Greater Wilkes-Barre Industrial Fund Inc

“Prior to filing with the internal revenue service, the form 990 is reviewed by members of the greater wilkes-barre chamber of business and industry (cbi) board. Cbi is the parent entity of the greater wilkes-barre industrial fund, inc.”

“Each "interested person" shall annually sign the conflict of interest disclosure statement which affirms that such person: a. Has received a copy of the conflict of interest policy or the by-laws, b. Has read and understands the policy, c. Has agreed to comply with the policy, and d. Understands that greater wilkes-barre chamber of business and industry and affiliates are tax-exempt organizations and that in order to maintain federal tax exemption, must engage primarily in activities which accomplish one or more of its tax-exempt purposes under irc section 501(c)3, 501(c)(4), or 501(c)(6) of the internal revenue code. On the conflict of interest disclosure statement, all "interested persons" must detail all existing or potential conflicts of interest and file the form with the governance committee annually. Interim disclosures shall also be required as conflicts develop subsequent to the annual disclosures. To ensure that greater wilkes-barre chamber of business and industry and affiliates operate in a manner consistent with their charitable purposes and that they do not engage in activities that could individually jeopardize their status as organizations exempt from federal income tax, a review of any potential conflict shall be conducted by the governance and/or audit and/or finance committees. Review of such transactions includes the following subjects: a. Whether compensation arrangements and benefits are reasonable and are the results of appropriate negotiations. B. Parties subject to the transaction are excused from all discussion regarding the transaction and are not present during the vote. C. Any abstentions to the vote are documented in the meeting minutes. A board development committee exists and meets at least two times each year. It evaluates the performance of current board members and nominates potential board members to the organization's board for review and ratification. Those nominees are selected based on a set of variables important to the mission of the organization. They include professional and educational experience, diversity of background, and representation across a broad spectrum of the business and civic communities served by the organization. Special attention is given to ensure that no particular business, industry, or individual has the ability to influence a multiple number of board votes at any time. Staff members of the greater wilkes-barre chamber of business & industry distribute the conflict of interest statements at the first meeting of the year. The board members are required to return the signed statements within 2 weeks. If the forms are not returned within two weeks, staff members will follow up with those board members who have not returned their forms. A staff member reviews all of the conflict of interest statements and notifies the chairman of the board of any conflicts of interest that may exist. A staff then monitors the potential for conflicts of interest on matters throughout the year.”

“The greater wilkes-barre industrial fund, inc.'s parent entity, greater wilkes-barre chamber of business and industry ("cbi"), maintains a personnel committee charged with establishing and administering the compensation practices for officers and key employees of the organization. The personnel committee utilizes comparability data published by similar economic development organizations and chambers of commerce, such as the international economic development council and the association of chamber of commerce executives, on both a national and statewide basis. Cbi's compensation decisions are based upon a review of compensation for jobs that are similar in responsibilities and duties, in organizations that are similar in size, revenue, and/or number of employees. Committee meetings are held on a regular basis, and deliberation and committee decisions are documented in detail.”

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

“Investment income not recorded on books -583.”

“The salaries and wages reported on form 990, part ix are the greater wilkes-barre industrial fund's allocated payroll costs based on time spent. All individuals working at the greater wilkes-barre development are employees of the greater wilkes barre chamber of business & industry ("cbi") and are reported on its form 941 under ein: 02-0605397. Cbi is an affiliated tax-exempt organization. Payroll taxes are allocated in the same manner as salaries and wages, based on time spent. The organization's allocated payroll tax expense is included in "other salaries and wages" reported on line 7 of the statement of functional expenses.”