The Performing Arts Center Foundation

“The sole member of the corporation is the purchase college foundation, also a not-for profit corporation.”

“In accordance with the by-laws of the organization, the member of the organization (purchase college foundation) elects the trustees of the organization for a three-year term at its annual meeting and elects any replacement or additional trustees. The board then manages the business of the organization.”

“Prior to filing form 990, it is provided electronically to the members of the board of directors for their personal review and questioning. Subsequently, and prior to the filing of the purchase college foundation form 990, the performing arts center foundation form 990 and the purchase college foundation housing corp. Form 990 (the principal affiliates), the combined audit committee will conduct a review of all three forms 990 with the auditors and tax preparers present and participating with management in the presentation of these filings.”

“The conflict of interest policy provides for annual written acknowledgement by each trustee or officer that each has read and is familiar with the conflict-of-interest policy and as to whether or not the trustee or officer has a conflict of interest. If a conflict of interest exists, the complete details of the conflict are to be described in writing and submitted to the board chair or the president. The board chair or president shall refer the issue to the executive committee, or other board committee (the 'body') having decision-making authority over the substantive matter in question. The trustee or officer who discloses a direct or indirect financialinterest in a proposed or existing contract, transaction or arrangement may make a presentation and respond to questions by the body, but after such presentation, he or she shall leave the meeting during the discussion of, and vote on, the contract, transaction or arrangement that results in the conflict of interest. Each year at the board of trustees' annual meeting, the conflict-of-interest policy is distributed and written acknowledgements submitted. During the course of the year, financial results and transactions are reviewed for reasonablness and appropriateness, including with regard to any potential for there being a conflict.”

“The organization makes its form 990 avaliable for public inspection as required under section 6104 of the internal revenue code by posting it on guidestar.org and other similar types of websites. In addition, the financial statements, conflict of interest policy, articles of incorporation and by-laws are also avaliable upon written request at 735 anderson hill road, purchase, ny 10577.”

“Liquidation of assets to be transferred to purchase college foundation -1,212,170.”

“There is one audit committee that oversees the purchase college foundation, the performing arts center foundation and the purchase college foundation housing corp. Each of the related organizations' board has representation on the audit committee.”