Rockford Area Economic Development Council Inc

“Joint venture : in may of 2019, the leadership of the council and the rockford chamber of commerce (chamber) created a unification task force. The task force was charged with evaluating how the council and the chamber might enhance engagement among business leaders and have a stronger long term impact on the community. The results of evaluating leading organizational practices was the approval for further exploring unification of the council and the chamber under an umbrella partnership. The council approved allocating up to 75,000 for the cost of a consultant to provide guidance on the unification process. In november of 2019, ey economic development advisory services (ey) was engaged to facilitate considerations related to governance, organizational setup, funding model, priorities, and performance metrics under a unified model. In june of 2020, ey presented the results of the unification research and plan to the task force and received approval from the board of directors of both the council and the chamber. Under the plan, the council and the chamber will formally establish the greater rockford growth partnership (grgp) as a 501c(6) non- profit and begin the initial implementation steps in the first quarter of 2021, progressing throughout 2021 so that everything is in place and operational for 2022.”

“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 senior staff and board officers prior to filing.”

“Conflict of interest forms are completed by staff and the board of directors when their respective term begins. Conflicts 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, is 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 board chair.”

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

“F/S ROUNDING 1”