Mifflin County Industrial Development Corporation

“Any person, or business entity, whose annual contribution, which is set from time to time by the board of directors, and is accepted by the board of directors shall be a member of the corporation. Each member shall be entitled to but one vote in matters coming before meetings of the members irrespective of the value of the contribution.”

“An annual meeting of the membership for the purpose of electing directors to fill expiring terms, shall be held between october 1 and december 31 of each year at such time and place within mifflin county as the board shall determine. The president shall report on the work and finances of the corporation for the current year. One-third of the board of directors shall be elected at the annual meeting of the membership for a term of three (3) years to become effective on the first day of the new fiscal year. Directors shall be elected by majority vote of the members and shall serve until the election of their successors.”

“The board is presented a draft of the form 990 for review and approval prior to being filed with the irs.”

“A code of ethics is given to each officer, director, employee, loan review committee member, consultant and independent contractor of the organization, as well as a business entity seeking direct or indirect assistance. The code of ethics requires all interested parties to disclose the nature and extent of the interest to the board of directors, and the interested party may not vote or participate in deliberations by the board of directors or its committees. Failure to disclose or any other breach of the code is grounds for disciplinary action, which may include removal or dismissal and is grounds for disapproval, rescission, or decertification of an applicant. Upon receipt of the code, the board of director member or committee representative is required to read and sign a disclosure statement. In addition, the organization has an employee protection (whistleblower) policy that details how one would report suspected violations of the code. Note that the conflict of interest policy specifically mentions family members as sources of potential conflicts.”

“A recommendation for the annual compensation of the top management official is developed by the personnel committee, which uses salary surveys and market comparisons for comparable positions to identify reasonable compensation and benefit levels. This recommendation is presented to the executive committee for review and approval, prior to forwarding to the board of directors for review and approval. This process is incorporated in conjunction with the annual budget process.”

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

“Change in asset value not reported on 990 915,640.”