Civic Intelligence

Kaatsbaan International Dance Center Inc

EIN 14-1738186 • 501(c)3 • Tivoli, NY

Profile

Kaatsbaan's mission is to address the needs of dance artists by providing a permanent location dedicated to the growth, advancement and preservation of professional dance.

PO Box 482Tivoli, NY 12583

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

80th percentile

0.34x

Higher debt load relative to assets than 80% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

85th percentile

0.61x

Higher debt load relative to revenue than 85% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Source year 2024

Net Margin

51st percentile

5.6%

Higher net margin than 51% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

64th percentile

$84,000

Higher top officer pay than 64% of similar nonprofits.

Top officer pay equals 5.6% of source-year revenue.

NTEE A • $1M-$5M nonprofits • Source year 2024

Asset Growth

37th percentile

-0.8%

Faster asset growth than 37% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

55th percentile

13%

Faster revenue growth than 55% of similar nonprofits.

NTEE A • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Down

$2,648,239

Down $20,022 (-0.8%) from 2023

Liabilities

Down

$911,023

Down $170,968 (-16%) from 2023

Net Assets

Up

$1,737,216

Up $150,946 (+9.5%) from 2023

Revenue

Up

$1,486,806

Up $175,867 (+13%) from 2023

Expenses

Down

$1,403,360

Down $201,480 (-13%) from 2023

Net Income

Up

$83,446

Up $377,347 (+128%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10M$5.0M$0-$5.0M-$10MAssets 2010: $3,765,143Liabilities 2010: $6,310,585Net Assets 2010: -$2,545,4422010Assets 2011: $3,631,355Liabilities 2011: $6,288,951Net Assets 2011: -$2,657,5962011Assets 2012: $3,496,323Liabilities 2012: $6,333,042Net Assets 2012: -$2,836,7192012Assets 2013: $3,383,643Liabilities 2013: $6,752,659Net Assets 2013: -$3,369,0162013Assets 2014: $3,153,682Liabilities 2014: $8,588,426Net Assets 2014: -$5,434,7442014Assets 2015: $3,091,105Liabilities 2015: $9,007,086Net Assets 2015: -$5,915,9812015Assets 2016: $2,892,663Liabilities 2016: $5,592,257Net Assets 2016: -$2,699,5942016Assets 2017: $2,791,803Liabilities 2017: $6,178,511Net Assets 2017: -$3,386,7082017Assets 2018: $2,650,003Liabilities 2018: $5,722,431Net Assets 2018: -$3,072,4282018Assets 2019: $2,583,884Liabilities 2019: $4,500,858Net Assets 2019: -$1,916,9742019Assets 2020: $2,557,494Liabilities 2020: $3,633,417Net Assets 2020: -$1,075,9232020Assets 2021: $2,917,016Liabilities 2021: $3,775,079Net Assets 2021: -$858,0632021Assets 2022: $2,891,456Liabilities 2022: $1,021,397Net Assets 2022: $1,870,0592022Assets 2023: $2,668,261Liabilities 2023: $1,081,991Net Assets 2023: $1,586,2702023Assets 2024: $2,648,239Liabilities 2024: $911,023Net Assets 2024: $1,737,2162024

Highlighted filing

2024

Assets$2,648,239
Liabilities$911,023
Net Assets$1,737,216

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $757,4132010Expenses 2011: $788,7452011Expenses 2012: $837,9852012Revenue 2013: $1,298,603Expenses 2013: $1,406,334Net Income 2013: -$107,7312013Revenue 2014: $597,374Expenses 2014: $1,278,378Net Income 2014: -$681,0042014Revenue 2015: $835,479Expenses 2015: $1,317,221Net Income 2015: -$481,7422015Revenue 2016: $4,575,473Expenses 2016: $1,359,086Net Income 2016: $3,216,3872016Revenue 2017: $678,762Expenses 2017: $1,193,515Net Income 2017: -$514,7532017Revenue 2018: $1,541,693Expenses 2018: $1,227,413Net Income 2018: $314,2802018Revenue 2019: $1,168,890Expenses 2019: $1,198,025Net Income 2019: -$29,1352019Revenue 2020: $1,337,676Expenses 2020: $1,090,562Net Income 2020: $247,1142020Revenue 2021: $1,601,121Expenses 2021: $1,383,261Net Income 2021: $217,8602021Revenue 2022: $1,499,038Expenses 2022: $1,599,352Net Income 2022: -$100,3142022Revenue 2023: $1,310,939Expenses 2023: $1,604,840Net Income 2023: -$293,9012023Revenue 2024: $1,486,806Expenses 2024: $1,403,360Net Income 2024: $83,4462024

