Northwest Ohio Innovation

“The board of directors delegates broad authority to an executive council, which serves as the executive committee for the organization. The executive council is composed of the regional innovation officer, chairperson, secretary, and treasurer, all of whom are members of the governing body. No individuals outside the governing body serve on the executive council. The executive council is authorized to manage day-to-day operations, appoint committee chairs, and oversee the implementation of board decisions. Major strategic, financial, and governance decisions remain under the authority of the full board of directors.”

“The organization delegates control over management duties customarily performed by officers, directors, or key employees to the toledo regional chamber of commerce, which provides administrative, financial, and operational services under contract. The chamber is responsible for functions such as financial management, accounting, grant reporting, audit support, and accounts payable, as outlined in the services agreement.”

“A complete copy of form 990, including all of schedule b, will be provided to the entire organization's governing body before it is filed.”

“The organization maintains a written conflict of interest policy covering all persons in positions of authority, including officers, directors, trustees, and key employees. The policy defines conflicts of interest, identifies covered individuals, and requires initial, ongoing, and annual disclosure of interests including those of family members and related businesses that could give rise to conflicts. The executive committee reviews all disclosures and determines whether a conflict exists. If a conflict is identified, the affected individual is required to recuse themselves from discussions and decisions related to the matter. All disclosures and actions taken are documented in the official records. The organization regularly monitors compliance with the policy and enforces restrictions to ensure decisions are made in the best interest of the organization.”

“All non-employee compensation is determined by the board of directors. The process described here was last completed in 2024.”

“The organization's financial statements, governing documents and conflict of interest policy will be provided upon request.”

“Contract labor: program service expenses 11,547. Management and general expenses 20,003. Fundraising expenses 0. Total expenses 31,550.”

“The finance committee is responsible for oversight of the audit, review, or compilation of the organization's financial statements and for the selection of an independent accountant. The committee is chaired by the treasurer and includes the financial services contractor, financial advisor, and president. The finance committee reviews financial reports, manages the audit process, and recommends the selection of the independent auditor to the board of directors. All members of the committee are either board members or individuals delegated by the governing body. This committee was established in the organization's first year to ensure strong financial oversight and compliance.”