Enterprise Florida Executive Committee Meeting

Transcription

1 Enterprise Florida Executive Committee Meeting Thursday, January 9, :30 p.m. 4:00 p.m. E.S.T. Conference Call CALL IN NUMBER: ACCESS CODE: #

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3 EFI Executive Committee Agenda January 9, :30 p.m. 4:00 p.m. Enterprise Florida, Inc. Board of Directors Executive Committee Date: January 9, 2014 Time: 3:30 p.m. Location: Conference Call CALL IN NUMBER: ACCESS CODE: # Presiding Officer: Brett Couch, Vice Chair 1. Welcome Brett Couch Sunshine Notice Al Latimer 2. Board Investors and Membership Updates: Al Latimer February 5 6, 2014 DRAFT Consent Agenda 3. Marketing Partnership Report Melissa Medley 4. Finance Committee Report: Alan Becker 5. Audit Committee Report: Marshall Criser 6. Leader Liaison Reports Brett Couch Business Development Bill Dymond/Crystal Sircy Minority & Small Business Entrep & Capital (MaSBEC) Julius Davis Tourism Development Danny Gaekwad Sports Development Bill Heavener/John Webb International Trade & Development Mark Bensabat/Manny Mencia Legislative Committee Fred Leonhardt Space Howard Haug Defense Park Brady/Rocky McPherson 7. Contracts Report Griff Salmon 8. February 6, 2014 Draft Board Agenda Griff Salmon 9. Other: Designations & Appointments Louis Laubscher 10. Public Comment Brett Couch 11. Reminders: Brett Couch 2014 Exe Committee Dates: April 25, 2014 Friday 9:30 a.m. *Alan Becker to Chair July 7, 2014 Monday 10:00 a.m. September 25, 2014 Thursday 9:30 a.m Board Meeting Dates: Feb 5 6, 2014 May 21 22, 2014 (EFI & Chamber) Aug 6 7, 2014 Oct 29 30, 2014 Feb 4-5, Adjourn Tallahassee Palm Beach Sarasota Orlando Tallahassee

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5 Enterprise Florida Executive Committee Meeting January 9, 2014 TABLE OF CONTENTS Agenda Tab 1: Draft Board Meeting Consent Agenda February 5-6, 2014 At-Large Membership Renewals Financial Statements New At-Large Industry Expert Tab 2: Contracts Summary Tab 3: Draft Board Meeting Agenda February 6, 2014 Appendix: Executive Committee Charter Executive Committee Members

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9 Enterprise Florida Board Meeting DRAFT Consent Agenda February 6, 2014 Board members should notify Vice Chair of any item they wish to review before voting on the Consent Agenda. These items will be pulled from the agenda to be discussed and voted on after the rest of the consent agenda is approved. Board members are not allowed to vote on their own re-appointment or any issues for which they have a conflict of interest and those present for the vote will be considered recused from these votes. The Executive Committee reviewed the following items and recommends their approval to the Board: 1. Membership renewals: February 2014 to February 2014 o Bank of America, N.A. Gene Schaefer, Senior Vice President o Barron Collier Companies Blake Gable, President, Real Estate & Minerals Management o Kaplan, Inc. Andy Rosen, Chairman & CEO o Odebrecht Construction, Inc. Gilberto Neves, President & CEO, USA o PNC Bank Joe Meterchick, Regional President, Florida 2. Finance & Compensation Committee - Interim Financial Statements Enterprise Florida Financial Report for the quarter and year ending December 31, Contracts Additional Board Approval Items: New At-Large Investors: o Craig Technologies Carol Craig, CEO Term to 2/2015 o Walgreens Marlin Hutchens, Market Vice President Term to 2/2015 Member replacement: o SunTrust Bank David Fuller, Chairman, President & CEO Term to 6/2014 New At-Large Industry Expert: o State University System of Florida Marshall Criser, Chancellor Board of Governors Ex-Officio Enterprise Florida Board Meeting

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11 AT-LARGE MEMBERSHIP RENEWALS Bank of America N.A. Gene Schaefer Senior Vice President Barron Collier Companies Blake Gable President, Real Estate & Minerals Mgmt. Kaplan, Inc. Andy Rosen Chairman & CEO Odebrecht Construction, Inc. Gilberto Neves President & CEO, USA PNC Bank Joe Meterchick Regional President, Florida

