Downtown Akron Partnership Inc.

“The organization has business members”

“The form 990 is compared to the audited financial statements by the president and director of finance and then sent to the finance and executive committee.”

“If any person who is a trustee or officer of the corporation is aware that the corporation is about to enter into any business transaction directly or indirectly with such person, any member of that person's family, or any entity in which that person has any legal, equitable or fiduciary interest or position, including without limitation as a trustee, officer, shareholder, partner, beneficiary or trustee, such person shall (a) immediately inform those charged with approving the transaction on behalf of the corporation of such person's interest or position, (b) aid the persons charged with making the decision by disclosing any material facts within such person's knowledge that bear on the advisability of such transaction from the standpoint of the corporation, and (c) not be entitled to vote on the decision to enter into such transaction. The board annually reviews the conflict of interest policy and asks each trustee or officer to sign a form acknowledging their understanding of the policy.”

“The ceos compensation is comprised of two elements. First is the base salary which is evaluated and adjusted annually. Second is a bonus compensation which is determined after each fiscal year. Compensation adjustments and bonus awards are evaluated by an ad hoc compensation committee consisting of the board chair and his committee appointees. The base is generally adjusted based on the ceo's performance, inflation, cost of living considerations, availability of funds, scope of responsibilities and the committee's general knowledge of market conditions/comparable pay. The bonus is determined by the committee based on an evaluation of the ceo's progress toward the attainment of predetermined goals for the organization. Goals are determined collaboratively by the ceo and the finance committee/chair on a fiscal year basis. Key employee compensation is reviewed by the president, chair and treasurer and presented to the executive committee in the annual budget.”

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

“To help support downtown vibrancy through the impacts of the covid-19 pandemic, dap dispersed grants to support to small businesses and entrepreneurs. Funds from summa foundation, the city of akron cares act funds, and united way (received in fy 2018-19) were dispersed through grants designed by committee. This was an unusual service for dap as we have not functioned as a grant-giving organization previously (see member outreach & support). Dap pivoted programs and services during the pandemic to provide online programming opportunities (see vibrancy & economic development). Our work with biederman redevelopment ventures (see knight initiatives) was a significant undertaking and expense supported by knight foundation.”

“Contracted labor: program service expenses 688,844. Management and general expenses 669. Fundraising expenses 0. Total expenses 689,513. Other professional fees: program service expenses 40,805. Management and general expenses 14,143. Fundraising expenses 0. Total expenses 54,948.”

“The oversight process has not changed from the prior year”