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C. Board of Directors (continued) 4. riease expiam the rotatrng volunteer structure of your hoard members and ottfcers. Directors: The Chamber Board is composed of eighteen elected members. Six Directors are elected annually to serve for three years, or until their successors have been elected and have qualified. The incoming Chairman of the Board may appoint up to three members to the Board to serve one-year terms. Subject to Board approval, the incoming Chairman of the Board may also appoint up to two former Chamber Board Chairmen to serve one-year terms. The Immediate Past Chairman of the Board will serve as a voting member of the Board. The Provost of the Indian River State College, Mueller Center Campus will serve as a voting member of the Board. The President will serve as a non- voting member of the Board. Officers: elected annually; may be re-elected. The county's Economic Development Council is comprised of twenty-three voting members who are appointed by the Board of County Commission and serve a two-year term. The members represent key local industries and local governmental entities. The EDC elects a chairman and a vice chairman annually from among its voting members. A County Commissioner serves as a non-voting liaison. Each chair and vice chair serves a one-year term and may be re- elected but is limited to two successive annual terms, at which point they would be ineligible to chair the committee for at least one year. D. Finances Does your Board approve the annual budget and review regular financial reports of the operating budget and ca ital funds? How often is this review conducted? The Chamber's Budget Committee establishes the Chamber's proposed annual budget and presents this proposed budget to the Chamber Board of Directors for review and adoption. Financial reports for the Chamber are made monthly at Chamber Board meetings. In addition, the Chamber President receives and reviews budget information on a regular basis. The economic development budget is reviewed by the Chamber Board of Directors and the Economic Development Council as proposed, then presented to the Board of County Commission for consideration. NOTE: Monies received from the County for Economic Development programs and expenditures are kept separate from normal Chamber revenues. The EDO has a separate bank account at a different bank, and three completely separate audits are conducted annually for economic development funds, Chamber funds, and tourism funds. It should also be noted that economic development (and tourism) funds received from the County do not pay for the total expenses incurred by the economic development efforts of the Chamber. In reality, Chamber revenues — private dollars received through Chamber member dues and special events - offset and subsidize the services performed by the Chamber for economic development and tourism). 2. Does any outside organization (such as a governmental unit) conduct periodic evaluations of the agency's rrnances, managemenr or programs!, ayes, nsr the ageneses. An audit or review of the economic development office is conducted by a local CPA firm each year. As a private non-profit organization, the Chamber is not subject to government agency review of finances, management, or programs. However, the Economic Development Director provides regular reports to the Economic Development Council regarding current and planned activities, as required by the Economic Development Element of the county's Comprehensive Plan. 3. Are there any pendinglegal actions, claims, or disputes against your agency? NO 4. Financial year (agency's fiscal year) that you are using for this budget report. Other If other, please specify October 1 - September 30 0 186