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13 NEW AT-LARGE MEMBERSHIPS Craig Technologies Carol Craig CEO Walgreens Marlin Hutchens Market Vice President SunTrust Bank David Fuller Chairman, President & CEO

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15 Enterprise Florida Board of Directors Meeting February 5-6, 2014 APPOINTMENTS Now serving as At-Large on the Enterprise Florida Board of Directors: Brian Lamb Chairman, President & CEO Fifth Third Bank Marshall Criser Chancellor, Board of Governors State University System of Florida

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17 Enterprise Florida Financial Report Quarter Ending December 31, Unaudited The following financial information for the quarter ending December 31, 2013 and 2012, is unaudited, and is derived from internally generated financial statements. This report is provided to the Board of Directors to assist in its understanding and analysis of EFI s financial performance and accountability. These statements have been generated by management and the fairness of their presentation is the responsibility of management. Statement of Financial Position (Attachment A) The Statement of Financial Position provides a comparison of the assets, liabilities and net assets of EFI as of December 31, 2013 and 2012, and is presented in a combined format on Attachment A-1. Attachment A-2 provides the detail of EFI s Financial Position by category or activity. Operations are directly related to our agreement with the Florida Department of Economic Opportunity. Administered are funds awarded by the State to various grantees and administered by EFI. Corporate is investor activity and the use of those funds. Restricted is funding earmarked for a specific use only for programs such as Base Protection, Florida Defense Support Task Force, Small Business Technology Growth Fund, State Small Business Credit Initiative, Rural Strategic Marketing, and Technology related programs. Statement of Activities (Attachment B) The Statement of Activities provides a comparison of EFI's revenues and expenses compared to the budget approved by the Board. Information for the prior year is presented for comparative purposes. Information is presented for the quarter ending December 31, 2013 and 2012 on Attachment B-1. Attachment B-2 provides the detail for the six months, formatted in the same manner as EFI s Financial Position. Revenues Revenues include state funding, investor contributions, program fees, and interest. The revenues are either collected or billed by year end. For the quarter ending December 31, 2013, the second quarter revenue from the state has been recorded and is expected to be received in February Corporate contributions were budgeted at $1,400,000 for FY 2013/14, the same as in FY 2012/13. Contributions are budgeted on a straightline basis throughout the fiscal year, with collections varying based on the anniversary dates of the investors and a higher volume of collections in the third and fourth quarters. The amount collected as of quarter-end was $625,000. Revenue in total for the six months in the fiscal year was on track with the budget, with only minor variances in the line items. Expenses Through the end of the quarter, EFI had incurred expenses of $9.1 million compared to $8.0 million in 2013 and is under budget year-to-date. Open positions at the start of the year accounted for the significant savings in the Payroll and Related Costs line item. All other expense categories are under budget year-to-date. Additional Schedules In addition, to assist in the analysis of EFI s financial performance, included on the last page is a schedule of the administered activity detailing the category of programs by award year. The first column, the Contract Award, is a memo column indicating the expected total to be awarded. The next three columns track the actual flow of funds from the State to EFI, then to the Recipients. The last column total supports the Administered category of activity included in the detail of EFI s Financial Position included on Attachment A-2 for December 31, For additional information, contact: Pamela Murphy, Vice President, Finance and Accounting T pmurphy@eflorida.com Enterprise Florida Board Meetings February 6, 2014

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19 Financial Report Enterprise Florida, Inc. Financial Statements For the Quarter Ending December 31, 2013 Statement of Financial Position, Unaudited Attachment A-1 Attachment A-2 December 31, 2013 & 2012 Comparative December 31, 2013 & 2012 Detail Statement of Activities for Six Months Ending, Unaudited Attachment B-1 Attachment B-2 December 31, 2013 & 2012 Comparative December 31, 2013 & 2012 Detail Administered Activity by Program as of December 31, 2013 Enterprise Florida Board Meetings February 6, 2014

