Mchenry County Economic Development Corporation

“After the annual audit, the independent accounting firm provides the president and treasurer with a draft of the 990 for review. Barring any corrections, or after it is corrected, the final draft of the 990 is presented for approval to the board of directors at a regularly scheduled meeting. Once the approval of the board is obtained, the 990 is submitted prior to the deadline.”

“All board of director members receive an orientation upon election to the board. This orientation includes a review of the bylaws. Article viii specifically addresses conflict of interest: it is understood that in order to make the mchenry county economic development corporation a strong and viable force, corporation board members and committee members will consist of successful and prominent individuals in both the private and public sectors. As a result, it is understood that the appointee may now or in the future have an apparent conflict of interest with the stated purpose of the corporation of the policies or recommendations thereof. Therefore, those corporation board members who feel that there may be a conflict in the representation of a client's interest on a particular issue being considered by this corporation, while serving on this corporation or any committee thereof, shall inform all corporation board members in writing of said conflict, and shall not take part in any vote on such matter which gives rise to said conflict. However, said board member may serve on such corporation or committee and take part in all other business matters of the corporation except that which causes the conflict. In no manner should this be construed as limitation on any board member's right to represent an interest or client that might be in conflict with the recommendation or policies of the corporation or committee upon which they are seated.”

“The officers of the corporation meet to discuss salaries during the budget process. Organizational circumstances also may dictate adjustments, i.e. New responsibilities, changes of responsibilities, etc. The officers have use of current industry standard wage, salary and benefits surveys for comparisons and guidance.”

“The officers of the corporation meet to discuss salaries during the budget process. Organizational circumstances also may dictate adjustments, i.e. New responsibilities, changes of responsibilities, etc. The officers have use of current industry standard wage, salary and benefits surveys for comparisons and guidance.”

“Documents are provided to the county board as part of our contract with the county. The public is represented by two permanent seats on our board of directors. Additionally, reports are submitted to the county on a regular basis. Our activities are overseen by the county's finance and audit committee.”