Rockford Area Economic Development Council Inc

“The executive committee shall exercise the authority of the board of directors between meetings of the board but only to the extent necessary to take action on unanticipated business that requires action between board meetings and action taken is not contrary to the instructions of the board of directors. The executive committee shall have such other duties as are prescribed for the executive committee in the bylaws or by the board of directors. The executive committee shall review the performance and set the compensation for the president, and report its action at the next meeting of the board.”

“Several board members of rockford area economic development council also serve on the board of directors of rockford area strategic initiative (rasi). Rasi is a controlled organization these members include sjostrom, patel, roop, gorksi, kottke, puri, schertz, gronewold, saunders, gaier, petrie, morrissey, and christansen. Michael nicholas also serves as the president of both oranizations. Members of the board of directors, as business owners and employees, also engage in transactions with rockford area economic development council. However, these transactions are all within the normal course of business.”

“The organization is comprised of investors/stockholders.”

“The investors/stockholders are able to review the candidates for the board and vote on the selection as each board member's term comes to a close.”

“Each year, the investors/stockholders are able to vote on how a portion of the general budget is spent to fund raedc programs.”

“A copy of the 990 is distributed to the executive committee first then to the board of directors for review and approval.”

“Conflict of interest policies are completed by the board of directors and staff when their respective term begins, conflicts are noted on said form and board members abstain from voting on any issue in which conflict may occur.”

“The president's annual compensation plan including base salary and any bonus payment are reviewed and approved by the executive committee. The president recommends all officer salary and bonus adjustments using comparable salaries of national peers published by national economic development organizations such as iedc, cost of living statistics, and extraordinary performance. Those recommendations are then reviewed and approved by the executive committee. All non-officer staff compensation changes are recommended by the president and reviewed and approved by the chairman of the board.”

“Rockford area economic development council has made its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Outside services: program service expenses 87,264. Management and general expenses 55,789. Fundraising expenses 0. Total expenses 143,053. Contractual services: program service expenses 0. Management and general expenses 59,724. Fundraising expenses 0. Total expenses 59,724.”

“The organization has an executive committee that appoints the independent auditor”