Hispanic Society of America

“The organization 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 finance committee and audit committee for review and comment. It is then electronically sent to the full board. The board then ratifies the filing by resolution duly proposed and adopted at its next scheduled board meeting.”

“The conflict of interest policy covers all trustees, international advisory council members, employees and volunteers. If the hispanic society engages in an activity where there is a possible conflict of interest between the hispanic society and an outside or personal interest of a trustee, the outside interest of the trustee shall be disclosed immediately to the entire board of trustees and shall be recorded in the minutes of meetings of the board. This disclosure shall also apply if the outside or personal interest involves a person close to the trustee, such as an affiliate of the trustee. Any decision by the hispanic society to use the professional or contractual services of a trustee shall be based on the informed consent of a disinterested majority of the board of trustees of the hispanic society. In all such cases, the minutes of the board of trustees shall reflect the basis for the board's business judgment and the considerations taken into account in rendering such a decision to use the professional or contractual services of a trustee.”

“The compensation committee shall review and recommend to the board the annual salary and other benefits included in the compensation of the executive director, as well as any other employees who may be specifically designated for that purpose by the board. Neither the executive director, nor any employee of the hispanic society may serve on the compensation committee. Comparability data is used from similar organizations such as comparable museums. This policy was last undertaken in 2024 and was documented in the board minutes.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is posted 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 available upon written request or by calling the organization directly.”

“Several compensated individuals listed on the form 990 have reported a change in the actuarial value of the benefits under the pension plan of the hispanic society of america for the plan year ending september 30, 2024. Form 990, part vii, column (f) includes the actuarial increase or decrease in the defined benefit plan for the year ending september 30, 2024.”

“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 co-employment 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.”

“Pension liability adjustment 2,066,077. Net periodic pension cost -443,655. Write-off of uncollectible pledges -520,000.”

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