The Greater Beloit Economic Development Corporation

“Matt finley and tom finley have a family relationship.”

“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shall be appointed by each local government jurisdiction investor and serves an indefinite term or until he/she no longer represents the government jurisdiction.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one (1) additional director shall be appointed by each education investor and serves an indefinite term or until he/she no longer represents the education investor.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.”

“No contract or other transaction between the gbedc and a director, or any entity in which a director of the director's close relative is a director or officer or has a material financial interest, is void or voidable because of the relationship or interest or because the director is present at the meeting of the board or a committee that authorizes, approves or ratifies the contract or transaction or because the director's vote is counted for that purpose, if any one of the following applies: a. The relationship or interest is disclosed or known to the board or committee that authorizes, approves or ratifies the contract or transaction and the contract or transaction was authorized, approved or ratified by a vote or consent sufficient for the purpose without counting the votes or consents of the interested directors. B. The fact of such relationship or interest is disclosed or known to the members entitled to vote and they authorize, approve or ratify that contract or transaction by vote or written consent. C. The contract or transaction is fair and reasonable to the corporation. If the matter is the item of business for which a special meeting of the board of directors was called, the affected member shall not be counted to establish a quorum, nor shall the affected member participate in the deliberations or vote on it. For purposes of this policy, the term "close relative" as used herein shall mean any brother or sister of any individual covered by this policy, the forebears and descendants of any person covered by this policy, or of such individual's brothers and sisters, and any spouse of any aforesaid persons.”

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