Greater Milwaukee Convention and Visitors Bureau Inc

“The Organization has active members which are individuals or entities, all or part of whose business operations are conducted within the Greater Milwaukee area, or who resides in the greater Milwaukee area. In addition other members include honorary members, municipal members, and the Milwaukee county government member. Active members pay annual dues. Membership is non-voting. Membership includes privileges such as participation in various activities, programs, publications, educational and marketing activities as may be designated from time to time by the board of directors. An annual meeting of members is held as well as possible special meetings, if so called.”

“The 990 is reviewed by the Secretary/Treasurer on behalf of the audit/finance committee, a standing committee of the board of directors, prior to filing. A copy is made available to the full Board for their review, but not prior to filing.”

“Board members are required to disclose potential conflicts of interest. Other members of the board or committee determine if a conflict exists. When this occurs the board member with a conflict of interest is asked to leave during the discussion and vote.”

“Compensation is set using comparable market data from three or more sources. The audit/finance committee and HR committee of the board reviews and approves the overall compensation program. The HR Committee reviews and determines CEO and key employee compensation, with approval by the Executive Committee. In 2014, a compensation study using an independent compensation consultant was conducted, and will be repeated in 2016.”

“See part VI, Line 15a.”

“Documents are available upon request at our offices. The 990 is filed online at Guidestar.org.”

“The Board of Directors of the Organization has instructed that the unrestricted net assets of the Organization are to be used for the following purposes:Restricted Opportunity Fund. This designation, adopted in 2007, is for the sole purpose of facilitating the booking of convention business in Milwaukee. The cash balance of this fund is designated.Marketing Contingency Fund. This designated fund, adopted in 2011, was created for the purpose of future unanticipated and unbudgeted marketing opportunities, and to ensure protection from future funding cuts.Emergency Contingency Fund. This fund, adopted in 2011, was created to provide a contingency reserve to draw upon in the event of a reduction or interruption in funding. The contingency fund should not exceed an amount equal to six (6) months of operating expenses in any fiscal year.Operating Reserve Fund. The amount of the Operating Reserve Fund is equal to the balance of the Organizations net assets after all other fund designations.Designations of $6,235,344 unrestricted net assets as of December 31, 2015:Restricted Opportunity Fund: $710,151Marketing Contingency Fund: $602,125Emergency Contingency Fund: $976,838Operating Reserve Fund: $3,946,230”