Highlighted filing

2024

Revenue$1,486,806
Expenses$1,403,360
Net Income$83,446

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.65$0.91$1.74$1.49$1.40$0.08
2023Detailed filing. Detailed filing data is available for this year.$2.67$1.08$1.59$1.31$1.60$0.29
2022Detailed filing. Detailed filing data is available for this year.$2.89$1.02$1.87$1.50$1.60$0.10
2021Detailed filing. Detailed filing data is available for this year.$2.92$3.78$0.86$1.60$1.38$0.22
2020Detailed filing. Detailed filing data is available for this year.$2.56$3.63$1.08$1.34$1.09$0.25
2019Detailed filing. Detailed filing data is available for this year.$2.58$4.50$1.92$1.17$1.20$0.03
2018Detailed filing. Detailed filing data is available for this year.$2.65$5.72$3.07$1.54$1.23$0.31
2017Detailed filing. Detailed filing data is available for this year.$2.79$6.18$3.39$0.68$1.19$0.51
2016Detailed filing. Detailed filing data is available for this year.$2.89$5.59$2.70$4.58$1.36$3.22
2015Detailed filing. Detailed filing data is available for this year.$3.09$9.01$5.92$0.84$1.32$0.48
2014Detailed filing. Detailed filing data is available for this year.$3.15$8.59$5.43$0.60$1.28$0.68
2013Detailed filing. Detailed filing data is available for this year.$3.38$6.75$3.37$1.30$1.41$0.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.50$6.33$2.84$0.84
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.63$6.29$2.66$0.79
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.77$6.31$2.55$0.76
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 13, 2025
Return Version
2024v5.0
Gross Receipts
$1,486,806
Mission and Program Overview

Mission

The mission of kaatsbaan cultural park is to provide an extraordinary environment for cultural innovation and excellence. As both an incubator for creativity and presenter for diverse world-class artists in dance, theater, music, film, poetry, culinary, media, and visual arts, kaatsbaan provides artists with state-of-the-art dance studios, accommodations, an indoor theater, and two outdoor stages. Sitting on 153 hudson river- adjacent acres, kaatsbaan is free of urban facilities' space and time constraints, allowing for exciting levels of artistic exploration, creative action, and achievement - just two hours north of new york city.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,396,849$2,281,164▼ $115,685
Cash and Non-Interest-Bearing Accounts$168,145$189,069▲ $20,924
Accounts Receivable$14,000$79,070▲ $65,070
Prepaid Expenses and Deferred Charges$13,672$15,450▲ $1,778
Receivables From Officers Etc$5,632--
Total Assets$2,668,261$2,648,239▼ $20,022
Other Assets Total$69,963$83,486▲ $13,523
Liabilities
Other Liabilities$948,547$808,927▼ $139,620
Accounts Payable and Accrued Expenses$133,444$102,096▼ $31,348
Total Liabilities$1,081,991$911,023▼ $170,968
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,553,286$1,605,654▲ $52,368
Net Assets With Donor Restrictions$32,984$131,562▲ $98,578
Total Net Assets Fund Balance$1,586,270$1,737,216▲ $150,946
Total Liabilities and Net Assets / Fund Balance$2,668,261$2,648,239▼ $20,022

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$782,112$2,905,335$3,687,447
Leasehold Improvements$733,405$840,787$1,574,192
Land$715,000-$715,000
Equipment$50,647$291,838$342,485
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Patricia ReedManaging DirectorFT$83,000$1,000$84,000

Board Members and Trustees

NameTitle
Kevin MckenzieChair
Hillary GreeneTrustee
Martine Van HamelEmeritus Tru
Sonja KostichResigned Jun
Sioux LoganSecretary
Kevin GreeneTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$434,451
Program Service Revenue
$920,549
Investment Income
$221
Other Revenue
$131,585
All Other Contributions
$312,991
Change in Net Assets
$83,446

