Lang Lang International Music Foundation Inc

“The following board directors have a family relationship: - jonathan lam poon and amy mei yin lam poon”

“The organization's form 990 is prepared by an outside accounting firm, and then reviewed by the chairman. Once approved by the chairman, a complete copy is provided to all members of the board of directors for their review and comment prior to filing.”

“The organization has a conflict of interest policy which covers all directors, officers, and employees of the organization, in which they must annually disclose any actual or possible conflict of interest. They are given the opportunity to disclose all material facts to the board of directors. The board reviews all potential conflicts of interest and determines whether a conflict exists and whether to approve the corresponding matter. The person with whom the conflict or potential conflict involves is recused from the deliberations and voting on the matter.”

“A subcommittee of the board of directors is charged with the responsibility of establishing compensation for the foundation's executive director. The board uses information obtained from form 990's of similar organizations to assist in establishing a salary range and related fringe benefits. The board approves the final compensation package. This agreement is reviewed in concert with the foundation's operating budget on an annual basis. The executive director has an employment agreement which is reviewed annually in concert with the organization's operating budget. The process last occurred in 2024.”

“The form 990 is available for public inspection as required under section 6104 of the internal revenue code. In addition, forms 990 and 1023, as well as the financial statements, conflict of interest policy, articles of incorporation and bylaws are available upon request.”

“For half of 2024 (january through june), the organization contracted with a professional employer organization (peo) for services, including but not limited to, payroll, timekeeping, employee benefits, hr administration and workforce regulatory compliance needs. As the employer of record for tax purposes, forms w-2 and w-3 are issued by the peo and filed under the peo's federal ein. In this co-employment arrangement, the organization is the common law employer and, accordingly, compensation is reported on form 990, part vii, section a and part ix, lines 5-10.”

“Other professional fees: program service expenses 111,467. Management and general expenses 8,157. Fundraising expenses 20,149. Total expenses 139,773. Payroll processing fees: program service expenses 11,128. Management and general expenses 835. Fundraising expenses 1,947. Total expenses 13,910.”

“The organization has a committee for the oversight of its financial statements and the selection of an independent accountant. The process has not changed from the prior year.”