Great Falls Development Authority

“Gfda is incorporated as a membership organization. Membership is open to any individual, business, organization or agency which contributes a minimum of $1,000 per year.”

“Our board of directors has both elected and appointed seats. Approximately 40% of the director seats are appointed by public and non-profit entities, as outlined in our bylaws. These appointed directors serve at the pleasure of the entities which appoint them. The remaining 60% are elected for staggered 3 year terms by our members through an annual nomination and election process.”

“A copy of the form 990 is provided to the board of directors for review prior to filing with the irs.”

“At the staff level, our staff accountant and president are charged with monitoring and enforcement of our policies, including our conflict of interest policy. At the board level, our board chair and vice chair are charged with monitoring and enforcement of our conflict of interest policy.”

“In 2006, the board employed a national executive search firm to determine the appropriate salary range for the president/ceo based on a comparison of similar positions in similar size markets. The board has not done a formal evaluation since then, but has increased the salary based on cost of living increases, which is tied to the consumer price index of the previous calendar year. For staff, the president and board officers form a working group every 2-3 years to benchmark staff salary ranges with similar positions in similar organizations.”

“The documents are available upon request at the organization's office. Form 990 will also be posted on the great falls development authority website and on guidestar.”

“Our governing documents, policies and financial statements are posted on our web site and available to the public on request. All of our governing board meetings are open to the public and posted in advance on our web site and with the local media. Proposed changes to our governing documents and policies are brought before our board at these open meetings. Our financial statements are presented and reviewed on a monthly basis at open governing meetings.”

“ROUNDING -1.”

“There have been no changes from the prior year.”