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,486,806
Revenue Not Reported on Form 990
$3,600
Total Revenue per Audited Statements
$1,490,406
Total Revenue per Form 990
$1,486,806
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$810,907
Salaries, Compensation, and Employee Benefits$592,453
Total Fundraising Expense$73,540
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$320,553$59,836$47,014$427,403
Depreciation Depletion$166,179$18,464-$184,643
Current Officers, Directors, Trustees, and Key Employees$63,000$11,760$9,240$84,000
Occupancy$75,357$8,373-$83,730
Insurance$47,917$5,324-$53,241
Payroll Taxes$34,614$6,461$5,077$46,152
Other Employee Benefits$26,173$4,886$3,839$34,898
Office Expenses$26,671$2,565$3,748$32,984
Fees for Services Accounting$27,620$3,069-$30,689
Interest$23,145$2,572-$25,717
Advertising$14,790--$14,790
Fees for Services Other$8,990$999-$9,989
Other Expenses$54,052$18,017$4,026$4,026
Fees for Services Legal$2,883$320-$3,203
Travel-$596$596$1,192
Total Functional Expenses$1,186,578$143,242$73,540$1,403,360

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,406,960
Expenses per Audited Statements$1,403,360
Total Expenses per Form 990$1,403,360
Expenses Not Reported on Form 990$3,600
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Sonja KostichBoard MemberUse of FacilitiesNo$45,000

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Officers, Directors, Trustees, and Key Employees$5,632--
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest- Loans & Pledgers$392,451
Loans Payable$367,388
Deferred Revenue$49,088
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

Kevin greene hilary greene treasurer trustee family members

Form 990, Page 6, Part VI, Line 11B

The board of trustees audit committee reviews and approves the form 990 prior to filing with the irs.

Form 990, Page 6, Part VI, Line 12C

When any conflict of interest transaction comes before the board, any trustee, officer or key person standing to benefit from the transaction, directly or through a relative or a controlled entity, (an interested party) must make a contemporaneous, full disclosure in writing to the board of the nature of his or her interest, together with all material facts. The board shall not authorize the organization to enter into any conflict of interest transaction unless it is determined to be fair, reasonable and in the best interest of the organization at the time of such determination. In order to help the board evaluate whether a conflict of interest transaction is fair, reasonable and in the best interest of the organization, the board may invite the interested party, to provide information regarding such transaction prior to any deliberations, but an interested party is prohibited from making any attempt to improperly influence the deliberation and, in the case of a trustee, from voting on the matter. After disclosure, and after any discussion with the interested party, he or she must leave the meeting while the transaction is discussed and voted upon. When evaluating a conflict of interest transaction in which a covered person has a substantial financial interest, the board should consider alternative transactions to the extent possible, prior to entering into such transaction. In addition, certain conflict of interest transactions require the board to obtain and review appropriate comparability data prior to entering into the transaction in order to ensure that the value of the economic benefit provided by the organization to the interested party does not exceed the value of the consideration received in exchange. Specifically, when considering compensation: the trustees should consider (1) compensation levels paid by similarly situated organizations, (2) the availability of similar services within the same geographic area, (3) current compensation surveys compiled by independent firms, and (4) written offers of similar institutions competing for the same persons services. The minutes of all meetings of the board at which a conflict of interest transaction is considered shall be recorded contemporaneously and shall contain: (1) the name of the interested party, (2) the nature of the conflict of interest, (3) the names of the trustees who discussed whether to approve the contemplated transaction, (4) whether the interested party left the room during any discussion of whether to approve the transaction, (5) the substance of the discussion and the basis for approval, including any alternatives to the proposed transaction and any comparability data considered, and (6) the record of any votes taken in connection with the proceedings. The board need not review a conflict of interest transaction in accordance with this policy where (i) such transaction, or the related partys financial interest in the transaction, is de minimis; (ii) such transaction would not customarily be reviewed by the board or the boards of similar organizations in the ordinary course of business and is available to others on the same or similar terms; or (iii) such transaction constitutes a benefit provided to a related party solely as a member of a class of the beneficiaries that the corporation intends to benefit as part of the accomplishment of its mission which benefit is available to all similarly situated members of the same class on the same terms. In each case, however, the organization must act in good faith and may not give unwarranted favoritism toward a related party.

Form 990, Page 6, Part VI, Line 15A

There is a compensation committee put in place which has the primary responsibility of reviewing and making recommendations to the board regarding the compensation of the corporation's executive director.

Form 990, Page 6, Part VI, Line 15B

There is a compensation committee put in place which has the primary responsibility of reviewing and making recommendations to the board regarding the compensation of any other officers, as well as the artistic director and any other employees of the corporation as the board may determine.

