Denver Art Society

“Form 990, Part VI, Section A, Line 8a The Denver Art Society Board of Directors documents all meetings during the tax year through Board meeting minutes, and written member meeting minutues notes for every monthly meeting. All communications to the Board are sent to one archived email address.”

“Part VI Section B Line 11b - The Treasurer, along with the finance committee, collaboratively reviewed the 990 instructions, prepared the return, and reviewed the completed form with the full Board of Directors prior to filing.”

“Form 990, Part VI, Section B, Line 12c - Any cases of conflict of interest are reviewed and addressed during monthly governing body meetings. Officers, directors, and key members are required to disclose annually any interests that could give rise to conflicts.”

“Part VI Section C Line 18: The Form 990 is made available for public inspection upon request and through the GuideStar/Candid database. Schedule B is excluded from the public copy per IRS requirements.”

“Form 990, Part VI, Section C, Line 19 - Governing documents, conflict of interest policy, and financial statements are available to the public on the organization website at https://www.denverartsociety.org/member-resources.”

“We are a 100% volunteer nonprofit. For 10+ years we have given studio fee reductions to a few volunteers who contribute far more hours than others as a gesture of appreciation - not as payment for services. These are simply volunteer recognition gifts”

“Part VIII Art Sales: Art sales revenue represents gross proceeds from a consignment arrangement with member artists. Under this arrangement 80% of all sale proceeds are remitted to the selling artist and 20% is retained by Denver Art Society. Gross sales of $154,480.06 and cost of art of $125,268.43 are reported separately on Lines 10a and 10b respectively.”

“Form 990, Part XI, Line 9 Other changes in net assets of $11,804.09 represent prior period book adjustments made during the tax year relating to the correction of prior year accounting entries identified during the organization's annual bookkeeping review. These adjustments primarily relate to the reconciliation of accounts following the migration of banking relationships from Denver Community Credit Union to Zing Credit Union and the resolution of outstanding reconciling items from prior periods. The organization is finalizing documentation of these adjustments with its bookkeeper.”

“Part XII Financial Statements line 2: The organization's financial statements are prepared in part by our bookkeeper and internally by the volunteer Treasurer and using QuickBooks Online accounting software live help. The statements are reviewed by the Board of Directors prior to filing. The organization does not obtain independent compilation, review, or audit of its financial statements.”