Hyde Park Art Center

“The executive director will review the form 990 and present it to the audit committee for their review. A copy of the form 990 is provided to the entire board of directors. Once approved, the form 990 will be filed with the internal revenue service.”

“1. Each member of the board of directors and the staff of the corporation has a duty of loyalty to the corporation. This duty of loyalty generally requires a director or staff member to act in the best interests of the corporation and to prefer the interests of the corporation over the director's/staff's individual interest or the interest of others. 2. The chair of the board, together with the chair of the nominating and governance committee and the executive director, shall determine the appropriate plan to management such potential or actual conflict of interest. 3. The governing board or committee shall determine by a majority vote of the disinterested directors whether the policy, transaction, or arrangement is in the corporation's best interest, for its own benefit, and whether it is fair and reasonable, and it shall make its decision as to whether to implement the policy or enter into the transaction or arrangement. 4. An interested person may, with the approval of the chair of the board, make a presentation at the governing board or committee about the proposed policy, transaction or arrangement and answer questions, but after the presentation and any questions, he/she/they shall leave the meeting prior to further discussion of and vote on the policy, transaction, or arrangement involving the possible conflict of interest.”

“The executive committee of the board of directors reviewed available data for executive director compensation at comparable organizations. Considering this, the organization's budget, and the executive director's experience and performance, the committee determines a proposed compensation package that it brings to the full board for discussion and approval.”

“Governing documents, conflict of interest policy and financial statements are available upon request.”

“Teacher fees: program service expenses 125,556. Management and general expenses 58,571. Fundraising expenses 9,221. Total expenses 193,348. Professional fees and services: program service expenses 348,280. Management and general expenses 55,804. Fundraising expenses 8,786. Total expenses 412,870. Artist fees: program service expenses 19,010. Management and general expenses 3,046. Fundraising expenses 480. Total expenses 22,536.”

“The process has not changed since the prior year.”