Minot Area Development Corporation

“Starting in november of 2019, madc entered into a consulting agreement with minot area chamber of commerce (macc) for the services of interim executive director. John macmarin, president of macc, under terms of the agreement, was to devote not less than six hours per week to madc. Madc was to pay $3,000 per month to macc for these services.”

“The corporation shall have one class of members. The designation of such class and qualifications of the members of such class shall be as follows: such class shall be designated as regular membership and any person, firm, partnership, corporation, company, association, or trustee indicating a desire to affiliate with this organization shall be eligible to such membership.”

“All classes of members shall be limited to one vote for any one candidate and to vote for no more than four candidates at any election.”

“A copy of the form 990 will be provided to each board member for review prior to filing with the irs.”

“The organization has a conflict of interest policy which covers the board members and officers of the organization. Conflicts are determined by members of the board as well as the organization. Conflicts are reviewed and restrictions are imposed as conflicts arise depending upon the nature of the conflict.”

“A compensation review is performed annually for the individual. There is then a comparison of salaries to other areas and compensation is discussed at the next monthly board meeting and is voted upon. Documentation is provided in the board minutes and employee file.”

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

“Transfer of all assets ($8,054,687) due to merger net of liability of: -7,978,740.”

“The financial statement review process has not changed from the prior year.”