Black Hawk Economic Development Inc

“A draft of the form 990 will be sent to all board members for review and approval prior to filing with the irs.”

“Each bhed representative owes a duty to bhed to advance bhed's legitimate interests when the opportunity to do so arises. Bhed representatives must give undivided allegiance to the organization when making decisions affecting the organization. Similarly, bhed representatives must be faithful to bhed's non-profit mission and are not permitted to act in a way that is inconsistent with the central goals and objectives of the organization and its non-profit status. Bhed representatives should not accept gifts or favors that could compromise their loyalty to bhed. For example, a bhed representative should not accept gifts if he or she knows that such gifts are being given to solicit his or her support of or opposition to any bhed transaction. If a bhed representative or party related to bhed representative has an interest in any contract, action or transaction to be entered into with bhed, a conflict of interest or potential conflict of interest may exist. The interested bhed representative will so advise the board of directors promptly. An interested bhed representative will include in the notice the material facts as to the relationship or interest of the interested bhed representative in the entity proposing to enter into a contract, action or transaction with bhed. B. At any time that a conflict of interest or potential conflict of interest is identified, the chair of the board will ensure that such conflict of interest is placed on the agenda for the next meeting or discussed at the next meeting of the board of directors. The notice or discussion will include, to the extent available, a description of the conflict of interest matter to be discussed. The directors in attendance will be advised that a vote will be taken at the meeting and that, in order to authorize the relevant contract, action or transaction, an affirmative vote of a majority of disinterested directors present at the meeting at which a quorum is present will be required and will be sufficient, even though the disinterested directors constitute less than a quorum of the board. C. Reasonable effort will be made to cause the material facts concerning the relationships between the individuals and bhed which create the conflict or potential conflict to be delivered to and shared with the members of the board of directors, prior to the meeting to enable the directors to arrive at the meeting prepared to discuss the issue. In the event it is not practicable to deliver the information prior to meeting, it will be delivered to the directors at the meeting, and the directors can act upon the matter with the same authority as if notice had been given prior to the meeting. D. The board of directors, may invite all parties to the conflict of interest to attend the meeting, to make presentation and to be prepared to answer questions, if necessary. The board of directors may also invite outside experts if necessary. E. At the meeting, providing a quorum is present, the conflict will be discussed to ensure that the directors present are aware of the issues and the factors involved. The interested directors may be counted for purposes of a quorum, even though they may not take part in any vote on the issues. F. The board of directors, must decide, in good faith, reasonably justified by the material facts, whether the action, contract or transaction would be in the best interest of bhed and fair to bhed as of the time it is authorized or approved. G. A member of the board of directors and loan committee shall recuse themselves from discussion on any application and/or abstain from voting on all applications or matters that involve himself/herself personally or professionally or related to his/her employment or employer or any other association. All interested directors must abstain from voting, and, depending upon circumstances, leave the room when the vote is taken. H. The board of directors will maintain a written account of all that transpires at the meeting and incorporate”

“The organization has a personnel committee that meets annually to determine the compensation for the executive director. The compensation amount is deliberated and approved by the committee then sent to the full board for final approval. The process was last completed in 2024.”

“All pertinent forms and policies are available by request.”

“Change in accounting principle -129,019.”