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3. Is there a quorum requirement for Board members attendance at your agency Board <br /> meetings? <br /> Quorum: A simple majority of the Board constitutes a quorum for transacting business at the <br /> regular or officially called meetings of the Chamber Board and the EDC Advisory Board. <br /> Attendance Requirement: An elected Chamber Director shall be automatically disqualified <br /> and his 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 <br /> elected annually to serve for three years, or until their successors have been elected and <br /> have qualified. The incoming Chairman of the Board may appoint up to three members to the <br /> Board to serve one-year terms. Subject to Board approval, the incoming Chairman of the <br /> Board may also appoint up to two former Chamber Board Chairmen to serve one-year terms. <br /> The Immediate Past Chairman of the Board will serve as a voting member of the Board. The <br /> Provost of the Indian River State College, Mueller Center Campus will serve as a voting <br /> member of the Board. The President will serve as a non-voting member of the Board. <br /> Officers: elected annually; may be reelected. <br /> The county's Economic Development Council is comprised of twenty-two voting members <br /> who are appointed by the Board of County Commission and serve a two-year term. The <br /> members represent key local industries and local governmental entities. The EDC elects a <br /> chairman and a vice chairman annually from among its voting members. A County <br /> Commissioner serves as a non-voting liaison. Each chair and vice chair serves a one-year <br /> 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 /> 1. Does your Board approve the annual budget and review regular financial reports of <br /> the operating budget and capital funds? How often is this review conducted? <br /> The Chamber's Budget Committee establishes the Chamber's proposed annual budget and <br /> presents this proposed budget to the Chamber Board of Directors for review and adoption. <br /> Financial reports for the Chamber are made monthly at Chamber Board meetings. In <br /> addition, the Chamber President receives and reviews budget information on a regular basis. <br /> The economic development budget is reviewed by the Economic Development Council as <br /> proposed, then presented to the Board of County Commission for consideration. <br /> NOTE: Monies received from the County for Economic Development programs are kept <br /> separate and apart from normal Chamber revenues. There is a separate bank account at a <br /> totally separate bank with three completely separate audits conducted annually for economic <br /> development funds, Chamber funds, and tourism funds. <br /> 10 146 <br />