New York Foundation for the Arts Inc

“The foundation has its form 990 prepared by an outside accounting firm. A draft of the form 990 is reviewed by the foundation's management and then provided to nyfa's finance committee before being finalized. The committee discusses any issues found during the review of the 990 with the accountants.”

“New york foundation for the arts, inc. Currently has in place a conflict of interest policy which it annually monitors and enforces. The board currently mandates that all directors, officers, committee members, and employees 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 director of finance or the deputy director who reviews the signed attestations for any potential or actual conflicts. If a potential or actual conflict exists, the director of finance or the deputy director will inform the member of the basis of such belief and afford the member an opportunity to respond. The board or committee will disclose the conflict of interest and how the conflict was handled. The person with the actual conflict of interest will be prohibited from voting on the matter that gives rise to the conflict. If there has been substantial or repeated failures to disclose actual conflicts of interest, the board may take appropriate disciplinary and corrective action, including removal of the member.”

“Compensation of the chief executive officer is reviewed and set by the executive committee, consisting of the board chair, vice chair, secretary, treasurer, and director at large. This group researches reports and surveys on salaries against ceos of not-for-profits with similar missions, budget sizes, and geography, and contrasts these salaries against those listed on websites such as guidestar, to determine an appropriate compensation for the chief executive officer. The compensation review process is internally documented and communicated to the director of finance and administration through email. This was last done august 31, 2023.”

“New york foundation for the arts, inc. 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 similar types of websites. In addition, the organization makes its governing documents, conflict of interest policy, and financial statements available upon request.”

“That assumes responsibility for oversight of the audit of its financial statements and selection of an independent accountant. This process has not changed from the prior year.”