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2. Does your Board of Directors set the policies for your agency? <br />Yes. The Chamber's Board of Directors establishes policies for the Chamber itself. A diverse group of <br />volunteers serve on the committees, task forces, and sub -committees that research and implement the <br />various functions and needs of the Economic Development Office. Reports are provided annually to the <br />Chamber Board of Directors, County Commissioners and administrators, Economic Development <br />Council, and private investors. All formal Chamber policies and positions are the result of action of the <br />Board. <br />The county's Economic Development Council and the Board of County Commissioners establish policy <br />as it relates to the economic development attraction and retention efforts of the organization. <br />3. Is there a quorum requirement for Board members attendance at your agency board meetings? <br />Quorum: A simple majority of the Board constitutes a quorum for transacting business at the regular or <br />officially called meetings of the Chamber Board and the EDC Advisory Board. <br />Attendance Requirement: An elected Chamber Director shall be automatically disqualified and his <br />unexpired term shall be filled if he has three (3) consecutive unexcused absences <br />4. Please explain the rotating volunteer structure of your Board members and officers. <br />Directors: The Chamber Board is composed of eighteen elected members. Six Directors are elected <br />annually to serve for three years, or until their successors have been elected and have qualified. The <br />incoming Chairman of the Board may appoint up to three members to the Board to serve one-year terms. <br />Subject to Board approval, the incoming Chairman of the Board may also appoint up to two former <br />Chamber Board Chairmen to serve one-year terms. The Immediate Past Chairman of the Board will <br />serve as a voting member of the Board. The Provost of the Indian River State College, Mueller Center <br />Campus -will serve as a voting member of the Board. The President will serve as a non-voting member <br />of the Board. <br />Officers: elected annually; may be re-elected. <br />The county's Economic Development Council is comprised of twenty-three voting members who are <br />appointed by the Board of County Commission and serve a two-year term. The members represent key <br />local industries and local governmental entities. The EDC elects a chairman and a vice chairman annually <br />from among its voting members. A County Commissioner serves as a non-voting liaison. Each chair and <br />vice chair serves a one-year term and may be re-elected but is limited to two successive annual terms, <br />at which point they would be ineligible to chair the committee for at least one year. <br />D. Finances <br />1. Does your Board approve the annual budget and review regular financial reports of the operating budget <br />and capital funds? How often is this review conducted? <br />The Chamber's Budget Committee establishes the Chamber's proposed annual budget and presents <br />this proposed budget to the Chamber Board of Directors for review and adoption. Financial reports for <br />the Chamber are made monthly at Chamber Board meetings. In addition, the Chamber President <br />receives and reviews budget information on a regular basis. <br />The economic development budget is reviewed by the Chamber Board of Directors and the Economic <br />Development Council as proposed, then presented to the Board of County Commission for consideration. <br />NOTE: Monies received from the County for Economic Development programs and expenditures are <br />kept separate from normal Chamber revenues. The EDO has a separate bank account at a different <br />bank, and three completely separate audits are conducted annually for economic development funds, <br />Chamber funds, and tourism funds. <br />It should also be noted that economic development (and tourism) funds received from the County do not <br />pay for the total expenses incurred by the economic development efforts of the Chamber. In reality, <br />Chamber revenues — private dollars received through Chamber member dues and special events - offset <br />and subsidize the services performed by the Chamber for economic development (and tourism). <br />131 <br />