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INDIAN RIVER COUNTY NONPROFIT / QUASI AGENCY REQUEST FOR FUNDING <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 />Board is composed of eighteen elected members. Six Directors are elected annually to <br />FlDirectorsi'hThe <br />erve for ree years, or until their successors have been elected and have qualified. The incoming <br />Chairman of the Board may appoint up to three members to the Board to serve one-year terms. The <br />incoming Chairman of the Board may also appoint, subject to the approval of the Board, up to two <br />former Chamber Chairman of the Boards to the Board to serve one-year terms. The immediate past <br />Chairman of the Board will serve as a voting member of the Board. The President will serve as a non- <br />voting member of the Board. Officers: elected annually; may be reelected. The county's Economic <br />Development Council is comprised of twenty-three voting members who are appointed by the Board of <br />County Commission and serve a two-year term. The members represent key local industries and local <br />government entities. The EDC elects a chairman and vice chairman annually from among its voting <br />members. A CountyCommissioner serves as a non-voting liaison. Each chair and vice chair serve a <br />one-year term and may be re-elected but is limited to two successive annual terms, at which point they <br />would be ineligible to chair the committee for at least one year. <br />D. Finances <br />9. Does your Board approve the annual budget and review regular financial reports of the operating budget <br />and ca ital 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 <br />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 <br />not 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 - <br />offset and subsidize the services performed by the Chamber for economic development (and tourism). <br />