Greater Sacramento Area Economic Council

“The executive committee is comprised of two or more directors of the board. One of the committee members must be the chairperson of the board of directors, and another member must be the immediate past chairperson of the board of the directors. The chairperson of the board of directors, must also be chairperson of the executive committee. The executive committee has authority to act on behalf of the board of directors in the management of business affairs of the corporation between board meetings. The actions of the executive committee must be reported to the board of directors at the next board meeting following the actions that were taken. The executive committee does not have the authority to fill any vacancy on the board of directors or any committee of the board of directors, adopt amendments to the articles or these bylaws or fix compensation for the directors.”

“Amendment to bylaws - october 22, 2020 the corporation's bylaws were amended to restate section 4.5.4 - public entities, which states that each city, town, municipality, county, and/or other governmental entity that is in good standing, makes a long-term commitment to carry out the mission and purpose of the corporation, and commits to make an annual contribution at an amount equal to or greater than its full formula allocation, as determined from time to time by the board of directors, shall have a single voting representative to serve as director on the board of directors so long as such director will not cause the corporation to exceed the maximum number of authorized directors. The amendment notes that the director shall be the highest-ranking non-elected official with the governmental entity, and it also details alternate delegation procedures. Amendment to bylaws - december 10, 2020 the corporation's bylaws were amended to restate section 4.2 - number and term, which states that the board of directors should consist of at least one but no more than seventy-five directors. The amendment notes that all directors should hold office for terms of five years or until their respective successors are nominated or appointed, or until the director's earlier resignation or removal. Finally, the amendment notes that there is no limitation on the number of consecutive terms to which a director may serve.”

“Form is reviewed by internal management and external cpa firm. The form is also reviewed and approved by the appointed audit committee prior to filing .”

“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 financialinterest in a matter before the board, such director shall report such interest to the board prior to board action thereon 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 2019.”

“Financial statements are available for download on our website and available on request. Governing documents and conflict of interest policy are available upon request.”

“Uncollectible pledges -200,000.”