Business Development Centre Inc.

“All corporate documents including governing documents, the conflict of interest policy, and financial statements are on file and available by the public for reviewing during regular office hours”

“All new officers and directors are provided a copy of the conflict of interest policy when they assume their position in march of each calender year. This policy is reviewed and presented to the board of directors, outlining any changes and reminding them of their duty to make any disclosure of any situation/activity that may be considered as a conflict of interest if anyone discloses what they believe may be a conflict of interest. They are asked to leave the meeting while discussion and a resulting vote is made on the potential conflict of interest. The chairperson may appoint a disinterested person or committee to investigate the proposed transcation or arrangement after exercising due diligence, the board of directors or the assigned committee will determine what steps are needed, if any, to eliminate or correct a possible conflict of interest.”

“The compensation and performance of the executive director is annually reviewed by a committee comprised of board members. Performance measures and comparable data is provided for consideration when an increase in salary is being considered. This process coincides with the preliminary review and approval process of the budget for the upcoming fiscal year.”

“Upon completion of form 990, it is presented to the board members for their review before being filed”

“The centre leases the building (which is in turn leased to others) from the city of lynchburg at a nominal rate. The city pays for major repairs and maintenance above $1500 and provides insurance coverage for the centre's building at no charge. In prior years, the centre rceived grants from federal and state governments, as well as private contributions to support the operations of the small business development center (sbdc), housed at the business development centre. For every dollar raised locally, the sbdc received two dollars in federal funding. The sbdc relocated to the campus of central va community college in early 2013. Gifts, grants and contributions reflected in tax years 2014 and 2015 reflect only private giving to the business development centre from the local banking community to help underwrite the cost of the basics of business training class.”