Greater Berks Development Fund

“The members of the organization are comprised of the incorporators of the corporation and other persons elected by a favorable vote by two-thirds of all the members present at any regular or special members meeting.”

“The members of the corporation may elect other members by a favorable vote of two-thirds of all the members present at any regular or special members meeting.”

“An agenda is prepared for committee meetings, attendance is taken, and the committees follow up with the board of directors for approval or ratification of business discussed when necessary.”

“The form 990 is not provided to the governing body before it is filed with the irs. The president coordinates completion of the form 990 with an independent cpa firm.”

“The board of directors monitors and enforces the conflict of interest policy. Actual conflicts are reviewed by the president.”

“The president & ceo make written recommendations to the treasurer and chairman for all staff salary increases and/or bonus payments, with the exception of the president & ceo's compensation. Compensation is set after comparisons with other local economonic development organizations utilizing most recently available 990s, published salary surveys conducted by the pennsylvania economic development association and the northeast economic developers associations, trade organizations that have members comparable to the greater berks development fund, and consideration of area salary increases and compensation practices. The chairman and treasurer of the board of directors, sometimes with advice and input of other executive committee members, set the compensation for the president & ceo.”

“The organization's form 990 is available upon request.”

“The organization's governing documents, conflict of interest policy and financial statements are available upon request.”

“The organization did not have any instances where backup withholding was required; however, if the situation would arise, the organization is aware of the reporting requirements and would handle that accordingly.”

“Book depreciation greater than tax depreciation -249,660.”

“The audit committe of the board of directors assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed since the prior year.”

“Gateway building operations: utilities 147,768 repairs & maintenance 279,141 administrative 133,964 taxes and insurance 243,743 parking charges 8,730 depreciation 330,247 --------- total gateway building operations 1,143,593”

“Wells fargo building operations: depreciation 506,248 amortization of economic development partnership grant -35,714 amortization of financing and refunding costs 43,934 bank and loan fees 2,807 interest 561,881 --------- total wachovia building operations 1,079,156”