Loop 360 Water Supply Corporation

“The board relies on its consultants to provide input and oversight of the entity's financial statements including the application of GAAP and the use of accounting judgment. The board reviews the financial statements presented by the bookkeeper. The board hires consultants to carry out day-to-day operations. Consultants are empowered to correct problems identified and make improvements in their assigned processes. The consultants notify the board of any problems identified or improvements made at the monthly board meetings.”

“The governing board is elected by the corporation's members. Matters such as bond issuance and the annual election of the governing board are voted on by all members.”

“The governing board is elected by the corporation's members. The board of directors is made up of five members who are elected for staggered three-year terms. The board members are members of the corporation. The board as a whole appoints members to committees based on their areas of expertise and interest.”

“The board meets monthly and holds additional special meetings as required to address important oversight responsibilities. Meetings are open to all members who may address the board on any corporate issues. Members are given ample notice and opportunity to vote on significant matters that affect the corporation as a whole. Matters such as bond issuance and the annual election of the governing body are voted upon by all members.”

“A copy of the Form 990 is provided to the governing board before the board meeting at which the annual audit report and tax return are to be approved.”

“The board has policies regarding conflicts of interest. If a board member is associated with a certain item on the agenda, that member is required to abstain from voting on the matter.”

“Members are given access to all documents related to the corporation upon their request. Requests may be sent to the President of the governing board and/or the corporation's legal representative.”