Rx Art Inc.

“The organization has its form 990 prepared by an outside accounting firm and has established the following review process to ensure that the information reported is complete and accurate. When the form 990 has been prepared, reviewed by management and is ready to be filed with the internal revenue service, it is electronically sent to the board for approval. Once the board has approved the return it is filed with the internal revenue service.”

“A conflict of interest disclosure statement will be furnished annually to each trustee and staff officer who is currently serving this organization; the policy will be reviewed annually for the information and guidance of trustees and staff officers; and any new trustees or staff officers will be advised of the policy and furnished a disclosure statement upon undertaking the duties of such office. When any conflict of interest is relevant to a matter requiring action by the board of trustees, the interested person shall call it to the attention of the board of trustees and trustee concerned shall not vote on the matter. Moreover, the person having a conflict shall retire from the room in which the board is meeting and shall not participate in the final deliberation or decision regarding the matter under consideration. However, that person may provide the board or committee with any and all relevant information before retiring.”

“The board of directors works with the treasurer to determine the salary of the president. Furthermore a finance committee, which is comprised of the treasurer and secretary, assists the board with their determination of salary increases. The board and finance committee determines the compensation based on a review of compensation for similar positions in non-profit organizations for individuals with similar levels of experience and accomplisment. The last compensation review process took place in january 2019.”

“The organization makes its form 990 available for public inspection as required under section 6104 of the internal revenue code. The return is also posted on guidestar.org and other similar types of websites. In addition, the form 1023, financial statements, conflict of interest policy, articles of incorporation and by-laws are also available upon written request or by calling the organization directly.”

“Change in accounting policy -890,311.”

“The organization has a committee that is responsible for the oversight of the audit of its financial statements and the selection of an independent accountant. The process is new for fiscal year 2021.”

“On july 1, 2020, the organization adopted guidance regarding how collections and works of art, historical treasures, or similar assets are reported. This guidance (fasb asc 958-360-25-3) states that a not-for-profit entity that holds works of art, historical treasures, and similar items that meet the definition of a collection has the following policies for reporting that collection: (a) capitalization of all collection items, (b) capitalization of all collection items on a prospective basis (that is, all items acquired after a stated date), or (c) no capitalization. Prior to the change the organization was capitalizing contributed artworks. As a result of the change the organization is no longer capitalizing its collections items. This change resulted in a decrease of the organizations net assets of $890,331 at july 1,2020.”