Pikes Peak Regional Development Corporation

“The Organization has only one class of membership, with not more than one membership to any individual. The Minimum number of members shall be 25. A member shall be an individual who must either be a principal resident of, owner of real property in, or operator of a business located in Colorado. Borrowers on loans by the corporation are automatically members until the subject loan is fully paid, provided however, that such borrower may continue membership so long as the requirements for general membership continue to be met. If the borrower is a corporation or other non-individual entity, that borrower entity must designate an individual member of that entity, who owns at least 10% interest in the entity, as the individual member in the corporation. Memberships shall be non-transferable and non-assessable, and the board of directors shall have the power to set further qualifications for membership, not inconsistent with the aforementioned, within its discretion and, further, for purposes of maintaining compliance with the small business administration requirements.”

“The control and management of the corporation and its affairs and property shall be entrusted to a board of directors, each of whom shall be members in good standing of the corporation, and each of whom shall continue office until his successor shall be duly elected and qualified, or until such time as his resignation is received and accepted by the board. The board of directors is elected by the membership at the annual meeting of the membership. Qualifications for membership on the board of directors shall be further restricted by the terms of any small business administration regulations and requirements to the extent that they may apply at any given time.”

“The decisions of the governing body are approved and ratified by the members at the annual meeting of the general membership.”

“The tax return is presented at a board of directors meeting for their review and approval prior to filing.”

“The conflict of interest policy is monitored by the SBA office of credit and risk management through their on-site risk-based reviews.”

“The organization has a compensation and benefits committee. This committee recommends merit bonus compensation for the executive director and level of funds from which the executive director awards staff merit bonuses. This committee also recommends to the board the amount of money contributed to the employee pension plan. The recommendation is based on the committee's review of the performance and review of NADCO surveys, which are published every other year. The recommendations are presented to the board for approval.”

“The governance documents, conflict of interest policy, financial statements, and tax returns are available to the public upon written request of the organization. The board reviews and approves these requests prior to the release of these documents.”