Form 990, Page 6, Part VI, Line 19

Governing documents are available upon request.

Filing and Contact Details

Filer

Filer Name
Kaatsbaan International Dance
EIN
14-1738186
Phone
8457575106
Address
PO BOX 482, TIVOLI, NY 12583

Signing Officer

Name
Kevin Mckenzie
Title
Chair
Phone
8457575106
Signed
2025-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Mckenzie
Formed
1991
Legal Domicile
Ny
Voting Board Members
5
Independent Board Members
4
Employees
12
Volunteers
25

Preparer

Firm
Rbt Cpas Llp
Address
PO BOX 757 2215 ROUTE 9W, LAKE KATRINE, NY 12449
Preparer
Vincent J Buono CPA
Phone
8453367183
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

The mission of kaatsbaan cultural park is to provide an extraordinary environment for cultural innovation and excellence. As both an incubator for creativity and presenter for diverse world-class artists in dance, theater, music, film, poetry, culinary, media, and visual arts, kaatsbaan provides artists with state-of-the-art dance studios, accommodations, an indoor theater, and two outdoor stages. Sitting on 153 hudson river- adjacent acres, kaatsbaan is free of urban facilities' space and time constraints, allowing for exciting levels of artistic exploration, creative action, and achievement - just two hours north of new york city.

Form 990, Page 1, Part I, Line 6

Volunteers assist in assembling programs, checking guests in, ushering, and setting up decor and refreshments for performances and special events.

Financial Statement Notes

Schedule D, Page 3, Part X

The organization files an annual form 990 as a tax exempt organization under section 501(c)(3) of the internal revenue code. As such, no federal or new york state taxes are paid by the organization. The organization has been classified as an entity that is not a private foundation within the meaning of section 509(a) and qualifies for deductible contributions as provided in section 170 (b)(1)(a)(vi). The organization adopted the provisions of accounting principles generally accepted in the united states of america regarding accounting for uncertain tax positions. Management evaluated the organization's tax positions and concluded that the organization had taken no uncertain tax positions that would require adjustment to the financial statements in order to comply with the provisions of this guidance. With few exceptions, the organization is not subject to income tax examinations by the u.s. Federal, state or local tax authorities for fiscal years prior to 2021.

