Greater Sacramento Area Economic Council

“Gsaec makes available annual statements of financial position and any other governing documents to the public, as requested, at its office. Gsaec staff will monitor the review to ensure the documents do not leave the premises.”

“The 990 will be reviewed by gsaec's ceo/president and treasurer/cfo.”

“Members of its board of directors shall perform their duties as directors in good faith in a manner each such respective director believes to be in the best interest of the corporation and with such care, including reasonable inquiry, as an ordinary prudent person in a like position would use under similar circumstances. However, to eliminate or minimize the effect of any conflict of interest, if any director or close relative (spouse, ancestor, or lineal decendent) of such director has any financial interest in a matter before the board, such director shall report such interest to the board prior to board action theron either in writing or before the board so as to be set forth in the minutes. Furthermore, such director shall refrain from voting altogether on such matters. Members of the corporation and/or directors may engage either as individuals or as partners, employees, or agents of others in business activities of the type conducted by the corporation.”

“The board of directors shall determine from time-to-time the compensation of the officers. An officer shall not be prevented from receiving compensation because of services as a director. The minutes of the meetings of the board of directors shall set forth the compensation of the officers or the method of fixing the compensation of the officers. This process was last undertaken in 2017.”

“Financial statements are available for download on our website and available on request.”

“Reserve for future pledges -273,625.”

“At the time the form 990 was filed, the audited financial statements of the organization were not yet completed. The organization does have a financial statement audit, done by an independent accountant, on a separate basis. Upon completion of the audited financial statements any changes will be evaluated to determine if an amended 990 should be filed.”