Georgetown Business Improvement District Inc

“The organization has the following classes of members: class a members are all commercial tenants within the bid boundaries, excluding ground leasees who own improvements on any commercial non-exempt property within the bid boundaries. Each member shall have one vote. Class b members are all owners, and exempt owners who elect to become members under section 21 of the bid act, and ground lessees who own improvements on any commercial non-exempt property in the bid boundaries. Each member shall be entitled to votes equal to the greater of 1 or the quotient obtained by dividing by 500 (i) the amount of bid tax (rounded to the nearest two hundred fifty dollars payable by an owner of the then applicable fiscal year of the bid for such bid property, or (ii) the amount of the voluntary contribution rounded to the nearest two hundred fifty dollars payable by the federal government's general services administration for the then applicable fiscal year of the bid for such bid property, with any such bid taxes , voluntary contributions or contract compensation payable under section 15(e)(2) of the bid act annualized for the first operating year of the bid, in each instance rounded to the nearest two hundred fifty dollars. Each individual or entity that is a member may assign an individual to be their representative at any member meeting.”

“Members elect the governing body each year. Each class a member has one vote. Each class b member receives the greater of one vote or the quotient obtained by dividing by 500 the amount of bid tax payable by the owner of the property of the then applicable fiscal year. The chair of the board of directors appoints a nominating committee chair. The nominating committee chair appoints additional members of the nominating committee. At least one person from each class of membership must be on the nominating committee. Individuals are nominated for board positions either by the nominating committee or by a member petition. Directors are elected by their respective member class.”

“The organization must receive an affirmative vote of at least 67% of the membership in order to borrow more than 10% of the total assessment of bid taxes for any fiscal year.”

“The form 990 is reviewed and approved by the executive committee. A copy is then provided to all members of the board of directors. Board members are given a period of time to review the form 990 and respond with any questions as needed. Once the period of review has ended, the chair signs and the return is efiled.”

“Officers and directors are required to sign an acknowledgement each year that they have received the conflict of interest policy. Each officer and director is asked to notify the board of any conflicts of interest. Officers and directors abstain from any approval of salaries or other forms of compensation for themselves.”

“Compensation of the ceo and key employees is evaluated on an annual basis by the board of directors' executive committee. Compensation is based upon the level of skill required for the position, comparison of compensation to similar positions in the non-profit industry, and an evaluation of the individual's achievements during the year. Determination of the compensation is documented by the executive committee. Officers and directors of the organization are not compensated.”

“The organization makes the following documents available to the public as they are requested: exempt organization registration statement federal form 990 conflict of interest policy audited financial statements”

“The organization makes the following documents available to the public as they are requested: exempt organization registration statement federal form 990 conflict of interest policy audited financial statements”