Charleston Regional Development Alliance

“Management and the finance committee review the form 990. Upon completion, they provide a copy of the form 990 to the board of directors for approval. Upon approval, the president signs the form 990 and files the return.”

“Monitoring is done on an ongoing basis and open discussions of potential matters are discussed and addressed as needed.”

“The compensation committee of the board of directors periodically conducts evaluations of competitive compensation for its employees. The compensation committee annually reviews and approves the president's salary. The committee provides guidelines on staff compensation and links them to performance and outcomes.”

“The compensation committee of the board of directors periodically conducts evaluations of competitive compensation for its employees. The compensation committee annually reviews and approves the president's salary. The committee provides guidelines on staff compensation and links them to performance and outcomes.”

“Governing documents are made available for public inspection at the company's corporate offices.”

“The charleston regional development alliance (crda) was incorporated on february 1, 1995 as a public and private not-for-profit economic development organization supported and led by the region's most influential business leaders, three county governments, largest municipalities, and top academic institutions. Crda serves as a catalyst for long-term, sustainable economic growth in the three-county charleston region which comprises berkeley, charleston and dorchester counties. The organization leads a global marketing effort to attract world-class businesses and talent, and serves as a facilitator for companies considering the region for competitive expansion or location investments. Crda also collaborates closely with other entities to ensure a globally competitive, sustainable regional economy. Crda receives its revenues from private and government contributions.”

“Prior period adjustments: during the year ended june 30, 2016, the crda made adjustments to its financial statements to account for its facility operating lease in accordance with asc 840 - leases. This standard requires the crda to recognize its long-term operating lease expense on a straight-line basis over the term of the operating lease. This accounting recognition results in uniform annual lease expense recognition over the term of the lease, and the recognition of a deferred lease obligation for the difference in actual lease payments made, and the straight-line expense recognition required. As a result of this restatement, the crda recognized at july 1, 2015 an increase in deferred lease obligation and a reduction to unrestricted net assets of 141,943. This deferred lease obligation will fully amortize over the term of the lease. During the year ended june 30, 2016, the crda also made a restatement to the depreciable life of a series of leasehold improvement assets associated with its leased office facility. These improvements were previously depreciated over a useful life of 39 years, and were restated to a useful life of 15 years. Under accounting standards generally accepted in the united states of america, such improvements should be depreciated over the shorter of their useful lives or the remaining term of the associated facility operating lease (with reasonable consideration of extension). As a result of this restatement, the crda recognized at july 1, 2015, an increase in accumulated depreciation and a decrease in unrestricted net assets of 27,114.”