20 Financial Report Enterprise Florida, Inc. Statement of Financial Position, Unaudited Attachment A-1 ($ in Thousands) December 31 $ % Change Change Assets 1 Cash and Cash Equivalents - unrestricted $ 17,524 $ 12,692 $ 4, % (A) 2 Cash and Cash Equivalents - restricted 25,183 11,977 13, % (B) 3 Cash and Cash Equivalents - escrow 49,891 16,970 32, % (C) 4 Loans Receivable 11,900 9,309 2, % (D) 5 Accounts Receivable 10,779 3,837 6, % (E) 6 Other Assets % (F) 7 Total Assets $ 116,082 $ 55,459 $ 60, % Liabilities and Net Assets 8 Accounts Payable and Other Liabilities $ 1,814 $ 1,280 $ % (G) 9 Deferred Revenue 3,083 4,031 (948) % (H) 10 Escrow Payable 49,872 16,964 32, % (C) 11 Total Liabilities 54,769 22,275 32, % Net Assets 12 Temporarily Restricted 42,321 21,286 21, % (B) 13 Unrestricted 18,992 11,898 7, % (I) 14 Total Net Assets 61,313 33,184 28, % 15 Total Liabilities and Net Assets $ 116,082 $ 55,459 $ 60, % (A) Unrestricted funds for operations and administered programs. (B) Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase. (C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met. The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis. (D) (E) (F) (G) (H) Loan receivables administed under the State Small Business Credit Support Initiative. Accounts receivable includes the second quarter appropriation and trade accounts receivable. Other assets increased for fixed assets purchased and capitalized at June 30, Accounts payable increased related to general operations. Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees. (I) The increase in unrestricted net assets correlates to the increase in net assets from operations. (J) State operating funds for Enterprise Florida. (K) State operating funds for Florida Sports Foundation. (L) Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. (M) Revenue related to events directly offset event expenses. (N) Other revenues from administrative fees, interest, and sponsorships. (O) Payroll and benefits is comparable to last year but under budget for the year. (P) Operating, general and administrative costs are well under budget for the quarter. (Q) Program expenses and events are offset by event related revenue. (R) Program expenses related to the FL Sports Foundation and linked to state appropriations. (S) International offices were on track with prior year-to-date numbers and the budget for the year. (T) Professional Fees are in line with the budget. (U) Advertising & marketing is on track to spend based on their marketing plan. (V) The travel budget was increased for FY 2013/14 to support the needs of the organization. (W) Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase. Enterprise Florida Board Meetings February 6, 2014

21 Financial Report Enterprise Florida, Inc. Statement of Financial Position, Unaudited Attachment A-2 ($ in Thousands) December 31, 2013 Operations Administered Corporate Restricted Total Assets 16 Cash and Cash Equivalents - unrestricted $ 12,640 $ 2,916 $ 1,968 $ - $ 17, Cash and Cash Equivalents - restricted ,183 25, Cash and Cash Equivalents - escrow 49, , Loans Receivable ,900 11, Accounts Receivable 5, ,378 10, Other Assets Total Assets $ 68,737 $ 2,916 $ 1,968 $ 42,461 $ 116,082 Liabilities and Net Assets 23 Accounts Payable and Other Liabilities $ 1,674 $ - $ - $ 140 $ 1, Deferred Revenue 167 2, , Escrow Payable 49, , Total Liabilities 51,713 2, ,769 Net Assets 27 Temporarily Restricted ,321 42, Unrestricted 17,024-1,968-18, Total Net Assets 17,024-1,968 42,321 61, Total Liabilities and Net Assets $ 68,737 $ 2,916 $ 1,968 $ 42,461 $ 116,082 December 31, 2012 Operations Administered Corporate Restricted Total Assets 31 Cash and Cash Equivalents - unrestricted $ 7,676 $ 3,488 $ 1,528 $ - $ 12, Cash and Cash Equivalents - restricted ,977 11, Cash and Cash Equivalents - escrow 16, , Loans Receivable ,309 9, Accounts Receivable 3, , Other Assets Total Assets $ 29,157 $ 3,488 $ 1,528 $ 21,286 $ 55,459 Liabilities and Net Assets 38 Accounts Payable and Other Liabilities $ 1,280 $ - $ - $ - $ 1, Deferred Revenue 543 3, , Escrow Payable 16, , Total Liabilities 18,787 3, ,275 Net Assets 42 Temporarily Restricted 43 Unrestricted ,286 21, Total Net Assets 10,370-1,528-11,898 10,370-1,528 21,286 33, Total Liabilities and Net Assets $ 29,157 $ 3,488 $ 1,528 $ 21,286 $ 55,459 Enterprise Florida Board Meetings February 6, 2014

