Greater Phoenix Economic Council

“Board of directors are engaged in businesses related to and compatible with one another. As such they are frequently in the position to procure goods and services from each other in the daily operation of their businesses.”

“The controller and coo will review the prepared form 990. The audit committee will review and recommend approval for filing to the board of directors. The board of directors will review and approve before filing.”

“The board members are required to update the conflict of interest statement annually. Conflicts of interest are to be avoided with any related party except transactions in accordance with schedule l thresholds and those transactions defined as normal business activity. In the event of a conflict the excecutive committee of the board will discuss the financial interest with the related party excused from the meeting during the discussion and voting. The executive committee of the board will discuss if a more advantageous transaction is available. A vote will be collected on approving the transaction with the related party excluded from voting.”

“Comparative data from like organizations is obtained and reviewed. In addition to base salary and prerequisites, bonus performance criteria is established and reviewed during and at the end of each year. The performance and executive committee approve the bonus calculations annually and the ceo compensation contract when necessary. The process is similar for senior managment. All compensation is approved by the ceo and the bonus metrics are reviewed and approved by the executive committee.”

“Governing documents, conflict of interest policy and financial statements are available upon request.”

“Marketing collateral & services: program service expenses 139,072. Management and general expenses 0. Fundraising expenses 0. Total expenses 139,072. Research contractors & services: program service expenses 169,763. Management and general expenses 0. Fundraising expenses 0. Total expenses 169,763. Business development contractors: program service expenses 75,000. Management and general expenses 0. Fundraising expenses 0. Total expenses 75,000. Government grant contractor and services: program service expenses 116,800. Management and general expenses 0. Fundraising expenses 0. Total expenses 116,800.”

“Greater phoenix economic council has a committee that assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. The oversight process or the selection process has not changed during the tax year.”