Downtown Minneapolis Transportation

“The executive committee consists of the board chair, chair-elect, first vice chair, secretary/treasurer, immediate past chair, each area council chair and three to five board members appointed by the chair. In the interim between meetings of the board of directors, the executive committee is in charge of routine business of the chamber and is permitted to establish policies of the chamber on all matters, including matters of a public policy or legislative nature. It has the responsibility of the finances and property of the chamber and shall have authority to order disbursements for necessary expenses and may, acting through the secretary/treasurer, grant to any committee a reasonable amount of money for special work. The executive committee may refer matters brought before it to any other committee or task force. The executive committee is the primary liaison between the board of directors and the area boards of directors, and is responsible for communicating and enforcing the directives and policy of the board of directors.”

“The form 990 will be completed by an independent accounting firm and reviewed by the finance committee before being sent to the board of directors prior to filing.”

“The conflict of interest policy covers directors, officers and employees of the organization. Each responsible person must review the policy and annually complete a disclosure for identifying any relationships, positions or circumstances in which the responsible person is involved that he or she believes could contribute to a conflict of interest arising. Any such information regarding a business interest is generally made available to the chair, the president, executive director and any committee appointment to address conflicts of interest, except to the extent additional disclosure is necessary in connection with the implementation of this policy. A person who has a conflict of interest shall not participate in discussions of the matter except to disclose material facts and to respond to questions. The person having a conflict of interest may not vote on the contract or transaction and shall not be present in the meeting room when the vote is taken, unless the vote is a secret ballot. Proceedings related to conflicts of interest are documented in the meeting minutes.”

“Comparable survey data from nonprofit organizations, the national chamber of commerce, and other association market data is provided to the executive committee to review and approve for officer's compensation. A review and approved of the total compensation package for the president/ceo was conducted prior to hiring the new president/ceo in october of 2016 by the executive committee. At that time the salary surveys listed above were used. The president/ceo is the only employee that has a compensation review by the executive committee. Compensation of all other positions in the organization is at the discretion of the president/ceo and approved by the board of directors through budget allocation. The president/ceo uses comparable data from nonprofit organizations, private sector and other association market data for determining the compensation of other officers or key employees of the organization. The process described here was last completed in 2024.”

“Downtown minneapolis tmo makes its financial statements and governing documents available to the public upon request.”