22 Financial Report Enterprise Florida, Inc. Statement of Activities For the Six Months Ending, Unaudited Attachment B-1 ($ in Thousands) December 31, 2013 December 31, 2012 Actual Budget Difference Actual Budget Difference Revenues: 46 State Appropriations - EFI $ 7,100 $ 7,100 $ - (J) $ 6,650 $ 6,650 $ - 47 State Appropriations - FSF 1,107 1,200 (93) (K) 1,219 1,273 (54) 48 Private Cash Contributions (75) (L) (12) 49 Registration and Participation Fees (198) (M) 803 1,251 (448) 50 Other Revenues 662 1,346 (684) (N) (126) 51 Total Revenues 10,292 11,342 (1,050) 9,582 10,222 (640) Expenses: 52 Payroll and Related Costs $ 3,944 $ 4,791 $ (847) (O) $ 3,606 $ 4,829 $ (1,223) 53 Operating, General and Administrative 1,382 1,713 (331) (P) 1,124 1,576 (452) 54 Program Expenses and Events - EFI 897 1,830 (933) (Q) 1,215 1, Program Expenses and Events - FSF (R) (110) 56 International Offices 815 1,032 (217) (S) Professional Fees (142) (T) (84) 58 Advertising & Marketing (U) (442) 59 Travel (59) (V) (22) 60 Total Expenses 9,122 11,599 (2,475) 7,969 10,203 (2,234) 61 Change in net assets - operations 1,170 (257) 1,427 1, , Change in net assets - temp restricted 8,598-8,598 (W) 4,034-4, Net assets, beginning of period 51,545-51,545 27,537-27, Net assets, end of period $ 61,313 $ (257) $ 61,569 $ 33,184 $ 19 $ 33, Revenue - Pass Throughs & Grants 1,014-1,014 1,621-1, Expenses - Grants to Other Organizations 1,014-1,014 1,621-1, Revenue - Temporarily Restricted 11,391-11,391 (T) 15,055-15, Expenses -Temporary Restricted 2,793-2,793 (T) 11,021-11,021 (A) Unrestricted funds for operations and administered programs. (B) Restricted funds were received and recorded as revenue in prior years with funds expended in the current year. New funds were received related to the FL Defense Support Task Force and State Small Business Credit Support Initiative, accounting for the majority of the increase. (C) Escrow funds received from the state to be paid to several companies once DEO certifies the contract deliverables are met. The cash asset is offset by a related liability with the difference being the interest earned and payable to the State of Florida on a quarterly basis. (D) Loan receivables administed under the State Small Business Credit Support Initiative. (E) Accounts receivable includes the second quarter appropriation and trade accounts receivable. (F) Other assets increased for fixed assets purchased and capitalized at June 30, (G) Accounts payable increased related to general operations. (H) Deferred Revenue is largely composed of funds received from the State of Florida, to be paid for EFI administered grants. The balance fluctuates throughout the year based on when funds are received from the State, as well as, when payments are made to the grantees. (I) The increase in unrestricted net assets correlates to the increase in net assets from operations. (J) State operating funds for Enterprise Florida. (K) State operating funds for Florida Sports Foundation. (L) Corporate contributions are budgeted on a straight-line basis with actual collections recorded on a cash basis. (M) Revenue related to events directly offset event expenses. (N) Other revenues from administrative fees, interest, and sponsorships. (O) Payroll and benefits is comparable to last year but under budget for the year. (P) Operating, general and administrative costs are well under budget for the quarter. (Q) Program expenses and events are offset by event related revenue. (R) Program expenses related to the FL Sports Foundation and linked to state appropriations. (S) International offices were on track with prior year-to-date numbers and the budget for the year. (T) Professional Fees are in line with the budget. (U) Advertising & marketing is on track to spend based on their marketing plan. (V) The travel budget was increased for FY 2013/14 to support the needs of the organization. (W) Temporarily restricted revenue was received and recorded in prior years with payments made in the current year for the Base Protection, Florida International Business Expansion Initiative, Technology, and Rural Strategic Marketing Programs. Current year new programs related to SSBCI, Defense Task Force, and Minority Business account for the major increase. Enterprise Florida Board Meetings February 6, 2014

