Wharton Institute for the Performing Arts Inc

“A paper copy of the form 990 is provided to each member of the board during a monthly board meeting before the returns are filed with the appropriate taxing authorities. The board members review the return and discuss with the tax preparer before approving.”

“The wharton institute for the performing arts currently has in place a conflict of interest policy which it annually monitors and enforces. The board currently mandates that all member of management and the governing body annually sign a conflict of interest policy and disclose any potential or actual conflicts that may exist. The signed conflict of interest policy is submitted to the corporate compliance officer who reviews the signed attestations for potential or actual conflicts. If a potential or actual conflict of interest exists, the corporate compliance officer will notify a member of management or the governing body about such conflict and investigate the conflict. The results of the investigation will be summarized and documented by the corporate compliance officer and be reported to the governing body. If the corporate compliance officer establishes that an actual conflict exists, the member of management or the governing body will be notified inmediately and that person will not be allowed to vote or be a part of any decisions about any such transactions that have to do with the conflict until such time there is no longer a conflict.”

“The board of trustees has the authority and responsibility to review and approve the complete compensation package of the organization's executive director (ceo) to ensure that packages are reasonable and do not create any "private inurement or "excess benefit" within the meaning of the tax law. The board may, in its discretion and in accordance with its bylaws, delegate responsibility to review and recommend compensation packages of executive pursuant to the executive committee or a specially appointed executive search committee. This process is intended to be consistent with wharton institute for the performing art's fulfillment of its mission as a charitable nonprofit organization. It is further intended to comply with the policies required by the irs in filing the annual form 990. The committee shall obtain sufficient information, taking into consideration the knowledge and expertise of its members, to determine whether the full compensation package of the executive director is reasonable, i.e., that it represents no more than fair market value for the services performed. The committee will take into account all elements of the package, including salary, bonus or incentive payments, severance payments, and deferred and noncash compensation, as well as payments to medical, dental, life and disability insurance plans, and any other fringe benefits. The committee will research other nonprofit executive's salaries by consulting national salary surveys for comparable size organizations from the national guild for community arts education, the league of american symphony orchestras, and/or other local sources such as artpride, njsca or the chamber of commerce. The committee will weigh the above findings with its salary history and with the salary history of the executive director, as well as the duties inherent in the position to determine an appropriate compensation package for the executive director. This package will be approved by the entire board of trustees whenever a new executive director is hired. Subsequent reviews of salary will be conducted and approved by the executive committee and is documented.”

“The wharton institute for the performing arts makes its form 990 available for public inspection as required under section 6104 of the internal revenue code by making it available on guidestar.org and other similar websites and upon written request at the organization's office. In addition, form 1023 as well as the financial statements, by-laws, articles of incorporation and conflict of interest policy are available upon written request at the organization's office.”

“Write-off of prior year pledge receivable -45,000.”

“The finance committee is responsible for the oversight of the wharton institute for the performing arts. It is the finance committee's responsibility to select the independent accountant who will perform the audit and make sure the audit is completed each year. This process has not changed from the prior year.”