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IRS990/MissionDesc0THE MISSION OF KAATSBAAN CULTURAL PARK IS TO PROVIDE AN EXTRAORDINARY ENVIRONMENT FOR CULTURAL INNOVATION AND EXCELLENCE. AS BOTH AN INCUBATOR FOR CREATIVITY AND PRESENTER FOR DIVERSE WORLD-CLASS ARTISTS IN DANCE, THEATER, MUSIC, FILM, POETRY, CULINARY, MEDIA, AND VISUAL ARTS, KAATSBAAN PROVIDES ARTISTS WITH STATE-OF-THE-ART DANCE STUDIOS, ACCOMMODATIONS, AN INDOOR THEATER, AND TWO OUTDOOR STAGES. SITTING ON 153 HUDSON RIVER- ADJACENT ACRES, KAATSBAAN IS FREE OF URBAN FACILITIES' SPACE AND TIME CONSTRAINTS, ALLOWING FOR EXCITING LEVELS OF ARTISTIC EXPLORATION, CREATIVE ACTION, AND ACHIEVEMENT - JUST TWO HOURS NORTH OF NEW YORK CITY.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION FILES AN ANNUAL FORM 990 AS A TAX EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. AS SUCH, NO FEDERAL OR NEW YORK STATE TAXES ARE PAID BY THE ORGANIZATION. THE ORGANIZATION HAS BEEN CLASSIFIED AS AN ENTITY THAT IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) AND QUALIFIES FOR DEDUCTIBLE CONTRIBUTIONS AS PROVIDED IN SECTION 170 (B)(1)(A)(VI). THE ORGANIZATION ADOPTED THE PROVISIONS OF ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REGARDING ACCOUNTING FOR UNCERTAIN TAX POSITIONS. MANAGEMENT EVALUATED THE ORGANIZATION'S TAX POSITIONS AND CONCLUDED THAT THE ORGANIZATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS IN ORDER TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE ORGANIZATION IS NOT SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR FISCAL YEARS PRIOR TO 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0SONJA KOSTICH
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0BOARD MEMBER
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0USE OF FACILITIES
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0DURING 2024, SONJA KOSTICH, A BOARD MEMBER, WORKED AS THE PRESIDENT AND EXECUTIVE DIRECTOR FOR BARYSHNIKOV ARTS CENTER ("BAC"). DURING 2024, BAC ENGAGED THE ORGANIZATION TO HOLD AN EVENT AND PAID 45,000 FOR THE USE OF FACILITIES, CREW AND STAFF, AND EQUIPMENT.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE MISSION OF KAATSBAAN CULTURAL PARK IS TO PROVIDE AN EXTRAORDINARY ENVIRONMENT FOR CULTURAL INNOVATION AND EXCELLENCE. AS BOTH AN INCUBATOR FOR CREATIVITY AND PRESENTER FOR DIVERSE WORLD-CLASS ARTISTS IN DANCE, THEATER, MUSIC, FILM, POETRY, CULINARY, MEDIA, AND VISUAL ARTS, KAATSBAAN PROVIDES ARTISTS WITH STATE-OF-THE-ART DANCE STUDIOS, ACCOMMODATIONS, AN INDOOR THEATER, AND TWO OUTDOOR STAGES. SITTING ON 153 HUDSON RIVER- ADJACENT ACRES, KAATSBAAN IS FREE OF URBAN FACILITIES' SPACE AND TIME CONSTRAINTS, ALLOWING FOR EXCITING LEVELS OF ARTISTIC EXPLORATION, CREATIVE ACTION, AND ACHIEVEMENT - JUST TWO HOURS NORTH OF NEW YORK CITY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1VOLUNTEERS ASSIST IN ASSEMBLING PROGRAMS, CHECKING GUESTS IN, USHERING, AND SETTING UP DECOR AND REFRESHMENTS FOR PERFORMANCES AND SPECIAL EVENTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2KEVIN GREENE HILARY GREENE TREASURER TRUSTEE FAMILY MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF TRUSTEES AUDIT COMMITTEE REVIEWS AND APPROVES THE FORM 990 PRIOR TO FILING WITH THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4WHEN ANY CONFLICT OF INTEREST TRANSACTION COMES BEFORE THE BOARD, ANY TRUSTEE, OFFICER OR KEY PERSON STANDING TO BENEFIT FROM THE TRANSACTION, DIRECTLY OR THROUGH A RELATIVE OR A CONTROLLED ENTITY, (AN INTERESTED PARTY) MUST MAKE A CONTEMPORANEOUS, FULL DISCLOSURE IN WRITING TO THE BOARD OF THE NATURE OF HIS OR HER INTEREST, TOGETHER WITH ALL MATERIAL FACTS. THE BOARD SHALL NOT AUTHORIZE THE ORGANIZATION TO ENTER INTO ANY CONFLICT OF INTEREST TRANSACTION UNLESS IT IS DETERMINED TO BE FAIR, REASONABLE AND IN THE BEST INTEREST OF THE ORGANIZATION