Institute for Economic Development

“The chair of the board shall annually appoint an executive committee. When the board of directors is not meeting, all powers and authorities granted to the corporation pursuant to the bylaws shall be vested in the corporation's executive committee. The executive committee shall be composed of the following members: (1) the chair/president of the board of directors and all other officers of the board as defined in the corporation's bylaws; (2) up to three additional board members as appointed by the chair/president after his or her election at the annual meeting; and (3) the executive director of the corporation, who shall serve as an ex-officio, non-voting member. The executive committee does not have the authority to: (1) make any unbudgeted expense or loan obligation in excess of $10,000 not previously approved by the board of directors, and (2) amend the bylaws or other rules adopted by the board.”

“There is a management agreement between chester economic development authority (ceda) and the organization for management services, including services typically performed by an executive director. The organization pays ceda a monthly service fee for management and executive director services provided. The total professional fees paid to ceda for the fiscal year were $93,600.”

“The form 990 is prepared by an independent accounting firm with information provided by management. The executive committee of the board will review the form 990 prior to filing and will provide each voting member of the governing body a copy prior to its filing with the internal revenue service.”

“The board reviews and approves the conflict of interest policy annually. When the written policy is provided to the board, they are asked to disclose known conflicts or verify that none exist. The policy is monitored by the director of community development of chester economic development authority (ceda) pursuant to the management agreement in place between the organization and ceda. If a conflict arises, ceda consults legal counsel on the appropriate action.”

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

“Radc established a workforce development committee to focus on workforce development as one if its strategic initiatives. Workforce development complements the strong employer base of radc board members and provides a mechanism to enhance connections between chester residents and local employment opportunities.”