Attach to Form 990 or 990-EZ.
Go to www.irs.gov/Form990 for the latest information.
| Return Reference | Explanation |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 4 | THE ORGANIZATIONS BYLAWS WERE RESTATED FOR THE FOLLOWING CHANGE: THERE IS NO LONGER A REQUIREMENT THAT THE BOULDER ECONOMIC COUNCIL CHAIR IS TO HOLD A DESIGNATED SEAT ON THE BOULDER CHAMBER BOARD. |
| FORM 990, PART VI, SECTION A, LINE 6 | THERE ARE SEVEN DIFFERENT MEMBERSHIP LEVELS. EACH LEVEL OFFERS DIFFERENT BENEFITS TO THE MEMBERS. SUCH BENEFITS RANGE FROM RECOGNITION OF THE MEMBER ON WEBSITE AND PUBLICATIONS TO CREDITS TOWARDS EVENT FEES. ANY MEMBER CAN PETITION TO BE A CANDIDATE TO SIT ON THE BOARD OF DIRECTORS, BUT NEW BOARD MEMBERS ARE SELECTED FROM THE CANDIDATES BY THE EXISTING BOARD. |
| FORM 990, PART VI, SECTION A, LINE 8B | THERE WERE NO COMMITTEES WITH AUTHORITY TO ACT ON BEHALF OF THE BOARD. |
| FORM 990, PART VI, SECTION B, LINE 11B | THE BOARD OF DIRECTORS RECEIVE AN ELECTRONIC VERSION OF THE RETURN FOR REVIEW AND THE VICE PRESIDENT AND CHIEF EXECUTIVE OFFICER REVIEW AND APPROVE THE RETURN BEFORE FILED WITH THE IRS. THE CHIEF EXECTIVE OFFICER OF THE ORGANIZATION SIGNS THE 990. |
| FORM 990, PART VI, SECTION B, LINE 12C | IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE DIRECTORS AND MEMBERS OF COMMITTEES WITH BOARD DELEGATED POWERS CONSIDERING THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE CHAMBER CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. ALL DELIBERATIONS AND DECISIONS MADE ARE REPORTED IN THE BOARD MINUTES. |
| FORM 990, PART VI, SECTION B, LINE 15A | THE EXECUTIVE COMMITTEE DEVELOPES THE COMPENSATION PACKAGE FOR THE PRESIDENT/CEO. THE COMMITTEE REVIEWS SEVERAL SOURCES OF DATA TO DETERMINE THE COMPENSATION WHICH INCLUDES GUIDESTAR AND SURVEYS. THE COMMITTEE ALSO USES CANPO AND THE EMPLOYER COUNCILS BENCHMARK SURVEY. THE DOCUMENTATION OF DELIBERATION AND DECISION CAN BE FOUND IN THE BOARD MINUTES. THIS PROCESS LAST TOOK PLACE IN 2022. |
| FORM 990, PART VI, SECTION C, LINE 19 | THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO MEMBERS OF THE GENERAL PUBLIC UPON REQUEST. |
| FORM XII LINE 2C | THE PROCESS FOR OVERSEEING AND SELECTING AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. |
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