New bylaws & financial policies for Tacony CDC

Tacony Community Development Corporation

For the last three years, we have been working with the Tacony Community Development Corporation as they began an effort to institute a Main Street revitalization effort for their commercial corridor along Torresdale Avenue in the Tacony section of Northeast Philadelphia. 

We have provided a number of technical assistance projects for them in recent months including revising their bylaws and creating financial policies. Since its founding in 2000, the Board has focused on housing development, but the shift to commercial revitalization along Torresdale Avenue necessitated a long overdue review of their bylaws.  A Board committee was formed to help review the bylaws and we provided drafts for review.

The bylaws that resulted represented the committee's best thinking about the current evolution of the Tacony Community Development Corporation and how the corporation is managed as expressed through their bylaws.  The bylaws represented four different types of changes.  Revisions have been made to meet the following conditions:

  1. The City of Philadelphia’s requirements for TCDC to become a Community Based Development Organization,
  2. Align with current organizational practices of the Board of Trustees of the TCDC,
  3. Conform to best practices of other nonprofit downtown revitalization corporations and
  4. Meet the new Internal Revenue Service recommendations contained on the IRS 990 form regarding conflict of interest.

Another technical assistance project was to create a policies and procedures manual. We focused our attention on accounting and internal controls. We created policies specifically for the TCDC and its small operation.  These policies focused on Board responsibilities and day to day operations such as check signing, deposits, cash deposits, restricted accounts, separation of duties and receipts for charitable contributions. See the policy manual here.

If you wish to see a copy of these bylaws, please contact us at donna@heritageconsutlinginc.com. We are happy to review your bylaws or help create board policies and procedures documents for your organization. Contact us.