Chalfonte Foundation

“Schedule O - Explanation of Form 990 Review Process (Line 11b) Due to the timing of the filing deadline and the availability of complete year-end financial reconciliations, the Board of Directors authorized the President of the Chalfonte Foundation to prepare and submit the Form 990 on behalf of the organization prior to full board review. This authorization was granted to ensure the Foundation met its IRS filing obligations in a timely manner. Before filing, the board was provided with the organization's unreconciled 2024 Profit and Loss statements for review and discussion. The President was available to answer questions and address concerns regarding the financial information used in preparing the return. Once completed, a full copy of the Form 990 will be distributed to all board members for their review and records. Future returns will be circulated to the entire governing body for review and approval whenever time allows prior to filing.”

“Schedule O - Conflict of Interest Policy Enforcement Explanation The Chalfonte Foundation regularly and consistently monitors compliance with its written conflict of interest policy. Each officer, director, and key employee is required to complete an annual disclosure form identifying any actual, potential, or perceived conflicts. In addition, at the start of relevant board or committee discussions, members are asked to disclose any relationships or interests that may relate to matters under consideration. When a potential conflict is disclosed, the board reviews the information and determines whether a conflict exists. If a conflict is identified, the affected individual is recused from deliberation and voting. All disclosures, determinations, recusals, and related actions are documented in the meeting minutes, which serve as the organization's official record of compliance and enforcement of the policy.”

“Schedule O - Explanation of Compensation-Setting Process (Line 15a & 15b) For the organization's CEO (President/Executive Director), the compensation process followed IRS best-practice guidelines at the time the contract was executed. The CEO's five-year employment agreement was entered into in 2019, prior to his service on the Board. The Board of Directors reviewed the proposed contract, evaluated the compensation against comparable positions within similarly sized arts and cultural nonprofit organizations, and approved the agreement through independent board members not receiving compensation. The board's deliberations and approval were documented in contemporaneous meeting minutes. Although the CEO has never accepted the compensation and donates the full amount back to the Foundation annually, the board continues to maintain and review the compensation structure as part of its governance practices. For the Vice President serving during 2024, compensation was determined using the same process followed in 2023. Independent board members reviewed the position, compared compensation rates with similar roles in nonprofit arts and cultural organizations, and approved the compensation package-including housing accommodations donated to the Foundation by the CEO-based on comparability data and organizational need. This deliberation was likewise documented in contemporaneous minutes. The last full compensation review for the CEO occurred in 2019, and the last review for the Vice President occurred in 2023. Both compensation determinations were made by independent directors, using comparable data, and documented at the time of approval.”

“All disclosure documents, policy documents, and license to solicit are available for download from the organizations website at www.chalfonte.org/disclosures.”

“Broadcast Media Arts - 1. Produced live internet based television broadcasts of concerts and performances at the Chalfonte Theatre. 2. Began broadcasting on a new FCC licensed low power community radio station at 99.7 on the FM dial in Elk Rapids, MI. This program includes 10 adult radio DJs and 4 youth DJ interns ages 10 to 17. The radio station broadcasts music from local, national, and international artists and provides public service announcements for local nonprofits and community centers.”