". Any member of the board having a potential conflict of interest must disclose the conflict of interest promptly. Any member having a potential conflict of interest may be present, but must recuse him/herself from participating in any discussions, review, or deliberations of any matter related to the potential conflict of interest. Thus, any member of the board must abstain from voting on any actions to be taken by the board relating in any way to the potential conflict of interest, unless the board, following such disclosure, determines that a conflict of interest does not exist. The actual or potential conflict of interest shall be recorded in the minutes. The record will show that the member did not participate in discussion (recusal) and did not vote on such matter on his or her own will (abstention) whichever the case may be.”

“Process for determining compensation members of the board of directors determine compensation annually for the executive director. The employer of record for the executive director and all other employees is the county of montgomery. The county processes all the payroll for mcdc and mcdc reimburses the county of their portion of compensation for the employees and the executive director.”

“Public availability of other documents the organization makes its governing documents, financial statements and form 990 available to the general public upon request.”

“Professional fees: program service expenses 10,850. Management and general expenses 1,915. Fundraising expenses 0. Total expenses 12,765.”