AT THE TIME OF SUCH DETERMINATION. IN ORDER TO HELP THE BOARD EVALUATE WHETHER A CONFLICT OF INTEREST TRANSACTION IS FAIR, REASONABLE AND IN THE BEST INTEREST OF THE ORGANIZATION, THE BOARD MAY INVITE THE INTERESTED PARTY, TO PROVIDE INFORMATION REGARDING SUCH TRANSACTION PRIOR TO ANY DELIBERATIONS, BUT AN INTERESTED PARTY IS PROHIBITED FROM MAKING ANY ATTEMPT TO IMPROPERLY INFLUENCE THE DELIBERATION AND, IN THE CASE OF A TRUSTEE, FROM VOTING ON THE MATTER. AFTER DISCLOSURE, AND AFTER ANY DISCUSSION WITH THE INTERESTED PARTY, HE OR SHE MUST LEAVE THE MEETING WHILE THE TRANSACTION IS DISCUSSED AND VOTED UPON. WHEN EVALUATING A CONFLICT OF INTEREST TRANSACTION IN WHICH A COVERED PERSON HAS A SUBSTANTIAL FINANCIAL INTEREST, THE BOARD SHOULD CONSIDER ALTERNATIVE TRANSACTIONS TO THE EXTENT POSSIBLE, PRIOR TO ENTERING INTO SUCH TRANSACTION. IN ADDITION, CERTAIN CONFLICT OF INTEREST TRANSACTIONS REQUIRE THE BOARD TO OBTAIN AND REVIEW APPROPRIATE COMPARABILITY DATA PRIOR TO ENTERING INTO THE TRANSACTION IN ORDER TO ENSURE THAT THE VALUE OF THE ECONOMIC BENEFIT PROVIDED BY THE ORGANIZATION TO THE INTERESTED PARTY DOES NOT EXCEED THE VALUE OF THE CONSIDERATION RECEIVED IN EXCHANGE. SPECIFICALLY, WHEN CONSIDERING COMPENSATION: THE TRUSTEES SHOULD CONSIDER (1) COMPENSATION LEVELS PAID BY SIMILARLY SITUATED ORGANIZATIONS, (2) THE AVAILABILITY OF SIMILAR SERVICES WITHIN THE SAME GEOGRAPHIC AREA, (3) CURRENT COMPENSATION SURVEYS COMPILED BY INDEPENDENT FIRMS, AND (4) WRITTEN OFFERS OF SIMILAR INSTITUTIONS COMPETING FOR THE SAME PERSONS SERVICES. THE MINUTES OF ALL MEETINGS OF THE BOARD AT WHICH A CONFLICT OF INTEREST TRANSACTION IS CONSIDERED SHALL BE RECORDED CONTEMPORANEOUSLY AND SHALL CONTAIN: (1) THE NAME OF THE INTERESTED PARTY, (2) THE NATURE OF THE CONFLICT OF INTEREST, (3) THE NAMES OF THE TRUSTEES WHO DISCUSSED WHETHER TO APPROVE THE CONTEMPLATED TRANSACTION, (4) WHETHER THE INTERESTED PARTY LEFT THE ROOM DURING ANY DISCUSSION OF WHETHER TO APPROVE THE TRANSACTION, (5) THE SUBSTANCE OF THE DISCUSSION AND THE BASIS FOR APPROVAL, INCLUDING ANY ALTERNATIVES TO THE PROPOSED TRANSACTION AND ANY COMPARABILITY DATA CONSIDERED, AND (6) THE RECORD OF ANY VOTES TAKEN IN CONNECTION WITH THE PROCEEDINGS. THE BOARD NEED NOT REVIEW A CONFLICT OF INTEREST TRANSACTION IN ACCORDANCE WITH THIS POLICY WHERE (I) SUCH TRANSACTION, OR THE RELATED PARTYS FINANCIAL INTEREST IN THE TRANSACTION, IS DE MINIMIS; (II) SUCH TRANSACTION WOULD NOT CUSTOMARILY BE REVIEWED BY THE BOARD OR THE BOARDS OF SIMILAR ORGANIZATIONS IN THE ORDINARY COURSE OF BUSINESS AND IS AVAILABLE TO OTHERS ON THE SAME OR SIMILAR TERMS; OR (III) SUCH TRANSACTION CONSTITUTES A BENEFIT PROVIDED TO A RELATED PARTY SOLELY AS A MEMBER OF A CLASS OF THE BENEFICIARIES THAT THE CORPORATION INTENDS TO BENEFIT AS PART OF THE ACCOMPLISHMENT OF ITS MISSION WHICH BENEFIT IS AVAILABLE TO ALL SIMILARLY SITUATED MEMBERS OF THE SAME CLASS ON THE SAME TERMS. IN EACH CASE, HOWEVER, THE ORGANIZATION MUST ACT IN GOOD FAITH AND MAY NOT GIVE UNWARRANTED FAVORITISM TOWARD A RELATED PARTY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THERE IS A COMPENSATION COMMITTEE PUT IN PLACE WHICH HAS THE PRIMARY RESPONSIBILITY OF REVIEWING AND MAKING RECOMMENDATIONS TO THE BOARD REGARDING THE COMPENSATION OF THE CORPORATION'S EXECUTIVE DIRECTOR.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THERE IS A COMPENSATION COMMITTEE PUT IN PLACE WHICH HAS THE PRIMARY RESPONSIBILITY OF REVIEWING AND MAKING RECOMMENDATIONS TO THE BOARD REGARDING THE COMPENSATION OF ANY OTHER OFFICERS, AS WELL AS THE ARTISTIC DIRECTOR AND ANY OTHER EMPLOYEES OF THE CORPORATION AS THE BOARD MAY DETERMINE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 1, PART I, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
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