23 Financial Report Enterprise Florida, Inc. Statement of Activities For the Six Months Ending, Unaudited Attachment B-2 ($ in Thousands) December 31, 2013 Operations Administered Corporate Restricted Total Revenues: 69 State Appropriations-EFI $ 7,100 $ - $ - $ - $ 7, State Appropriations-FSF 1, , Private Cash Contributions Registration and Participation Fees Other Revenues Total Revenues 9, ,292 Expenses: 75 Payroll and Related Costs $ 3,944 $ - $ - $ - $ 3, Operating, General and Administrative 1, , Program Expenses and Events-EFI Program Expenses and Events-FSF International Offices Professional Fees Advertising & Marketing Travel Total Expenses 9, , Change in net assets - operations , Change in net assets - temp restricted ,598 8, Net assets, beginning of period 16,419-1,403 33,723 51, Net assets, end of period $ 17,024 $ - $ 1,968 $ 42,321 $ 61, Revenue - Pass Throughs & Grants - 1, , Expenses - Grants to Other Organizations - 1, , Revenue - Temporarily Restricted ,391 11, Expenses -Temporary Restricted ,793 2,793 December 31, 2012 Operations Administered Corporate Restricted Total Revenues: 92 State Appropriations-EFI $ 6,650 $ - $ - $ - $ 6, State Appropriations-FSF 1, , Private Cash Contributions Registration and Participation Fees Other Revenues Total Revenues 8, ,582 Expenses: 98 Payroll and Related Costs $ 3,606 $ - $ - $ - $ 3, Operating, General and Administrative 1, , Program Expenses and Events-EFI 1, ,215 Program Expenses and Events-FSF International Offices Professional Fees Advertising & Marketing Travel Total Expenses 7, , Change in net assets - operations , Change in net assets - temp restricted ,034 4, Net assets, beginning of period 9, ,252 27, Net assets, end of period $ 10,370 $ - $ 1,528 $ 21,286 $ 33, Revenue - Pass Throughs & Grants - 1, , Expenses - Grants to Other Organizations - 1, , Revenue - Temporarily Restricted ,055 15, Expenses -Temporary Restricted ,021 11,021 Enterprise Florida Board Meetings February 6, 2014

24 Financial Report Enterprise Florida, Inc. Detail of Administered Activities by Program Funds Funds Received Funds In Contract From Paid To House Awarded State Recipients 12/31/2013 Base Protection: 114 Awarded in 12/13 8,580 8,580 1, , Awarded in 11/12 18,950 18,950 18, Defense Infrastructure: 116 Awarded in 12/13 1,581, ,000 50, , Awarded in 11/12 1,581,245 1,025, , , Awarded in 10/11 5,000,000 4,697,038 3,808, , Awarded in 09/10 1,367,325 1,385,457 1,215, , Awarded in 08/09 10,600,000 10,600,000 10,599, Awarded in 07/08 2,782,000 2,113,344 2,112, Awarded in 06/07 5,314,500 3,635,718 3,579,706 56, Awarded in 05/06 3,498,165 3,203,404 3,199,713 3, Awarded in 04/05 3,550,000 3,020,000 2,567, ,620 Defense Reinvestment: 125 Awarded in 12/13 850, , , , Awarded in 11/12 850, , ,232 39, Awarded in 10/11 850, , ,809 75,191 Rural Development: 128 Awarded in 10/11 587, , ,022 53,478 Rural Infrastructure: 129 Awarded in 10/11 1,100, , ,924 22,138 Interest (payable to the State of Florida) 130 Received 12/ , Ending Balance 39,511,980 34,175,844 31,261,657 2,916,244 Enterprise Florida Board Meetings February 6, 2014

