Lubbock Economic Development Alliance

“The review of the form 990 was performed by the board during the meeting immediately preceding the filing of the form 990. The presentation of the form 990 review was made by cfo/coo jana johnston, cpa.”

“The conflict of interest policy is distributed to the board of directors at the first meeting of the year. It has a signature line on the bottom of the form for the director to sign and date indicating that they have read and agree to the policy. As a part of the procedure there is an accompanying conflict of interest questionnaire on which the board members list any potential conflicts. Both documents are collected and maintained by the cfo of leda and are updated each year. Finally, the policy provides that a board member may notify the chairman of the board when he/she becomes aware of a potential conflict during the course of the year.”

“Officer and key employee salaries are reviewed annually and recommendations are made by the audit and compliance committee and management to adjust compensation levels based on compensation surveys, inflation and merit. The compensation survey used in determining recommended salary adjustments is based on industry data reflected in the annual international economic development council (iedc) salary survey of economic development professionals which is published by the iedc. This study provides salaries for the various positions within the industry and is sorted according to organizational size and geographic region.”

“The organization's governing documents, conflict of interest policy and audited financial statements are available for viewing at the organization's office at 1500 broadway st, ste 600; lubbock, tx.”

“Land being held for resale or to be given to a company as an incentive, instead of being used in the operations of leda, should be recorded in the governmental funds. In prior year financial statements, land inventory was only recorded in the government-wide financial statements and was included with capital assets. Land inventory is now being accounted for in the governmental funds. Due to this change we are now reporting the land inventory as an inventory item on line 8 instead of line 10. The beginning of year balance sheet still reports the land on line 10. This is so it will agree to the end of the year balance sheet on the 2014 form 990.”

“The board of directors have assigned members to an audit committee to oversee the financial statement audit and select the independent financial statement auditor.”