Risd Holdings Inc

“The purpose of risd holdings, inc. Is to hold title to various properties, to collect rental income from such properties, and to turn over the full amount of income, less expenses, to rhode island school of design (risd) to help risd carry out its educational mission. Risd holdings, inc. Conducts its business in providence, rhode island, adjacent to the risd campus. Employees form 990, part v, line 2a the organization has employees but their forms w-2 are issued from risd. Business relationship among directors/officers form 990, part vi, line 2 rosanne somerson and samuel b. Solomon are both officers and employees of rhode island school of design, the parent of the reporting organization. Process used to review form 990 form 990, part vi, line 11b the process for the fy18 form 990 includes review by senior management of risd, and the independent external tax consultants. The audit committee is presented with a draft of the return for its review. The full boards of both risd holdings, inc. And rhode island school of design receive a final copy of the form 990 before it is filed.”

“Form 990, part vi, line 12a certain officers and directors of the organization are also officers and directors of rhode island school of design (risd). In this capacity, they are bound by the conflict of interest policy of risd. On an annual basis, risd's trustees' office distributes a survey to all of the trustees requesting information on matters relating to risd's conflict of interest policy. There are follow up procedures to ensure that surveys are completed and returned for review. The general counsel's office provides assistance to trustees by responding to any questions they may have. Results of the completed surveys are presented to the trustees' audit committee. The threshold for reporting to the committee is more than $10,000 per year (in the aggregate, for each trustee). In addition to the annual survey, the trustees are required to disclose any additional conflicts that may arise during the course of the year. Further, whenever any matter involving a conflict of interest on the part of any trustee is discussed or proposed for action at board or committee meetings, such conflict shall be disclosed to other trustees present, and the trustee having such conflict shall not vote or use his or her personal influence on the matter.”

“Form 990, part vi, lines 13 and 14 certain officers and directors of the organization are also officers and directors of rhode island school of design (risd). Risd had their written policies in place during fy18; however, the risd board has not approved the document retention and destruction policy.”

“Form 990, part vi, line 19 risd holdings' financial statements are included in the consolidated financial statements of the rhode island school of design that are made available on www.risd.edu and also by request.”

“Form 990, part vii, section a the officers are compensated in connection with their services to risd for which they work 50 hours. It is estimated that an additional hour per week is worked by each officer on behalf of risd holdings.”

“Form 990, part xi, line 9 transfer of net assets from risd $ 427,111”