Sioux Falls Development Foundation Inc

“The organization has delegated authority to our Executive Committee consisting of the President, Chair, Vice Chair, Secretary, Treasurer, and Past Chair. Executive Committee shall transact business of an emergency nature between board meetings.”

“As of September 27, 2022, the bylaws of the organization were amended to include the following: With specific action by the Board of Directors, a Director's term may be extended if the Board of Directors believes the extension will allow for greater continuity at the Executive Committee level and otherwise deems it to be in the best interest of the corporation to extend the term of that Director. A quorum shall consist of eight Directors. The Officers shall serve for a term of one year with terms beginning on January 1 of the year immediately following such election. The Vice Chair's duties were expanded to include those duties assigned by the Board of Directors. The Vice Chair shall also be considered the "Chair Elect and will succeed the Chair at the end of the Chair's term of office. The Vice President of Economic Development shall, in the absence or disability of the President, do and perform the duties and exercise the powers of the President. He or she shall also perform such additional duties the Board of Directors may, from time to time, assign to him or her. Powers of the Chair were extended to the Vice Chair, President or Vice President of Economic Development when required.”

“Membership investment is based on the number of employees of the investing company. The minimum cost of a membership is $250 annually for 0-20 employees and the max is $3,650 annually for 901+ employees. There are some businesses that were already members when the new membership structure was implemented and remain at their original membership levels.”

“The members elect new board members at the annual meeting.”

“The Executive committee does not keep written minutes of its meetings. All matters acted upon at the Executive committee are brought to the board for approval, and included in the board minutes.”

“The President and the Executive Committee will review the return in detail. Upon their review, a copy of the 990 will be emailed to the board members, and it will be approved at the following board meeting. Following their approval, the 990 will be filed with the IRS.”

“At each Board meeting, the board members and ex-officio members are asked to review the agenda for possible conflicts of interest. If a conflict does exist, the Board member must abstain from voting and from the discussion.”

“Compensation of the President is determined by the Executive committee. Compensation for the Vice President is determined by the President. Determined of compensation for both positions includes an annual performance review and comparability data. The process is undertaken annually.”

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

“Change in SDBTC Investment 252,436.”