Sturgis Economic Development Corp

“Businesses can pay dues to be voting members”

“Annual election held for board of director vacancies. The elected by members board makes the decisions at the monthly meetings.”

“At the annual meeting any changes to the governing bylaws must be approved by a vote at the annual meeing.once elected the board has the authority to act on behalf of the organization.”

“Copy of the form 990 is made available to the board of directors prior to filing of tax return.”

“An annual questionnaire is given to the board members to disclose any conflicts. Also when voting on any board action, the board member will disclose any conflicts and not vote on said action and withholds signature on conflicting documents.”

“Financial statements are presented at the annual meeting. All governing documents, conflicts of interest, and policies are available upon request.”

“A copy of the tax return is made available to the board members.”

“Board is advised of conflict and member abstains from voting on conflict issues and withholds signature on conflicting documents.”

“No documents available to the public.”

“MEMBERS”

“Members can elect or appoint one or more members of the governing body.”

“Members vote on governance”

“In tax year 2022, $25,000 was erroneously recorded to a loan balance that was actually a grant. For the same loan, an adjustment was made for $555 to the loan balance. Total reduction to the loan balance was $25,555. In tax year 2023, a notes receivable balance was corrected (reduced) by $1,181 after the tax return was filed.”

“To encourage economic development the entity has ownership of rental property for rent by businesses. These are used to incubate businesses and to promote econmic growth.”