Skylight Music Theatre Corp

“The finance committee is emailed the form 990 prior to submission for review, however the entire board does not receive a copy”

“All board and committee members are required to disclose in writing annually via a questionnaire any conflicts of interest related to the organization”

“Executive director's compensation is decided by the board of directors after reviewing available information for similar positions available to the public. The board and top management are well acquainted with the market value of similar positions of officers and key employees in the industry.”

“Financial statements and form 990 are posted on our website and guidestar. Other documents would be available by request.”

“Two additional board members were provided to the full list after the original return was filed. They have been added to the amended return.”

“Line 1a - two additional board members were provided after the original return was filed as well as the compensation for michael unger and susan varela. Line 1b - compensation for susan varela for the calendar year 2023 was $117,556 in wages and $22,067 in benefits. Michael unger's calendar year 2023 compensation was $112,617 in wages and $37,531 in benefits. Line 1d - total officer compensation for 2023 was 289,771 which is $230,173 in wages and $59,598 in benefits. Line 2 - two individuals received reportable compensation over $100,000, michael unger and susan varela. Line 4 - schedule j is required for the amended return after the officer compensation was provided.”

“Line 1a - federated campaign contributions increased by $45,708 due to the upaf receivable adding from the audit. Line 1h - total contributions increased because of the increase noted above in federated campaign contributions. Line 2b - performance and education program revenue increased by $2 to agree to the audit report line 12 - total revenue increased by $45,713 due to the changes noted above.”

“The public support percentage increased by 9% due to the changes in public support and total support reflected on the amended schedule a.”

“The return is being amended due to the audit being completed after the tax return's extended due date. Also, additional tax information was provided after the return was filed. The revised amounts are noted and changes are disclosed below. Line 5 - number of w2s issued for 2023 was 177. Line 8 - contributions increased by $45,708 due to a receivable from upaf. Line 9 - program revenue increased by $5 due to the audit. Line 12 - total revenue increased by $45,713. Line 17 - other expenses increased by $2 due to the audit. Line 18 - total expenses increased by $2 due to the audit. Line 19 - net income increased by $45,711 due to the changes noted above. Line 20 - total assets decreased by $18,553 due to a reclassification to move mct receivables to the liabilities of $64,263, the recognized upaf receivable $45,708, and rounding $2 in cash. Line 21 - total liabilities decreased due to a reclassification to move the mct receivable to net with the mct payables. Line 22 - net assets increased by $45,710 due to the increased in assets of $45,710.”

“The total program expenses and program revenues have been adjusted to reflect the changes on the amended return due to completion of the audit. The changes are noted below. Line 4a - program expenses increased by $103,531 due to the functional expense allocation being revised from the audit line 4b - program revenue increased by $5 to reflect the program revenue on the audit report.”

“Line 11f is yes because now the audit has been completed. The amended 990 reflects the changes made during the audit.”

“The 1099s and w3 for 2023 were provided after the original return was filed and the amounts issued is now reflected on the amended return.”

“Various lines changed on the statement of functional expenses due to the audit being completed and additional information being provided after the original return was filed. The changes noted below are reflected on the amended return. Line 5 - officer compensation is being broken out as this information was provided after the original return was filed. Total officer compensation for the fiscal year was $309,051. Line 7 - other salaries decreased by $245,792 due to officer salaries being moved to line 5. Line 9 - other employee benefits decreased by $63,259 due to officer benefits being moved to line 5. Line 16 - occupancy increased by $1 from rounding on the audit report. Line 23 - insurance increased by $1 from rounding on the audit report. Line 25 - total expenses increased by $2 due to rounding from the audit report. Functional expense allocations were also adjusted to reflect the audit functional allocations.”

“The balance sheet has been amended to reflect the changes made from the audit. Those changes are noted below. Line 1 - cash increased by $2 due to rounding on the audit line 3 - pledges and grants receivable increased by $45,708 due to the federated campaign contribution receivable from upaf from the audit. Line 4 - accounts receivable decreased by $64,263 due to the audit netting mct receivables with mct payables. Line 16 - total assets decreased by $18,553 due to the changes in cash, pledges and grants receivable, and accounts receivable. Line 17 - accounts payable and accrued expenses decreased by $64,263 due to the audit netting mct receivables with mct payables. Line 26 - total liabilities decreased by $64,263 due to the change in accounts payable and accrued expenses. Line 27 - net assets without restriction increased by $1,111,967 due to the reclassification of restricted net assets on the audit report. Line 28 - net assets with restriction decreased by $1,066,257 due to the reclassification of restricted net assets on the audit report. Line 32 - total net assets increased by $45,710 due to the changed in total revenue and total expenses on parts viii and ix.”

“No change in the oversight process during the year.”

“The reconcilation of net assets changes due to changes made during the audit. The changes are noted below. Line 1 - total revenue increased by $45,713 due to the change reflected in part viii line 2 - total expenses increased by $2 due to the change reflected in part line 3 - net income increased by $45,711 because of the increases in revenue and expenses. Line 5 - other changes in net assets decreased by $1 due to round on the audit for unrealized losses netted with investment income. Line 10 - ending net assets increased by $45,710 due to the change in net income and other changes in net assets.”

“The audit was not completed when the original return was filed. The audit has now been completed and lines 2b and 2c are both yes.”

“Schedule a has been updated to reflect the amended 990 changes made on part viii. The lines that were corrected are noted below. Lines 1 and 4 - contributions increased by $45,708 due to the additional contributions in 2023 from federated campaigns from the audit. Line 5 - excess contributions decreased by $1,828 due to the increase in total contributions and total support line 6 - public support increased by $47,536 due to the change in contributions and the excess.”

“Schedule a changes are to the changes made on the amended 990. The section b changes are noted below. Line 7 - changed due to the change on section a line 4. Line 11 - total support increased by $45,708 due to the increase in contributions. Line 12 - gross receipts from related activities increased by $5 due to the increase in program revenue on the amended 990.”

“Schedule b has been corrected to reflect the additional contributions from upaf and correct donor addresses provided after the original filing. The changes to those contributors are noted below. Line 2 - total contribution from united performing arts fund increased by $45,708 due to a receivable from the audit. Line 3 - the address for george h and virgilee f krueck fund has been updated to reflect their corrected addresses. Line 4 - the address for jjf management services has been updated to reflect their corrected address.”

“The audit was completed after the original return was filed. The audit has since been completed and the reconciliation of revenue and expenses on the audit report to the 990 has been added.”

“The officer compensation was provided after the original return was filed. The amended return added it in and one officer's compensation met the thresholds to be disclosed on schedule j as his compensation was over $150,000.”