Main Street Square Incorporated

“The form 990 is prepared by a licensed cpa and reviewed in detail by the executive director and accountant. The board of directors approves the form 990 prior to filing with the irs.”

“Officers, directors and board members are required to disclose any conflicts of interest as they occur. The board requires individuals to abstain from discussing and voting on any conflicted matters.”

“The organization performs a comparative analysis with other cities and their downtown manager, as well as reviewing salaries from the international downtown association. This process is performed for individuals in all positions. Compensation is approved by the board of directors and appropriately documented for the ceo.”

“See discussion of process used at 15a.”

“Governing documents, financial statements and the conflict of interest policy are made available to the public upon request.”

“The organization operates a town square (which is owned by the city of rapid city) in the heart of downtown rapid city in order to provide an active gathering place for the entire community, to invite more pedestrian traffic downtown, and to strengthen the center of the community. This includes supporting, encouraging, advocating, and preserving the vitality and aesthetic beauty of the downtown rapid city business community.”

“On 1/1/16, downtown rapid city economic development ein 23-2854507, a 501 (c)(6) organization, ceased operations and merged with main street square. See part iii line 4a for additional program services being conducted as a result of the merger. All such programs fall under main street square's tax-exempt purpose.”

“Main street square also educates other cities on economic development and, in turn, utilizes these opportunities to make improvements in its events. The organization leads efforts to redevelop and revitalize downtown rapid city through improving streetscapes and facades, enhancing the business mix downtown, and providing clean and safe programs. The organization also maintains a website and distributes literature promoting downtown businesses and events. This project was previously conducted by downtown rapid city economic development, who merged its assets into main street square on 1/1/16. The organization promotes the arts in downtown rapid city. As part of this promotion, a sculpture project was started that will position rapid city as an arts destination. The project is the largest privately funded public art commission underway in the united states. The sculptor works in the public view and focuses on community input and involvement. This project was previously conducted by downtown rapid city economic development, who merged its assets into main street square on 1/1/16.”

“Net assets acquired in merger 1,718,582 the downtown rapid city economic development ein 26-2854507), a 501(c)(6) organization (drc), was formally merged into main street square, inc. (mss) on 1/1/16. The president/ceo of drc is now employed by mss and the majority of the board members of drc are now on the mss board of directors. All activities in progress by drc at 1/1/16 fall under the mss tax-exempt purpose and are ongoing (see part iii).”