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27 Contracts Report EFI Contract Policy C-1 Section I. Authority says, All contracts over $100,000 must be reported to the Executive Committee of the EFI Board of Directors. Any contract over $100,000, not budgeted in the approved annual operations budget or not a part of the Administered Agreements contract must also be approved by the Executive Committee. Below is a list of all contracts executed in Quarter 2 FY that are over $100,000. Amount Contractor Purpose $100, OGYN Ltd. Israel To have representation in Israel that will identify and pursue investment prospects, trade and corporate investments as well as facilitate business development missions between Israel and Florida. Up to $124, Truth IC, LLC To retain outside contractors to coordinate a response to the Request For Proposal (RFP) for Project Pearl; which included research, transmittal, incentives and communication. $150, CNP Clark/Nikdel/Powell Funding to hire outside contractors to assist in EFI s website redesign and online presence. $162, CIDEP Consultants Canada Office representation in Canada to promote and develop International Trade and Foreign Direct Investment opportunities, as well as in providing assistance to small companies needing help with formulation of trade agreements. $200, SEUS Japan/Korea To facilitate international programs and events promoting Florida s international interests with other Florida organizations and/or government agencies as it relates to economic business, cultural and educational relationships and ties with Japan and Korea. $200, City of Jacksonville (Nat l Maritime Research Center) $210, Advanced Financial Consulting Division Spain To fund a National Maritime Research Center in the city of Jacksonville. To encourage and facilitate International Trade, Trade Agreements and Foreign Direct

28 Contracts Report $250, City of Jacksonville (Air Guard Base) $335, APCO Worldwide Hong Kong/Shanghai Investment in Spain. To construct a new explosives disposal proficiency training range on Jacksonville Air Guard Base. To identify and pursue trade, financial, and corporate investment leads and projects originating from Hong Kong and Shanghai. $960, On Ideas, Inc. To hire an outside contractor who will provide creative support, digital and media services and management of national and international advertising campaigns to targeted audiences to promote doing business in Florida.

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31 Enterprise Florida Board Meeting Agenda DoubleTree by Hilton Tallahassee, Florida February 6, :30 A.M. 11:00 A.M. EDT Theme: Marketing & Strategic Partnerships Agenda 8:30 a.m. Welcome & Roll Call...Brett Couch, Vice Chair 8:35 a.m. Chairman s Report & Jobs Q&A...Governor Rick Scott 9:05 a.m. President s Update & Q&A...Gray Swoope, President & CEO 9:15 a.m. Legislator...TBD 9:20 a.m. Legislator...TBD 9:25 a.m. Marketing...Melissa Medley 9:45 a.m. Local business climate improvements - paying dividends....tbd 10:05 a.m. Jobs Success Story...TBD 10:35 a.m. Florida Chamber of Commerce...TBD 10:45 a.m. Public Comment...By Comment Card 10:55 a.m. Action Items...Brett Couch 11:10 a.m. Closing Remarks & Adjournment...Governor Rick Scott Save the Dates: May 21 22, 2014: Palm Beach August 6 7, 2014: Sarasota October 29 30, 2014: Orlando February 4 5, 2015: Tallahassee Enterprise Florida Board Meeting February 6, 2014 Updated: 1/6/2014

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33 APPENDIX Executive Committee Charter Executive Committee Members

