Waco Tourism Public Improvement District Corporation

“The organization engages an outside accounting firm to prepare the form 990. Once prepared, the organization's management reviews the return prior to filing. The board of directors are given the opportunity to review prior to filing.”

“If a director of this corporation or any other corporation, firm association, or other entity in which one or more of this corporation's directors are directors or have a material financial interest, shall be directly interested in any contract or other transaction with this corporation, (a) the material facts as to the transaction and such director's interest must be fully disclosed or known to the board of directors and such contract or transaction must be approved by the board of directors in good faith, with any interested director not being entitled to vote thereon, regardless of whether the disinterested directors constitute a quorum; or (b) the material facts regarding such director's financial interest in such contract or transaction or regarding such common directorship, officer status, or financial interest must be fully disclosed in good faith, noted in the minutes, and be made known to all board members present at the meeting, before consideration by the board of such contract or transaction. Such a contract or transaction must also have been authorized in good faith by a majority of the board by a vote sufficient for the purpose without counting the vote of the interested director, regardless of whether the disinterested directors constitute a quorum. If a majority of the members of the board is composed of persons who have a conflict of interest, each such board member with a conflict must file an affidavit noting their conflict. Once the affidavits are filed, each board member may vote on the issue if the contract or transaction is fair and beneficial to the corporation when the contract or transaction is authorized by the board, and a majority of the board authorizes the involved action.”

“The organization makes its governing documents, conflict of interest policy and financial statements available upon written request.”

“The primary purpose of the corporation shall be to advance and promote business within the hotel industry for the benefit of stakeholders in the city of waco. The corporation shall conduct all activities necessary or convenient to accomplish the foregoing primary purpose and the following goals: fund enhanced sales (business recruitment), and advertising and promotional activities that are implemented by the waco convention center and visitors bureau. - fund both marketing (advertising and promotion) and sales/incentive (business recruitment) programs with the assistance of the waco convention and visitors bureau sufficient to attract additional citywide, large group and transient business to waco that is consistent with criteria adopted by the corporation board of directors.; - generate financial resources for the operation and administration of the waco tourism public improvement district (the "district").; - ensure delivery of services and improvements through a cost-effective, and easy to access organizational structure; provide accountability and responsiveness to the stakeholders; and perform all other acts and exercise all lawful powers in order to implement the district's service plan.”