Culture Works

“The completed form 990 is reviewed by the organization's executive and finance committees, and then provided to the full board for approval.”

“Members of the board of trustees complete a disclosure statement each year regarding potential conflicts of interest. These forms are reviewed annually by the executive and audit committees.”

“The organization is a member of the ohio association of nonprofit organizations (oano) and the association of fund raising professionals (afp), both of which provide annual salary and benefit studies to their members. These studies are reviewed to benchmark compensation, to ensure that the organization's salary for its ceo is in line with other comparable organizations of similar budget size. Oano and afp salary studies also extend to other positions within nonprofit organizations, and are used to determine fair compensation for the entire staff.”

“The organization's audited financial statements and form 990 are posted to the website. All governing documents, including the conflict of interest policy, are available upon request.”

“The executive committee and finance committee oversee the independent auditor selection.”

“The organization is the beneficial recipient of funds held at the dayton foundation, a community foundation. The dayton foundation has variance power over these funds by agreement wtih donors. The dayton foundation distributes income annually to the organization as a beneficiary of the funds. In accordance with generally accepted accounting principles, the organization is prohibited from recording their beneficial interest in the principal amounts because the funds are held by the dayton foundation and subject to the variance powers embedded in their bylaws. The balance of these funds allocable to the organization was $1,675,237 as of june 30, 2015. Historically, the organization recognized these funds as beneficial interests in perpetual trusts in the statement of financial position. As discussed previously, the organization does not have variance power over these funds and should not have recognized a related asset. Accordingly, the organization restated its financial statements as of june 30, 2014. The effect of the restatement was to decrease net assets at july 1, 2014 by $1,664,297 representing the organization's interest in these community foundation funds at july 1, 2014.”