Economic Development Commission Of

“An executive committee, a subset of the board of directors has charge of the routine business affairs of the edc during the interim between meetings of the board of directors. The executive committee shall deliberate upon and make recommendations to the board of directors on all major matters concerning the edc's business and operation. Activities of the executive committee shall be reported to and ratified by the board of directors at their next regularly scheduled meeting. The executive committee membership and appointments are guided by the corporate by-laws. A bi-annual election process enables representatives from the investor base to be appointed to the executive committee.”

“The edc shall have seven (7) classes of membership as follows: governor's level; leadership level; board of advisor level; corporate level; chairman level; ambassador level; patron level. Any individual or organization that pays dues and agrees to be bound by the articles of incorporation, the bylaws, and such rules and regulations as the board of directors may from time to time adopt is eligible for membership in the edc. Only individuals, sole proprietors, local chambers of commerce and not-for-profit organizations may be patron level members.”

“The board of directors membership and appointments are guided by the corporate by-laws. A bi-annual election process enables representatives from the investor base to be appointed to the borad of directors. Governing documents, corporate policies, and financial statements are available upon request at the edc's office.”

“A draft of the form 990 and required attachments is presented to the finance council and senior edc staff by the cpa preparing the return, prior to filing. The finance council approves the return for the filing.”

“Any director voting upon a measure before the board of directors in which he or she has a personal, private or professional interest and which inures to his or her special private gain, or the special gain of any principal by whom he or she is retaned, shall prior to such vote disclose the nature of his interest to the board of directors and with the person responsible for recording the minutes, who shall incorporate the disclosure in the minutes. An interested director may be counted in determining the presence of a quorum at a meeting of the board of directors. In the event a board member becomes aware of an undeclared conflict of interest upon a matter previously voted upon by the board member, they should immediately file with the secretary of the edc a written statement regarding the nature of the conflict.”

“Each year, the officers review the presidents performance and recommend adjustments to the presidents compensation package. A salary comparison/benchmark will be conducted at minimum, every three years (last completed in september 2022). A performance questionnaire shall be distributed to the executive committee members requesting feedback regarding the presidents performance for the year.”

“Governing documents, corporate policies, and financial statements are available upon request at the edc's office.”

“Bad debt expense -10,238.”