Hudson Valley Shakespeare Festival Inc

“Hudson valley shakespeare festival, inc. 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, a copy of the form 990 is electronically sent to the board. Any comments are then provided to the outside accountants. Once the comments are addressed the return is finalized and approved for filing with the internal revenue service.”

“Management and the board monitors compliance and follows up to make sure that all applicable persons complete the required disclosure forms, on an annual basis. Any disclosure forms which are submitted with a noted conflict are reviewed and discussed by the board audit committee. Each board member also undertakes to notify the president or secretary of hvsf if he or she becomes aware of any relationship or situation that might result in, or give the appearance of being, a conflict of interest. The director, officer or key employee who disclosed the interest in a proposed or existing related party transaction may make a presentation to and respond to questions by the audit committee or board of directors but may not attempt to influence improperly the deliberation or voting on the matter. After such presentation they must leave the meeting during deliberation & voting.”

“The policy for determining top management compensation was approved by the board as part of hvs' documented "role of committees" policy. It reads as follows: without limiting the foregoing, it shall be the executive committee's responsibility to evaluate the performance and the compensation of the artistic director and the managing director on an annual basis, such evaluations to take place in executive session. In addition, as part of annual budget process, the artistic director and the managing director shall share budgeted staff compensation plans for the forthcoming year. The executive committee may establish a compensation subcommittee to assist it in meeting its responsibilities for reviewing and recommending the compensation and benefits of the artistic director and the managing director to the board. The responsibilities of the subcommittee shall consist of providing information and recommendations to the executive committee with respect to (1) selection of an appropriate peer group for benchmark comparison purposes, (2) a strategy for comparing our ad/md compensation to one another and to the peer group over time, (3) defining "compensation and benefits", (4) comparing our compensation to reported compensation for like positions among the peer group, (5) overseeing form 990 reporting with respect to management compensation, and (6) employment agreement matters. All action by the executive committee shall be reported at the next board meeting, except that artistic director and managing director performance evaluations and compensation matters shall be discussed in executive session.”

“The organization makes its form 990 and form 1023 available for public inspection as required under section 6104 of the internal revenue code. Both the form 990 and financial statements are available on the organization's website and the return is available on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and bylaws are also available upon written request or by calling the organization directly.”

“The organization contracted with a professional employer organization (peo) for services, including but not limited to, payroll, timekeeping, employee benefits, hr administration and workforce regulatory compliance needs. As the employer of record for tax purposes, forms w-2 and w-3 are issued by the peo and filed under the peo's federal ein. In this coemployment arrangement, the organization is the common law employer and, accordingly, compensation is reported on form 990, part vii, section a and part ix, lines 5 - 10.”

“The hudson valley shakespeare festival, inc. Has a committee that assumes responsibility for the oversight of the audit of its financial statements. The board assumes responsibility for selection of its independent auditor. The policy for selection and oversight of the independent auditors has not changed since last year.”