Providence Performing Arts Center

“The form 990 will be prepared by ppac's independent accountant according to input from management, by october 30th of each year (or later if the return is extended), the ppac finance committee will review the prepared form and review all material aspects of the form with management. The ppac board has given authority to the finance committee to review and approve the document prior to filing.”

“Board members are required to complete and sign a conflict of interest form annually.”

“Ppac has a compensation review committee composed of the executive committee of the board of directors. The executive committee is composed of the board chairman, 1st vice chairman, second vice chairman, treasurer, and secretary. The compensation review committee will meet annually to review compensation of key employees. Key employees are defined as employees whose compensation exceeds $100,000 a year (or current 990 requirement) and or have a significant role in the operation of the organization. The threshold of earnings will include all compensation including any base salary, commissions, incentive or bonus pay. Compensation also includes earnings from any wholly or majority owned subsidiary operations. Every four years or sooner if the committee so decides, the committee will commission a key employee compensation study to be completed by an independent consul tant who will compare key employee compensation to other organizations of similar scope and size. Findings of the cosultant will be submitted to the compensation review committee. Minutes reflecting the deliberations of the committee will be kept in addition to the documented results of the study and will be retained by the organizations as a permanent record.”

“A copy of the form 990 will be kept on file at ppac for the review of any board member at any time, oir member of the general public. A copy of the form 990 will also be posted on www.guidestar.com”

“The return is being amended to adjust investment income which was decreased by $22,461”

“The return is being amended to adjust net gain which was increased by $22,446”

“The return is being amended to include the number of voting members, this was accidently ommitted”

“The form 990 was filed before the completion of the audit. As a result, the information filed in the original form 990 was adjusted to incorporate the audited amounts. As a result, the following information was amended: page 1, changes: line g gross receipts decreased by $22,461 part i: line 3 voting members increased to 39 line 4 independent voting members to 38 line 10 investment income decreased by $ 15 line 11 other revenue increased by $250 line 12 total revenue increased by $235 line 15 salaries increased by $250 line 18 total expenses increased by $250 line 19 revenue less expenses decreased by $ 15 page 2, part iii: line 4a and 4e program expenses increased by $101,120 page 6, part vi, section a: line 1a voting members increased to 39 line 1b independent voting members to 38 page 9, part viii, statement of revenue: line 3 investment income decreased by $22,446 line 7c(i) gain/loss - securities decreased by $22,446 line 12 total revenue increased by $ 235 page 10, part ix, statement of functional expenses: line 25, column (a) total expenses increased $ 250 line 25, column (b) total program expenses increased by $101,120 line 25, column (c) total management expenses decreased by $100,870 page 11, part x, balance sheet: line 1 cash decreased by $1,028,400 line 11 investments decreased by $1,028,400 line 27 net assets without donor restriction increased by $ 125,036 line 28 net assets with donor restriction decreased by $ 125,036 page 12, part xi, reconciliation of net assets: line 1 total revenue increased by $235 line 2 total expenses increased by $250 line 3 revenue less expenses decreased by $ 15 line 5 net unrealized gains (losses) increased by $ 15 schedule a, page 3, part iii: line 10a, 10c and 13 column (e) and (f) decreased by $21,583 schedule r, page 2, part iv: professional facilities management column (f) increased by $6,197,025, column (g) increased by $225,192.”

“The return is being amended to adjust investments-publicly traded which was increased by $1,028,400”

“The return is being amended to adjust net assets without donor restrictions which was increased by $125,036”

“The finance committee has an annual meeting with the independent auditors to review financial statements and any findings. The finance committee also assumes responsibility in the selection of the independent accountants.”

“The return is being amended to adjust unrealized gain/losses which was increased by $15”

“The return is being amended to include the form 990-t, this was accidently omitted.”