Minnesota Private Business Council

“Martin davis is the son of mark davis, both of whom are on the board.”

“Members pay annual dues ranging from $100 (main street membership) to $25,000 (founding member) to support the mission of mpbc. No members, aside from those with board positions, have voting rights.”

“There are no committees on the board of directors.”

“The form 990 is prepared by an independent accounting firm. A draft is provided to the board for review and signed by the president prior to filing with the irs.”

“The organization's conflict of interest policy is directed to all officers, directors, and employees of the organization. It is the policy of the board that the existence of any conflicts of interest shall be disclosed before any transaction is consummated. Each board member and key employee signs a disclosure statement annually and are asked to revise it if necessary quarterly. Should a conflict of interest arise, disclosure in the organization should be made to the board chair (or if she or he is the one with the conflict, then to the board co-chair), who shall bring the matter to the attention of the board. Disclosure involving directors should be made to the board chair, (or if she or he is the one with the conflict, then to the board co-chair) who shall bring these matters to the board. Transactions with parties with whom a conflicting interest exists may be undertaken only if all of the following are observed: 1. The conflicting interest is fully disclosed; 2. The person with the conflict of interest is excluded from the discussion and approval of such transaction; 3. A competitive bid or comparable valuation exists; and 4. The board has determined that the transaction is in the best interest of the organization. The board shall determine whether a conflict exists and in the case of an existing conflict, whether the contemplated transaction may be authorized as just, fair, and reasonable to the organization. The decision of the board on these matters will rest in their sole discretion, and their concern must be the welfare of the organization and the advancement of its purpose. The board's minutes must reflect the names of the persons who disclosed or otherwise were found to have a financial interest in connection with an actual or possible conflict of interest, the nature of the financial interest, any action taken to determine whether a conflict of interest was present, and the board's or committee's decision as to whether a conflict of interest in fact existed.”

“The president's salary was determined by the board of directors and adopted at the founding of the organization. The president abstained from voting on his own salary.”

“The organization does not make its financial and governing documents available to the public.”

“The board of directors assumes responsibility for the financial statements.”