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 was sent electronically to the board for approval”

“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 -156,008.”

“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 120,310 repairs & maintenance 249,646 administrative 96,992 taxes and insurance 233,690 management fee 20,880 depreciation 365,534 professional fees 1,079 --------- total gateway building operations 1,088,131”

“Wells fargo building operations: depreciation 506,248 amortization of financing and refunding costs 32,915 interest 274,097 --------- total wells fargo building operations 813,260”

“606 court street building operations: utilities 44,748 repairs & maintenance 85,672 administrative 63,991 taxes and insurance 37,576 management fee 6,898 depreciation 23,545 professional fees 1,500 amortization 1,848 interest 52,292 development 2,229 --------- total 606 court street building operations 320,299”

“Berkley property operations: utilities 275 repairs & maintenance 650 administrative 547 taxes and insurance 8,565 professional fees 140 interest 69,303 development 13 --------- total berkley property operations 79,493”

“Bern property operations: utilities 1,472 repairs & maintenance 790 administrative 430 taxes and insurance 11,001 professional fees 5,825 interest 86,305 development 10,049 amortization 5,375 --------- total bern property operations 121,247”