The following outlines the “to do” list for the transition from BID Planning Committee to Interim Board of Directors and the start of services and improvements for the BID area in accordance with the BID Plan.
A new BID is initially represented by an Interim Board of Directors. The Interim Board functions as the main decision-making body for the BID until the first Annual Meeting is held and formal elections take place.
BID Start-Up Activities
- Establish BID Interim Board of Directors
- Incorporate the Not-for-Profit District Management Association
- Form Executive Committee who will formulate BID policies and practices, direct operations, make executive decisions
- Form By-Laws Committee who will develop BID By-laws that will be adopted by the full board
- Prepare and approve good management procedures in (i) fiscal management, (ii) personnel management, (iii) procurement, and (iv) communication & outreach
- Complete VENDEX Questionnaires
- Form a Finance Committee who will develop a BID budget for the next fiscal year and monitor actual expenditures in comparison to budget
- Form a Audit Committee who will hire a CPA to organize accounts, books and records, prepare tax returns and annual audited financial statements
- Verify BID Billing with NYC SBS
- Order a Corporate Seal, Open a BID Bank Account and Set-Up Electronic Deposit with NYC SBS
- Establish a BID Office
- Sign BID Contract with NYC SBS
- Hold First BID Annual Meeting and elect Permanent Board of Directors
- Form a Selection Committee who will advertise, interview and hire a BID Executive Director
- Form a Program Services Committee who will develop and mail out Request for Proposals for supplemental services and improvements as per the District Plan objectives.
- Develop visual identify for the BID and identify effective ways to ensure regular outreach and communications with the BID district and larger community
- Organize a Kick-Off Event / Announcement for the BID