Madison Festivals Inc.

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

“The following changes were made to the bylaws during 2019: upon dissolution, funds are donated to a non-profit organization instead of greater madison convention & visitors bureau. Board shall have no less than 12 directors and a minimum of 10 at-large directors. The description of the president changed to the following: the president of the corporation is appointed by the board. The president shall be the chief executive officer of the corporation and shall be charged with the general supervision and management of the office and business affairs of the corporation, including carrying out the corporation's goals and board policy and keeping all necessary records. The president shall perform such duties as the board of directors may prescribe and shall see that all orders and resolutions of the board are carried into effect. The president shall execute and sign contracts, except where permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the board of directors to some other officer or agent of the corporation. The board chair and president of the corporation shall be the spokespersons for the corporation.”

“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 statements 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 completed in 2017.”

“The organization made 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 359,157. Management and general expenses 82,120. Fundraising expenses 18,972. Total expenses 460,249. Security: program service expenses 115,640. Management and general expenses 0. Fundraising expenses 0. Total expenses 115,640. Event labor: program service expenses 135,427. Management and general expenses 17,500. Fundraising expenses 0. Total expenses 152,927.”