The Loft Inc

“Each year the finance committee and managing director make a thorough review of the 990 and the treasurer/finance committee chair presents an overview to the board. Because of holiday scheduling in most years this will occur at the january meeting, and will require a 2 week delay in the filing of the form 990, accomplished by the pro-forma filing of an extension with the irs. The form 990 is due on january 15th.”

“Each year, typically at the first meeting of the fiscal year as a 'standing agenda item,' all board members are asked to review the conflict of interest policy for the purpose of stating and/or updating their disclosures, and to sign and date the form.”

“Relying in substantial part on the bi-annual survey of non-profit salaries conducted and published by the minnesota council of non-profits, the board of director's executive committee, following a thorough written performance review, establishes the salary for the executive director, within the limits established by the board of directors in approving the organization's budget. The executive director in turn, uses the same procedure for establishing salaries for all other staff, including the managing director.”

“The organization makes its financial statements and 990 available to the public on its website. The governing documents and conflict of interest policy are held at the organization's offices and are available upon request.”

“The loft advances the artistic development of writers, fosters a thriving literary community, and inspires a passion for literature. As an intergenerational, multicultural literary arts center, the loft operates as an artist service organization, a gathering place for readers and writers, a community school for the arts, and a presenting orgnaization. The loft literary center is an incubator for the creative writing process. Each year the loft nurtures hundreds of novelists, poets, spoken word artists, and writers in every genre and style, and connects them to readers and live audiences in the twin cities and across minnesota, reaching over 750,000 people annually.”