Springfield Business Development Corporation

“Management control: daily activities of the organization are conducted under supervision of springfield area chamber of commerce's senior vice president of economic development. The organization is a wholly-owned subsidiary of springfield area chamber of commerce.”

“Significant changes to the governing documents: the organization amended the bylaws in regard to ex-officio members. The vice chair of workforce development of the springfield area chamber of commerce shall serve as an ex-officio member. Additionally, at the board's discretion, the chair of the springfield regional economic partnership (srep) or his/her designee shall be invited to serve as an ex-officio director, unless elected as a director of the corporation.”

“Form 990 review process: the form 990 is prepared by an accounting firm based on the audited financial statements and information provided by the accounting department of the organization. An electronic copy of the draft form 990 is emailed to board members to review prior to filing. The president and chief operating officer for springfield area chamber of commerce, of which the organization is a wholly-owned subsidiary, thoroughly review the form 990 prior to filing. The president of springfield area chamber of commerce is also the secretary of springfield business development corporation.”

“Monitoring compliance with conflict of interest policy: no conflicts of interest were disclosed in 2022. Annually, directors, officers, and key employees are required to review all potential conflicts of interest. If a conflict of interest is found, the individual is expected to abstain from voting on the particular issue with which there is the conflict.”

“Governing documents availability: the annual form 990 is available for inspection at the springfield area chamber of commerce offices. Governing documents and internal financial statements are not available to the public. The conflict of interest policy is available upon request.”

“Business development: staff and sbdc leadership met with site selection consultants/corporate real estate executives who are hired by companies to assist them with evaluating their location options for new investments, and hosted media sponsors who went on to develop promotional content in support of choosing the springfield region as a place to locate your business, live, work and play. This work supports our goal to make springfield more competitive in job creation and capital investment.”

“Accounting method: the organization uses the modified accrual basis of accounting. Annual investments are recognized when received.”