Space on the Farminc

“Each member of the board of directors receives a copy of the form 990 by email, in person or by mail for their review prior to the filing of the form 990 with the irs.”

“Conflict of interest policy covers the board of directors and the employees. In addition, the board of directors should monitor the conflict of interest policy at least once a year or as conflicts arise.”

“Executive compensation is reviewed annually by the executive committee, and takes into consideration generally available market data to set the compensation of the executive director and chief operating officer. The executive committee makes a recommendation to the balance of the disinterested board members, and the full board (disinterested directors) must approve the compensation as part of the annual budget process by majority vote.”

“Space makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“In 2024, space made the difficult but financially necessary decision to cease its current operations and place the organization into a hiatus. Announced in may of 2024, space fulfilled a portion of its artistic residencies for the year and continued farming activities through august of 2024. Space's farm lease was terminated effective june 30, 2024, however space was permitted to continue using the premises and equipment through august 31, 2024. Following the cessation of operations, space no longer maintains leased premises or employed staff, and its ongoing expenditures are limited to minimal administrative costs. Subsequent to the cessation of its programmatic and administrative activities, space's ongoing efforts have been limited to the management of remaining assets and the settlement of any outstanding obligations. Minimum overhead or administrative expenditures were incurred subsequent to the termination of the lease. A caretaking board remained in place during this transition, and activities are currently overseen by a volunteer board of directors providing organizational support as needed.”

“Gain on termination of lease 47,747. Loss on disposal of property and equipment -159,503. Loss on impairment of goodwill -38,250.”