Rockford Area Economic Development Council Inc

“Line 2: 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: paterson, cunningham, lattimer, puri, dorsey, gronewold, chadwick, gaier, rozinsky, petrie, carynski, born, hultman, saunders, tata, mcnamara, and haney. Nathan bryant also served as the president of both organizations in 2019. Members of the board of directors, as business owners and employees, also engage in transactions with rockford area development council. However, these transactions are all within the normal course of business.”

“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.”

“See sch o, part vi, line 2 details”

“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 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.”

“Review and approval of the 990 will be done by the audit committee and treasurer prior to filing.”

“Conflict of interest forms are completed by the board of directors and staff when their respective term begins. Conflists are noted on said form and board of directors abstain from voting on any issue in which conflicts 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 and 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.”