Stl Partnership CDC

“St. Louis economic development partnership provides human resources services, financial and budgeting assistance, legal counsel, and office facilities for the stl partnership cdc.”

“The federal form 990 is prepared by an outside accounting firm and provided to management for review. Adjustments and changes, if any, are made and a new copy of the form 990 is provided for further review by the chairperson and vice chairpersons of the board before filing with the internal revenue service (irs). A copy of the form 990 is made available for the entire board once it has been submitted to the irs.”

“The stl partnership cdc reviews the principals engaged in contractual relationships annually.”

“As previously noted, this filing organization, stl partnership cdc (cdc), does not have employees. All staff are employees of st. Louis economic development partnership (partnership). The partnership utilizes its own process for determining and approving compensation. As such, and in accordance with irs instructions, this filing organization has responded "no" for lines 15a and 15b of part vi, section b because it does not directly utilize such processes and such processes are those of a third party.”

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

“As previously noted, stl partnership cdc (cdc) and st. Louis economic development partnership (partnership) have a staff sharing agreement with the employees of the partnership. The partnership provides all compensation and benefits for the staff. Cdc compensates the partnership based on actual time spent providing services to cdc as indicated on records maintained. As such, cdc does not file or submit any payroll related filings for employees providing services to cdc. All such filings are the responsibility of the partnership as the legal employer of record. The wages and benefits reported on part vii and part ix reflect, as requested by irs instruction, the compensation paid by a common paymaster, payroll/reporting agent in return for services rendered to the filing organization.”

“Stl partnership cdc (cdc) and st. Louis economic development partnership (partnership) entered into an agreement effective september 1, 2016, which automatically renews from year to year, for the partnership to provide staff to carry out cdc's purposes. The staff are employed by the partnership and the partnership provides fringe benefits for the staff, including retirement, health insurance, hospitalization, workers' compensation, unemployment and life insurance. Cdc compensates the partnership based on actual time spent providing services to cdc as indicated on records maintained. As such, cdc does not file or submit w-2s, a w-3, or any payroll related filings. All such filings are the responsibility of the partnership as the legal employer of record. The number reported reflects, as requested by irs instruction, the number of the filing organization's employees reported on a form w-3 issued by reporting agents of the filing organization, including a common paymaster.”

“The organization has a committee that assumes oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed since the prior year.”

“On december 2, 2020, the partnership transitioned its 401(k) plan to 401(a) plan for qualified employees. This defined contribution plan provides that the partnership contribute an annual amount equal to 7% of each eligible employee's annual salary into the plan subject to safe harbor plan provisions. Through cdc's reimbursement to the partnership for compensation of personnel, cdc contributed $9,349 to the plan for the year ended september 30, 2023.”