Madison Festivals Inc.

“Race day events, llc manages all of madison festival's events and also provides accounting and other administrative services.”

“The prepared form 990 is reviewed and approved by the organization's directors before the return is filed with the irs. The distribution of the return and the vote to approve are generally conducted electronically.”

“All directors are given a conflict of interest statement to complete and sign at the first meeting of each year. In addition, all new directors complete this statement when they join the governing body. The signed statemetns are kept at the organization's office. The members of the organization's finance committee review the statements to determine instances of conflicts of interest. The members of the organization's executive committee review and recommend issues regarding conflicts of interest to the governing body for discussion. Any person with a conflict of interest is prohibited from participating in the governing body's discussions and decisions regarding the matter.”

“A committee made up of independent members of the governing body reviews compensation data for comparable positions at similar organizations to determine the compensation of the organization's president. The members of the governing body other than the president approve the president's compensation with an official vote. The determination and approval of the president's compensation is documented in the minutes of the meetings of the governing body. This process was last undertaken in 2013.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request to the extent appropriate.”

“Event management services: program service expenses 191,082. Management and general expenses 0. Fundraising expenses 0. Total expenses 191,082.”