Madison Opera Inc.

“A trustee serving as a president in his/her third term may serve up to two (2) additonal years as trustee/immediate past president. Power of duties, performances and compensation changed from the corporation's employees to the general director. Instruction was put into place for action when a quorum is not present and when there is an action without a meeting. The executive committee can nominate an individual for a three (3) year term when the number of trustee is fewer than thirty-six (36). Updates to the officer nomination and election process.”

“A draft of the prepared form 990 is reviewed and approved by the organization's general director and director of finance before the return is filed with the irs.”

“The organization's conflict of interest policy covers all of its trustees and officers, who are considered interested persons. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given an opportunity to disclose all material facts to the directors considering the proposed transaction or arrangement. After disclosure of the financial interest, the interested person must leave the meeting of the governing body while the determination of a conflict of interest is discussed and voted upon. The remaining trustees will decide if a conflict of interest exists. The governing body will determine whether the organization can obtain a more advantageous transaction or arrangement from a person or entity that would not give rise to a conflict of interest. All trustees and officers must annually sign a statement that affirms that they have read and understand the conflict of interest policy and agree to comply with the policy.”

“The organization's governing body annually conducts a performance review of the organization's general director. The governing body reviews compensation data for comparable positions at similar organizations in determining the general director's compensation. The general director's compensation is approved by the members of the governing body with an official vote that is documented in the minutes of the meetings of the governing body. This process was last undertaken in 2016.”

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

“Opera production fees: program service expenses 837,721. Management and general expenses 0. Fundraising expenses 6,565. Total expenses 844,286.”