Metropolitan Opera Club

“During the fiscal years ended july 31, 2025 and 2024, a former employee of the club approved and issued unathurized disbursements totaling approximately $18,526 and $34,714, respectively, without the knowledge or authorization of the board of directors. The employee is no longer with the organization, and corrective controls have been implemented.”

“The metropolitan opera club has subscribing members, associate members and non resident members.”

“A meeting of members shall be held annually for the election of directors or the board.”

“Metropolitan opera club has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“The organization's written conflict of interest policy applies to all officers and directors within the organization. This policy is monitored annually by the club. The purpose of the conflict of interest policy and the procedures hereunder is to protect the interests of the club when it is contemplating entering into a transaction or arrangement that might benefit the private interest of an officer, trustee or key employee of the club or might result in a possible excess benefit transaction. Any member, officer or key employee who has a financial interest in a contract or other transaction presented to the board or a committee thereof for authorization, approval, or ratification ("interested person") shall make a prompt and full disclosure of his interest to the board or committee prior to its acting on such contract or transaction. Such disclosure shall include any relevant and material facts known to the interested person about the contract or transaction, which might reasonably be construed to be adverse to the club's interest. Once that interest is disclosed the board members shall vote without the interested person whether or not a conflict exists.”

“Annual compensation is determined by the board members and executive committee for the general manager. The board members and the executive committee take the current amount being paid to an employee and adjust the amount as it deems necessary. This is documented in the board minutes. This process was last undertaken in august 2025.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. Form 990 is posted guidestar.org and other similar types of websites. In addition, governing documents and conflict of interest policy are also available upon written request.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and selection of an independent accountant. The process has not changed from the prior year.”