The Greater Beloit Economic Development Corporation

“The organization's bylaws were amended to make the following changes: the chair, with concurrence of the board, now has authority to appoint other "special" committees as necessay to reach the goarls of the corporation. Invididual investors are now allowed to vote on at the annual investor meeting. Board of directors changes from 23 seats to 25. The board member categories have been removed. Included 5 voting seats for community partners. An education director from each education investor can be a board member. Board of directors term changes from three - 3 year terms to two - 3 year terms.”

“Any individual or entity having an interest in economic development activities within the greater beloit region may become an investor of this corporation, including but not limited to individuals, representatives from business, industry, real estate, developers, contractors, financial institutions, economic development partners, education partners, not-for-profit organizations, and local government jurisdictions. Individual investors are allowed if they are able to demonstrate their prior contributions as a regular investor representative, or have a history in economic development, or skills and resources to contribute to the betterment of the investorship. Non-individual investors should be able to demonstrate that they are an entity in good standing with the wisconsin department of financial institutions or the illinois office of the secretary of state business services department. Investment applications shall be provided by the corporation to any interested applicant, and the completed application submitted to the executive committee for review and final approval. Each dues paying individual investor shall have one (1) vote on all issues coming before any gbedc committees that he/she serves on but will not be eligible for a vote on the board of directors.”

“Directors: directors shall be elected from the non-profit, public sector or private sector investors and shall not exceed twenty-five (25) elected directors. Directors shall be elected for a three (3) year term of office at the annual meeting by the investorship present. No person shall serve more than two (2) consecutive terms of office. Following the expiration of one (1) year after his/her last term of office, shall again be eligible for reelection to the board of directors. Government jurisdiction directors: one (1) additional director shall be appointed by each local government jurisdiction investor and serves an indefinite term or until he/she no longer represents the government jurisdiction. Community partner directors: the board chair may annually appoint no more than five (5) community partner directors, as subject matter experts based on the current needs of the corporation. Education directors: one (1) additional director shall be appointed by each education investor and serves an indefinite term or until he/she no longer represents the education investor. Ex-officio, non-voting, members: the board chair may annually appoint no more than three (3) ex-officio, non-voting members representing visit beloit, greater beloit chamber of commerce and downtown beloit association.”

“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.”