Downtown Sioux Falls Inc

“Membership in downtown sioux falls shall be available to any person or business that believes in and will promote the purposes and objectives of the downtown sioux falls organization. Membership consists of three classes of members: 1.) business memberships 2.) residential memberships (open to individuals and families who live in the downtown area). Dues amounts required for business and residential memberships may be determined from time to time by the board of directors. The calendar year for dues shall begin january 1 of each year and new mid-year members' dues will be prorated for the remainder of the year they join. Membership in downtown sioux falls shall be considered terminated upon default of payment of dues for a period of three (3) months after the dues become payable. Memberships are not transferable or assignable. The third class of members is bid members. Bid members are members who are required to pay an assessed tax to the city of sioux falls for property they own in the business improvement district. This tax is mandatory. If the tax is not paid to the city of sioux falls within 3 months it is transferred to minnehaha county for collection through the property owner's property tax. As bid funds are received from the bid property owners the city of sioux falls then transfer the money to downtown sioux falls.”

“Each member shall be entitled to one vote per membership in the election of directors.”

“Committees are advisory in nature only and recommendations from the committees must be brought to the full board for approval. No committees have authority to act on behalf of the board of directors.”

“The president and staff accountant complete a detailed review of the form 990 prior to filing with the irs.”

“The conflict of interest policy covers board members, officers and members of a committee with governing board delegated powers. A request is made annually for all board members to disclose any potential conflict of interest. The board makes a determination of whether there is a conflict of interest and if so, implements the procedure for evaluating the issue or transaction involved. The board member, officer, or committee member with the conflict must refrain from voting.”

“The executive committee performs an annual review of the president at the end of each year. Based on the review, the executive committee determines the bonus for current year and the compensation for the president for the upcoming year.”

“The organization's documents are available upon request.”

“In 2013 the dedif entity was dissolved and all funds and assets were transferred to dtsf. In may 2014, with these funds the "retail incubator rental subsidy program" was started. New to downtown sioux falls, businesses can apply to be in the program and once approved by the dtsf committee, dtsf will pay up to $10,000 over 18 months of their rent to the their landlords. In 2014 two businesses were accepted into the program and the first rental payment was started in august 2014.”