Franklin County Area Development Corporation

“As provided in article ii of the corporation's by-laws: the corporation seeks to partner with a broad representation of commercial, industrial, cultural, and educational interests throughout the franklin county community. Such partners, which are representative of both the private and public sectors, are referred to as "affiliates." an affiliate is a person or organization, who by virtue of their particular office or position , shall serve as a point-of-contact with fcadc. Affiliates comprise approximately twenty-five representatives of local governments, non-profit organizations, public school districts, universities of higher education, financial institutions, healthcare providers, public utilites, service providers, trade associations, national defense facilities, and economic development and planning bodies. In addition to affiliates, the corporation's by-laws also provide for "members" who shall be any persons, corporations, partnerships or unincorporated associatons that have a working address within franklin county. Any such person or organization interested in industrial development may become a member of the corporation by applying thereto and paying the current membership fee as shall be set from time to time by the board of directors. Each member is entitled to one vote at all membership meetings of the corporation.”

“As provided in article iii of the corporation's by-laws: the board of directors shall consist of fifteen persons, nine of which are directors by virture of their position as set forth in section 3 of article ii (affiliates and members), and six of which shall be elected by the general membership. Directors to be elected must be nominated by the nominating committee and not the floor.”

“The form 990 is reviewed in detail by the executive committee and approved for filing by a majority of the board of directors.”

“The organization requires each employee and director to make a full disclosure of any potential conflicts of interest. Potential conflicts are reviewed by the board of directors.”

“The organization's personnel committee recommends the compensation and benefits for the president and key employees. These rates are entered into the budget which is given to the board of directors for approval. Compensation is based on comparabiliity data and contempraneous substantiation of the board's deliberation and approval is included in the minutes of meetings of the organization's board of directors.”

“The organization does not makes available its governing documents, conflict of interest policy, and financial statements to the public.”

“The organization's board of directors is responsible for the oversight of the annual financial statement audit, and hiring of an independent auditor.”