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35 Executive Committee Charter Enterprise Florida, Inc. Executive Committee Charter Role Enterprise Florida (EFI), Florida s lead economic development organization is led by public and private leaders on its Board of Directors. Its mission is to aggressively develop and facilitate the growth of current and future jobs for Florida s citizens. The Board may establish committees or councils to help with the mission of EFI. A primary committee for the Board is the Executive Committee. The Board may establish other committees as needed. The Executive Committee (EC) provides information and recommendations to the EFI Board, supports the development of Board investors, reviews operations and management issues, monitors relationships with linked organizations and establishes the consent agenda for each board meeting. It may assume any function or role assigned by the Board except for the election of the Vice Chair-elect; selection or removal of the President; determining the compensation paid to the President; and adopting, amending or repealing the bylaws. Membership The EC is composed of no less than 5 and no more than 13 voting members. The membership is concurrent with the two year term of the Vice Chair. The incoming Vice Chair submits the list of EC issue experts or chairmen to the Board for approval at the first meeting of his/her term. The issue experts and issue chairmen roles are linked to the business and program functions of the organization. The EC is led by the Board Vice-chair and includes the Board chair or his designee, and the immediate past Vice Chair in year one, replaced by the Vice chair-elect for year two. Ten (10) EC members are responsible for reporting on EFI essential business issues as they relate to three areas: EFI operations 1. Administration 2. International Trade & Development 3. Minority and Small Business, Entrepreneurship, Capital (MaSBEC) 4. Defense 5. Business Development 6. Sports Development 7. Strategic Partnerships EFI management and information 8. Finance and Compensation 9. Audit 10. Legislative Policy EFI responsibility with linked organizations, 11. Tourism Marketing 12. Space Florida Additionally, ex-officio members include: President of Enterprise Florida, and Vice-chair of Stakeholders Council. The ex-officio members do not have a vote on the EC. A quorum consists of one more than the active number of Executive committee members.

36 Executive Committee Charter Operations A meeting of the Executive Committee shall be held at least four times each fiscal year, either in person or by teleconference. The Committee may arrange for regional, special or other meetings as appropriate. Authority The authority of the Executive Committee is vested in the EFI By-laws (2011). All meeting rules that apply to the Board apply to the EC. The Vice Chair of the Board chairs the EC and he or she selects the Executive Committee leader-liaisons and issue chairs to serve during the Vice Chair s two year term. EC members may be re-appointed. Responsibilities Subject to applicable corporate governance laws, the principal responsibilities and functions of the EC are as follows: Review essential business reports of each member serving as liaisons for topics in Operations Issues, Management and Information Issues and Linked Organizations Complete the consent agenda for Board meetings, including essential business information reports Maintain Enterprise Florida s focus on its mission of business development through expansion, recruitment and creation Support the development of new Board investors Recommend new and renewals of at-large members for Board approval Identify essential business development issues for in depth review by the full Board The EC may act on behalf of the Board, except as noted in the Purpose statement above, when assigned by the Board. Unless the authority is assigned by the Board, all EC decisions are scheduled to be ratified at the next Board meeting. Staff Support The Executive Committee is assisted by the Strategic Partnership Division of Enterprise Florida. Al Latimer, SVP Strategic Partnerships Phone: alatimer@eflorida.com

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38 Executive Committee Members Members: Executive Committee Brett Couch Alan Becker Marshall Criser Crystal Sircy Julius Davis Danny Gaekwad Bill Heavener Mark Bensabat Fred Leonhardt Park Brady Jesse Biter Hal Melton Rachel Cone Gray Swoope (ex-officio) Kelly Smallridge (ex-officio) Issue Responsibility Vice-chair Finance & Compensation Chair Audit Chair Business Development Minority and Small Business, Entrepreneurship, Capital (MaSBEC) Tourism Sports International Trade Legislative Policy Defense and Military Retention Space Immediate Past Vice-chairman Governor s designee EFI, president Vice-chair of Stakeholder Council Enterprise Florida Executive Committee Staff Contacts: MasBec Louis Laubscher Senior Vice President Bill Spivey Vice President Sports John Webb President & CEO Business Development Crystal Sircy Senior Vice President International Manny Mencia Senior Vice President Audit & Fin & Comp Pam Murphy Vice President Legislative Mike Preston Vice President, Gov t Relations Tourism Will Seccombe President & CEO Military & Defense Rocky McPherson Vice President Stakeholders Council Al Latimer Senior Vice President Space Florida Frank DiBello President & CEO Exe Committee Dates: April 25, 2014 Friday 9:30 a.m. *Alan Becker to Chair July 7, 2014 Monday 10:00 a.m. September 25, 2014 Thursday 9:30 a.m. January 7, 2015 Wednesday 8:30 a.m Board Meeting Dates: Feb 5 6, 2014 May 21 22, 2014 (EFI & Chamber) Aug 6 7, 2014 Oct 29 30, 2014 Feb 4 5, 2015 Tallahassee Palm Beach Sarasota Orlando Tallahassee