Cumberland Economic Development Cor

“There are no standing committees with authority to act on behalf of the governing body.”

“Form 990 was provided to and reviewed by the executive director who is responsible for approving and signing the filed form 990.”

“1. Duty to disclose. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. 2. Determining whether a conflict of interest exists. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board of committee members shall decide if a conflict of interest exists. 3. Procedures for addressing the conflict of interest: (a) an interested person may make a presentation at the governing board or committee meeting, but after the presentation, he/she shall leave the meeting during the discussion of, and the vote on, the transaction or arrangement involving the possible conflict of interest. (b) the chairperson of the governing board or committee shall, if appropriate, appoint a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement. (c) after exercising due diligence, the governing board or committee shall determine whether the corporation can obtain with reasonable efforts a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. (d) if more advantageous transaction or arrangement is not reasonably possible under circumstances not producing a conflict of interest, the governing board of committee members shall determine by a majority vote of the disinterested directors whether the transaction or arrangement is in the corporation's best interest, for its own benefit, and whether it is fair and reasonable. In conformity with the above determination it shall make its decision as to whether to enter into the transaction or arrangement.”

“To ensure the corporation operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax- exempt status, periodic reviews shall be conducted. The periodic reviews shall, at a minimum, include the following subjects: 1. Whether compensation arrangements and benefits are reasonable, based on competent survey information, and the result of arm's length bargaining. 2. Whether partnerships, joint ventures, and arrangements with management corporations conform to the corporation's written policies, are properly recorded, reflect reasonable investment or payments for goods and services, further charitable purposes, and do not result in inurement, impermissible private benefits or in an excess benefit transaction. In addition, the compensation is approved by the board of directors.”

“The conflict of interest policy is available on the organization's website and the governing documents and financial statements are available to the public upon request.”

“Baltimore street access project: the project is a cedc and city of cumberland effort to revitalize the city's urban core, among other things, re-introducing automobile and bicycle traffic onto baltimore street in cumberland, md, thereby improving connectivity of the intermodal transportation system; introducing fiber optic cable along baltimore street, thereby completing the downtown fiber loop; installing sprinkler infrastructure to buildings along baltimore street, thereby promoting residential and commerical redevelopment; and replacement of underground infrastructure that has not been materially improved since before the installation of the pedestrian mall. This project is also being undertaken as part of a much broader economic and community development revitalization effort for the city of cumberland's urban core.”