Fay-Penn Economic Development Corporation

“The organization has dues paying members. All elected directors are dues paying members, and have voting rights. There are also community representatives (who are invited guests of the board) who can be dues paying members (but have no voting rights).”

“Fay-penn's board of directors has designated the executive committee to review the form 990 and supporting schedules. Upon acceptance, the executive committee reports to the board if there are any issues.”

“Part vi, section b, line 12c: fay-penn updates the written conflict of interest policy on an annual basis in january of each calendar year. Each board member is required to execute an updated document annually.”

“The compensation committee consists of all officers, except for the chairman. All are independent voting board members. They use comparability data and contemporaneous substantiation of their deliberation and then send their recommendatations to the executive committee.”

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

“The laurel hill development corporation (lhdc) was formed as a nonprofit affiliate of fay-penn to advance, promote and support the charitable purposes of fay-penn. Fay-penn was the sole member of lhdc and had the exclusive right to elect all of its board of directors. On december 4, 2014 the board of laurel hill development corporation and fay-penn economic development council agreed for lhdc to be merged with and into fay-penn. The merger became effective january 6, 2015, the date of the filing of the articles of merger with the pennsylvania department of state. On that date, all of laurel hill's assets and liabilities were transferrred to fay-penn. As a result of the merger, lhdc ceased to exist, with fay-penn as the surviving entity. The combination is treated as a statuatory merger for legal liability purposes, whereas it is treated as an acquistion by fay-penn of lhdc for financial reporting purposes.”

“Merged assets from laurel hill development corporation (ein 25-1789822) 11,055,427.”

“The organization has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The audit and finance committee reports to the executive committee, whose actions, in turn, are then ratified by the board of directors.”