WEDC Awards Administration Committee Advances Seven Projects
Committee also reviews best practices for background checks
MADISON, August 19, 2015 – The Wisconsin Economic Development Corporation’s (WEDC’s) Awards Administration Committee met this week to review seven pending economic development awards with a potential economic impact of over $99 million in capital investment and 550 jobs created or retained in Wisconsin.
A committee of WEDC’s Board of Directors that includes WEDC staff, private sector executives and retired banking professionals, the Awards Administration Committee meets once a month to review WEDC award applications that meet certain thresholds. This stage of WEDC’s deliberative decision making process follows an internal underwriting review and approval by WEDC’s Management Review Committee.
Some of these awards will be sent to WEDC’s full Board of Directors for approval, a necessary step called for by WEDC’s Awards Administration Policy.
In addition, the Awards Administration Committee reviewed the organization’s policies and procedures on background checks performed on companies prior to the approval of any WEDC assistance. These policies, which were adopted in July 2013, require staff reviews to be completed for all WEDC financial awards. As part of these reviews, WEDC checks state and federal databases of the historical records on financial, legal, contracting and business activities associated with the organization and/or person seeking assistance.
WEDC’s Awards Administration Committee discussed the industry best practices for updating background checks prior to finalizing financial assistance contracts. The committee had a productive discussion and ultimately decided to recommend proactively increasing the frequency with which background checks are updated during the contracting process.
“Guided in particular by the expertise of the banking professionals on the committee, the Awards Administration Committee demonstrated its continued commitment to ensuring that WEDC manages the investment of taxpayer money in a way that is consistent with the highest industry standards,” said Committee Chair Paul Radspinner.
At the Awards Administration Committee’s direction, WEDC staff will revise the organization’s Awards Administration Policy to require updated staff reviews and background checks at least every six months for all new awards and amendments. The updated policy will be brought before the Board of Directors for final approval.
About the Wisconsin Economic Development Corporation
The Wisconsin Economic Development Corporation (WEDC) leads economic development efforts for the state by advancing Wisconsin’s business climate. WEDC nurtures business growth and job creation by providing resources, technical support and financial assistance to companies, partners and communities in Wisconsin. WEDC has four focus areas: business and industry development, economic and community development, entrepreneurship and innovation and international business development. Together with more than 600 regional and local business development partners, it represents a highly responsive and coordinated network. Visit www.inwisconsin.com or follow WEDC on Twitter @_InWisconsin to learn more.
Mentioned in This Press Release
Recent Press Releases by Wisconsin Economic Development Corporation
State backs successful entrepreneurship program for third straight year
Wisconsin Economic Development Corporation to help fund public infrastructure for new stadium for minor-league basketball team
WEDC-sponsored trip will focus on boosting exports to Mexico and attracting investment to Wisconsin