Seattle Economic Development Fund

“The bylaws were amended in april 2024, the following significant changes occurred: 1. The number of board of directors cannot be less than 3 2. The conflict of interest policy was removed and is stated as its own document.”

“Governance is handled by the board of directors as their purview is to ensure the organization is financially solvent. Management makes all operational decisions in order to ensure the organization runs efficiently and to the strategic goals set forth by the board of directors.”

“Form 990 is reviewed by the ceo before it is filed with the irs; all board memebers are given a copy before filing.”

“The chair and board monitor conflicts of interest for board members on an annual basis and may appoint a disinterested person or committee to investigate alternatives solutions to proposed transactions or arrangements. Board members have a duty to disclose a conflict of interest to board of directors and members of committees via a questionnaire annually. The disclosure of conflict is then reviewed by the full board and the board will evaluate the disclosures to determine whether they involve actual conflicts of interest and may attempt to develop alternatives to remove the conflict from the situation. The board minutes document whether a conflict of interest exists along with actions steps. The organization also monitors violations of the conflict of interest policy and has procedures in place if such an event happens.”

“Salary decisions for the ceo are made by the full board excluding anyone with a conflict of interest. Comparable data used is a salary survey and compared to trade organizations and similar organizations from guidestar. The compensation is reviewed annually, the last review was march 2023. The meetings are documented and kept for recordkeeping.”

“The governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“The women's business center has an advisory committee that helps with fundraising and setting the strategic direction of the center. The organization has a volunteer board of directors that provide strategic oversight of the organization. We also have volunteers help us with our events, trainings, and operations.”