Mount Desert 365

“Mitchell rales steven rales family mitchell & steven rales scott brannan business relationship”

“All directors of the governing board are elected by a vote of the member. The directors have the powers to manage or direct the business and affairs of the corporation. (the former members, mitchell and steven rales, were appointed by the incorporator.)”

“Each member of the organization has one equal vote. Members elect the directors of the organization; a plurality of votes is required for election.”

“The form 990 is prepared by another entity and reviewed by the organization's executive director. Upon completion, the 990 is distributed to all directors for their review prior to filing.”

“The conflict of interest policy requires declarations to be signed by officers, directors and key staff. Management monitors that declarations are signed and reports any noncompliance to the governing board. In order to assist the corporation in identifying potential covered transactions, each covered person is required to complete a conflict of interest questionnaire prior to taking office and/or beginning employment and annually thereafter. Each covered person shall update such questionnaires as necessary to reflect changes during the course of the year. All completed questionnaires are submitted to the president, who forwards them to the board of directors or applicable committee thereof. Completed questionnaires are available for inspection by any board member and may be reviewed by the corporation' s legal counsel. When a covered person becomes aware of a previously undisclosed current or proposed covered transaction, the person has the duty to immediately disclose the existence or cicrumstances in writing, to the board of directors or any applicable committee. When a covered person may become involved in a proposed covered transaction, he or she shall: a) refrain from using his or her personal influence to encourage the corporation to enter into a covered transaction; and b) physically excuse himself or herself from participation in any discussions regarding the covered transaction with officers or employees of the corporation and at meetings of the board or any applicable committee, except to respond to requests for information about the covered transaction. The corporation may enter into a covered transaction where the board of directors, or any applicable committee thereof, determines, without the participation or influence of the interested covered person and based on comparable market data (if applicable) that such transaction is fair and reasonable to the corporation. The board, or applicable committee thereof, shall contemporaneously document the basis for its determination in the minutes of the meeting at which the covered transaction is considered. The policy shall be administered by the board of directors, or any applicable committee thereof, which shall be responsible for the following: a)reviewing reports regarding the conflict of interest questionnaires; b) receiving disclosures of current or proposed covered transactions; c) reviewing proposed covered transactions to determine whether they meet the above-described standard; and d) maintaining minutes and other such documentation as may be necessary and appropriate to document its review of covered transactions. The board may seek advice from outside advisors in connection with the review of any covered transactions or with the administration of this policy.”

“The organization conducted a review of market compensation benchmarks for the executive director position, including analyses of salary and total cash compensation, market information, and ranges for the position. The board of directors utilized the market data to establish reasonable compensation for the executive director. The board of directors conducts an annual review of the executive director, based on agreed-upon objectives.”

“The organization's policy is to provide the governing documents, conflict of interest policy, financial statements and tax returns to the general public upon request. The requests can be made in person at the organization's business address.”

“Mount desert 365 (the corporation) engages in activities to preserve and increase the supply of affordable workforce housing for year-round residents of mount desert (the town) and promote economic revitalization of commercial areas adversely impacted by the loss of year- round residents. The corporation will increase the supply of affordable housing for sale to year-round residents, ensuring that it stays affordable in perpetuity and cannot be acquired by summer residents for seasonal use or vacation rentals. The corporation has acquired and will develop mixed- use residential/commercial properties for rental on affordable terms to residents and businesses on a year-round basis. This activity will increase the year-round population of people living and/or working in the village, address the need for affordable rental residential options, provide products and services to serve the year-round community and/or increase the consumerbase to support local businesses.”

“Commercial revitalization - the corporation engaged in activities to help promote the restoration and revitalization of the town's commercial district. The corporation has acquired commercial properties for rental on affordable terms to businesses that will operate year-round. Other options for revitalizing the town's commercial district include implementing options similar to those discussed in part iii, 4b for providing and preserving affordable workforce housing in order to preserve affordable commercial district space. The anchor tenant of our initial building is a not-for-profit entity bringing personnel and commerce to the town consistent with our mission. We also offer space in our building for adult education programs that bring people into the commercial center throughout the fall, winter, and spring. We provided business support programs, some tech support and education to local businesses. We leased land to college of the atlantic upon which they constructed a building which included commercial operations and student housing on a year-round basis.”