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 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.”

“Due to the covid-19 global pandemic, all three events owned by madison festivals - run madtown, taste of madison, and the madison marathon were cancelled. Madison festivals did organize a fundraising campaign called the 'taste of madison give back campaign'. The public was encouraged to make online donations and sponsors were invited to donate their event sponsorship fees to the campaign (or have sponsorship dollars refunded). Overall the campaign raised slightly over $34,000. The donations were split evenly between two local non-profits focused on hunger - second harvest food bank of southern wi and cook it forward. Additionally, each individual that made a donation of any denomination was entered to win a $100 gift card to a 2019 taste of madison vendor. There were eight winners/gift card give always.”

“Event management services: program service expenses 151,320. Management and general expenses 7,703. Fundraising expenses 0. Total expenses 159,023. Event labor: program service expenses 1,114. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,114.”