Grammy Museum Foundation Inc

“Tammy hurt, as chair of the recording academy, has an employment relationship with harvey mason jr., ceo of the recording academy, and branden chapman, coo of the recording academy. Mason, as ceo of the recording academy, also has an employment relationship with chapman, coo of the recording academy. Both mason and chapman were employees of the recording academy during the tax year.”

“After the form 990 is prepared, it is submitted to the audit committee for review. The board has designated the audit committee to review and approve the filing of the tax return on its behalf. After all comments and questions from the audit committee have been addressed and incorporated, the audit committee approves the filing with the irs. The full board also receives a copy of the tax return before it is filed.”

“Each director, principal officer and member of a committee with powers delegated by the board of directors needs to sign a statement upon hiring or appointment affirming that he/she 1) has received a copy of the conflicts of interest policy, 2) has read and understands the policy, 3) has agreed to comply with the policy, and 4) understands that the museum is a non-profit organization and in order to maintain its federal tax exemption status, it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. Periodic reviews are conducted by the human resources department for employees to ensure compliance with the policy. Copies of these forms are maintained by human resources in personnel files. Annually, the corporate secretary distributes the annual disclosure statement at a board meeting. The statements are collected by the corporate secretary and then a summary report is given to the chair of the nominating & governing committee. Accordingly, the chair of the nominating & governing committee is responsible for both monitoring and enforcing the conflict of interest policy based on the statements that are provided.”

“The compensation committee of the board of directors oversees the museum's compensation and benefit plans and practices, including its executive compensation plan. The compensation committee is comprised of the executive committee of the board. Annually the committee reviews and approves the president's compensation, including benefits. The committee considers all factors deemed relevant in determining the president's compensation, including, but not limited to, reviewing and comparing compensation of other non-profit museum directors in the general area. This process was last completed in august 2024.”

“The museum's form 990, audited financial statements, articles, bylaws, and conflict of interest policy are available upon request. Additionally, the museum posts its most recent form 990 on its website for public access. The museum also files its form 990 with the california attorney general and routinely updates its information on third-party platforms such as guidestar, charity navigator, and smu dataarts.”

“Section 1.263(a)-1(f) de minimis safe harbor election taxpayer is making the de minimis safe harbor election under treas. Reg. 1.263(a)-1(f) for all eligible amounts paid or incurred during the taxable year. Section 1.263(a)-3(n) capitalization election taxpayer hereby elects to capitalize repair and maintenance costs under treas. Reg. 1.263(a)-3(n). The costs were incurred during the taxable year in the electing taxpayer's trade or business and the electing taxpayer treats such costs as capital expenditures on its books and records.”