Eau Claire Area Economic Development Corporation

“The executive committee shall consist of the president, the vice president, the secretary, the treasurer, the immediate past president, the executive director and any two other members of the board. The immediate past president shall be a non-voting member of the executive committee. The executive committee shall have power to transact all regular business of the corporation during the period between the meetings of the board of directors, subject to any prior limitation imposed by the board and with the understanding that all matters of major importance will be referred to the board.”

“Persons holding the following offices shall be members of the board of directors: chancellor - uw-eau claire president - chippewa valley technical college president - eau claire city council chairperson - eau claire county board of supervisors president - xcel energy-wisconsin eau claire city manager eau claire county administrator the administration committee of the eau claire county board of supervisors shall recommend annually a rural eau claire county representative who has demonstrated an interest in involvement in economic development, but who is not a current member of the board of supervisors, to serve a one year term.”

“The organization distributes the form 990 at board meetings.”

“The organization makes its governing documents and financial statements available to the public upon request.”

“Transfer of assets from chippewa valley innovation center 634,979.”

“The form 990 of the eau claire area economic development corporation is presented on a modified cash basis of accounting, which is a comprehensive basis of accounting other than generally accepted accounting principles. Certain revenue and related assets are recognized when received rather than when earned, and expenses are recognized when paid rather than when incurred. Modifications to the accrual basis of accounting include recording contributions as revenue in the year the contributor intended them to be used for budgeting purposes rather than in the year received and recording capital expenditures as expense rather than capitalizing them.”