Bridgeway Development Corporation

“Bridgeway capital, inc. Performs the following duties: -financial oversight and budgeting/reporting -development and project planning -site management and tenant communications”

“Bridgeway development corporation is a pennsylvania nonprofit corporation. Bridgeway development corporation's sole member is bridgeway capital, inc., which is exempt from tax under section 501(c)(3). Bridgeway capital, inc. Controls the bridgeway development corporation through various powers reserved for the sole member, as set forth in the organization's bylaws. Bridgeway development corporation was established as a for profit corporation in august 2012 for the purpose of owning and operating a commercial real estate property, the organization converted to a nonprofit in june 2015 and applied for exemption from income tax under internal revenue code section 501(c)(2). Bridgeway development corporation has a board of directors that shall consist of at least one and not more than five directors, the exact number to be set from time to time by resolution of the board of directors of the corporation. The board actively consists of three members, one of whom serves as the president.”

“The sole member, bridgeway capital, inc., shall retain the following powers: -to determine the number of directors that will comprise the board of directors. -to remove, with or without cause, or approve the removal, of any director from the corporation's board of directors, and to appoint the replacement of any such removed director and to fill any other vacancy on the board of directors for the unexpired portion of the term. -to elect, re-elect, appoint, reappoint and remove all officers of the corporation and/or to approve the election, re-election, appointment, reappointment and removal of all officers of the corporation.”

“The sole member, bridgeway capital, inc., shall retain the following powers: -to approve all actions related to obtaining needed funds for the corporation's operations in excess of two hundred fifty thousand dollars ($250,000).”

“The organization does not have a committee with authority to act on behalf of the governing body.”

“Bridgeway development corporation's chief financial officer gathers information for the form 990 from the financial system and provides the information to the independent audit firm to prepare a draft of the form 990. The chief financial officer and president of bridgeway capital, inc. Review the draft for accuracy and changes are made, if needed. The final form 990 is distributed to all members of bridgeway development corporation's board of directors before filing with the internal revenue service.”

“Bridgeway development corporation distributes the conflict of interest policy and disclosure form to board members each year for completion. Senior management will review the forms to assess and address, if necessary, any conflicts that are disclosed. Conflicts will be brought to the board's attention and discussed openly at board meetings.”

“All salaries reported in part vii are paid by bridgeway capital, inc., a related organization. The president's salary is set by the executive committee of bridgeway capital, inc.'s board of directors. At the beginning of the fiscal year, the executive committee sets goals for the president as well as reviewing performance related to goals from the prior fiscal year.”

“Bridgeway development corporation makes its governing documents, conflict of interest policy and financial statements available to the public by providing copies within 30 days upon written request and immediately in the case of in-person requests.”

“Equity contribution from parent organization 2,264,497.”

“The organization's financial statements were audited by an independent accounting firm. Additionally, the organization has a committee that assumes responsibility for oversight of the audit of its financial statements and its selection of an independent accountant. This process has not changed from prior year.”