The Greater Beloit Economic Development Corporation

“Any person or entity having an interest in economic development activities within the greater beloit region may become an investor in the greater beloit economic development corporation, including but not limited to representatives from business, industry, real estate, developers, contractors, financial institutions, economic development partners, not-for-profit organizations, and local government jurisdictions. Each dues paying investor shall have one vote on all issues coming before the investors at the regular annual investorship meeting called to transact business.”

“The business and affairs of the corporation shall be managed by a board of directors not to exceed twenty-three elected directors, and one additional director appointed by and representing each local government investor. Investors appointed to the board of directors shall be classified as follows: business and industry - 10 investors; real estate/developer/contractor - 3 investors; financial institutions - 4 investors; school district of beloit - 1 investor; education at large - 1 investor; at-large representatives - 4 investors; local government jurisdictions - 1 representative per jurisdiction.”

“The bylaws and articles of incorporation may be amended by two-thirds vote at the annual investorship meeting, but no amendment shall be in order at any meeting unless not less than fifteen days previous notice of the nature of the proposed amendment shall have been given by mail to all investors.”

“Staff reviews and approves the form 990 prior to filing with the irs.”

“All executive committee members are required to sign a conflict of interest policy statement on an annual basis. In connection with any actual or possible reported conflict of interest, an interested person must disclose the existence of the interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing body delegated powers. After disclosure of the interest and all material facts, the interested person shall leave the governing body or committee meeting while the determination of a conflict of interest is discussed and voted upon by the remaining directors or committee members. The governing body or designated committee conducts periodic reviews to ensure that the organization does not engage in activities that could jeopardize its tax-exempt status.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Redevelopment resources: program service expenses 10,178. Management and general expenses 126. Fundraising expenses 0. Total expenses 10,304.”

“Loss on sale of land -732,143.”