Lehigh Valley Economic Development Corporation (Lvedc)

“Composition of the members of the Board of Directors changed, members of the Board now must include at least one director who represents the economic, community, or workforce development field and at least two directors who represent the commercial lending field, however commercial lenders shall not constitute more than 50% of the total directors. Addition to by-laws, when conducting Small Business Administration (SBA) - related business as per SBA requirements, a quorum shall consist of no less than 50% of the Board of Directors. When the Board votes on SBA approval or servicing actions, at least two voting Directors with commercial loan experience acceptable to SBA, other than the Certified Development Company Manager, must be present and vote. Addition to by-laws, directors or their companies or other business entities shall not have any direct fee-for-service or fee-for-product contract with the Corporation, and in any instance where a Director or Director's company has or will have such contract, the Director must either resign from the Board or must forego such contract. Any member of the Corporation who has, or whose Company has, such a contract shall be ineligible for election or appointment to the Board, unless and until such contract has been terminated. Additon to by-laws, the Executive Committee responsible for oversight of all aspects of the management of the SBA lending process, portfolio management, loan servicing, and administrative roles and responsibilities.”

“The Corporation has five classes of membership, businesses in the area of operations, financial institutions, government organizations, community organizations, and individuals. There are approximately 196 paying members including 35 Board Members.”

“In addition to elected and ex officio Directors, the Chairperson may, with the approval of the Board, appoint not more than five (5) additional Directors, giving consideration to the needs and best interests of the Corporation. Such appointed Directors shall serve until the sooner of the next election of Directors, or until the election of a new Chairperson. In addition to the elected and ex officio Directors, the Chairperson may, with the approval of the Board, appoint to the Board of Directors one or more Directors Emeritus, who shall serve at the pleasure of the Chairperson. Directors Emeritus shall be non-voting members of the Board, who may attend and speak at Board meetings and provide such other advice and assistance to the Corporation as shall be appropriate.”

“A copy of the Form 990 is provided to the Corporation's governing body for review and approval.”

“Potential conflicts of interest are monitored regularly during executive committee meetings.”

“The CEO's salary is approved by the Administrative Committee.”

“Lehigh Valley Economic Development Corporation's Form 1023 and Forms 990 are available to the public upon request. They are also available on the internet through a third party provider.”

“Lehigh Valley Economic Development Corporation's governing documents, conflict of interest policy and financial statements are available to the public upon request.”

“No change in oversight process for its financial statements or selection process for an independent accountant.”