National Western Art Foundation

“There is an executive committee composed of the officers, the finance chair and up to two elected at-large members whose primary purpose is to function when the board of directors is not in session, and which has, and may exercise, all of the authority of the board of directors except where action of the full board is requird by statute, the certificate of formation, or the bylaws.”

“The following board members are related through marriage: jack and valerie guenther john t. And debbie montford”

“The form 990 is prepared by the foundation's independent certified public accounting firm. It is submitted to the finance committee for a detailed review. The finance committee approves the form 990 and distributes it to the full board, after which it is signed and filed.”

“The board requires each covered person serving during the current tax year to complete and sign annually a conflict of interest compliance certificate and update the certificate as necessary to reflect changes during the course of the year. The board or a committee designated by the board reviews the annual certificates from covered persons and receives the disclosures of covered transactions, reviewing such disclosures to determine whether they met the standard of section 4.2 of the conflict of interest policy.”

“The compensation committee reviews the pay scales for officers and key employees at least annually as part of the preparation of the annual budget. The annual budget is prepared by management and presented to the finance committee for its approval, and then recommended to the board of directors for adoption.”

“The governing documents (articles of incorporation), conflict of interest policy and audited financial statements may be made available upon written request to foundation's administrative offices.”

“Art donations, at fmv, are revenue on form 990 but not on the books -1,015,000. Sculpture trail llc asset and corresponding liability reported in fy 2020 reclassification of pledge in the prior year 250,000.”

“The organization's finance committee assumes responsibility for oversight of the audit and preparation of the federal tax return on form 990. Following that committee's oversight and review of the draft audited financial statements and federal tax return, and meeting with the independent cpa firm's representative, the final draft audit and tax return are presented to the full board for their acceptance. This process has remained substantially unchanged from the prior year.”