Arizona Regional Economic Development Foundation

“The form 990 is prepared by an independent CPA firm and is reviewed by the Foundations Tax Review Committee. The Committee highlights areas of concern at a regular, monthly board meeting. A complete copy is made available for all board members. Answers are provided for any questions or concerns.”

“The following procedures are employed in the organizations conflict of interest policy. In any transaction involving AREDF and a AREDF officer, director, staff, or committee member, and any corportion, partnership or other entity in which an individual is an officer, director, staff or committee member has or expects or intends to have a financial or other beneficial interest, such individual, prior to any discussion or decision concerning the transaction, shall fully disclose to the AREDF Board or the appropriate committee considering the transaction the material facts of the transaction and the individuals interest or relationship.Upon such disclosure, the individual shall take no further part in the meeting during which time the proposal is considered and voted upon. After receiving such disclosure, prior to approving the transation, the board or committee must conclude that the transaction is fair to AREDF and must approve the transaction without the participation or vote of the interested individual.The interested individuals presence at the meeting may be counted in determining whether a quorum of the Board or committee is present, but that individual shall not vote on the transaction.”

“The Executive Directors compensation is approved annually by the Board of Directors during executive session in the month of August with implementation in October. The amount of compensation is based on comparative studies through the International Economic Development Councils Salary Survey, the financial health of the AREDF and the community it serves.”

“Compensation for the officers and key employees are reviewed by the Board annually during executive session.”

“The Foundation makes its governing documents, conflict of interest policy and financial statement available to the public.”

“Rounding $3.”

“990 PART 1 Line 1: The mission of the organization also includes other aids designed to improve economic conditions and opportunities within the region.”