Mica Graduate Studio Center Inc

“Members the sole member of the corporation is maryland institute (mica). Per the bylaws, the sole member has the power to elect the board of directors as well as increase the number of directors.”

“Review of form 990 an electronic copy of the organization's form 990(including all schedules), was provided to each voting member of the organization's governing body prior to its filing with the irs. An in-depth review was performed by douglas mann.”

“Conflict of interest policy mgsc's officers and trustees are bound by a related entity, maryland institute college of art's conflict of interest policy, and as such, each trustee and officer annually signs a statement that affirms such person has received and carefully read the conflict of interest policy, understands and agrees to comply with the policy, and further understands that the college is a charitable organization and that in order to maintain its federal tax exemption, it must engage primarily in activities that accomplish one or more of its tax exempt purposes. Trustees and officers are covered under the conflict of interest policy. Trustees or officers who have declared or have been found to have a conflict of interest shall refrain from participating in the consideration of any proposed transaction, unless for special reasons the board requests information or interpretation from the person or persons involved, and shall not vote, or be present at the time of voting, on any matter under consideration at a board or committee meeting which such trustee has a known conflict of interest. The chairman of the board, who, together with counsel, shall be responsible for administration of this policy.”

“Whistleblower and document retention mgsc is bound by maryland institute college of art's written whistleblower policy and the written document retention and destruction policy.”

“Availability of documents financial statements and governing documents are available to the public upon request. Mica graduate studio center's ("mgsc") officers and trustees are covered under maryland institute college of art's conflict of interest policy, which is available to the public upon request.”

“Forgiveness of debt income on august 8, 2019, mica participated in the unwinding of the new markets tax credits financing. This financing was used for renovations to the graduate studio center building. As part of the unwinding of the financing, mica purchased the interest of the new markets tax credit investors' loan to mgsc. As a result, part of this loan was forigven by mica, so mgsc recognized a gain from the extinguishment of debt. Because the building was used for a tax-exempt purpose, the gain from the forgiveness of debt would not be taxable.”

“CEASING PROGRAM SERVICE ACTIVITIES On February 28, 2020, MGSC was dissolved and all assets were transferred to its supported organization Maryland Institute College of Art.”