Economic Development Corporation

“The organization has members only. Membership shall be open to any person or legal entity interested in the corporation's objectives and who applies for membership and is approved pursuant to these bylaws by the board of directors. There shall be two classes of membership: public members and private members. Public members and private members are sometimes referred to in these bylaws as "members or "investors". The board may, from time to time, by amendment of these bylaws, establish other classes of membership with such rights and duties as shall be provided by the board. No additional classes of membership shall have voting rights that materially and adversely affect the rights of any class as to voting without the approval of the members and the members of the class affected. Members/investors must be current with their financial commitment to edc. The public members of the corporation shall be those governmental entities which provide funding to the corporation through payments made in accordance with contractual or other agreements between the corporation and the governmental entity which are approved by the board. Members shall have one vote and shall be entitled to vote on all matters coming before the membership. Any individual, corporation, partnership, association or other entity subscribing to the purposes and goals of the corporation shall be eligible for membership. Members shall have one vote and shall be entitled to vote on all matters coming before the membership.”

“Accountant worked with the paid tax preparer to process form 990. Draft is submitted to coo, and audit committee chair for review and approval prior to filing.”

“Board members sign an annual conflict of interest policy. If confict arises, then it is addressed by the board and actions are executed accordingly. Any board member with a conflict is not allowed to vote on a transaction.”

“Compensation approval process for the ceo was conducted by the organization's executive committee. The committee conducted a local survey of like organizations, primarily non-profits. The salary approval process was documented. The process of determining compensation for all other employees was conducted and based upon recommendations by the ceo, with input from managers through the coo. This process includes market compensation related information and performance metrics to justify compensation packages and/or salary adjustments. Cost of living adjustments and merit raises are considered annually. All compensation was approved by the executive committee.”

“The organization makes its governing documents and conflict of interest policy available to the public upon request.”

“The organization makes its governing documents and conflict of interest policy available to the public upon request.”