Old Town School of Folk Music

“The board retains the services of an independent cpa firm to prepare the organization's form 990. Each member of the board of directors is provided a full copy of the completed form 990 prior to filing. The finance and audit committee of the board reviews the completed form 990 and recommends that the full board approve the filing of form 990 as prepared. Form 990 is filed only after board approval.”

“Officers, directors, trustees and key employees are annually required to complete a conflict of interest disclosure statement as a precursor to their service to the organization. Potential conflicts are logged with and monitored by the secretary of the board. Those persons with conflicts of interest are not allowed to participate in decisions about matters to which the conflict is directly or indirectly relevant.”

“The school's executive committee, composed entirely of independent members of the board of directors, is responsible for establishing compensation for the executive director. The executive director submits an annual self-appraisal to the board chair, who shares it with the executive committee to discuss setting successive year's compensation. If an annual increase in excess of inflation or cost of living is considered, comparable data from other nonprofits of approximately the same size is used as guideposts. The final determination is documented in an email that the board chair sends to the human resource director. Compensation for the director of institutional advancement is determined by the executive director, following a standard annual performance review. If an annual increase in excess of inflation or cost of living is considered due to exemplary performance and/or to bring the salary more in line with comparable positions at area nonprofits, the executive committee of the board of directors is asked to review and approve the executive director's recommendation. The executive director then documents the final compensation determination in a memo, which is forwarded to the human resource director.”

“Governing documents and financial statements are available through applicable governmental agencies; the conflict of interest policy is available upon written request to the organization.”

“Concert performer fees: program service expenses 1,386,871. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,386,871. Contracted services: program service expenses 252,430. Management and general expenses 152,321. Fundraising expenses 0. Total expenses 404,751. Artist referrals: program service expenses 227,619. Management and general expenses 0. Fundraising expenses 0. Total expenses 227,619. Other professional fees: program service expenses 4,551. Management and general expenses 38,766. Fundraising expenses 0. Total expenses 43,317.”