The Loft Inc

“An initial draft of the 990 is reviewed in detail by the finance committee of the board. After changes or corrections, if needed, the near final draft of the 990 is distributed to full board in pre-read material prior to the January board meeting. The treasurer/finance committee chair reviews the document for the board with assistance of representatives from the independent auditors. Board members are invited to ask questions and submit any further corrections. The Treasurer recommends approval of the 990 (with changes, as needed) and a full vote of the board is called. The board must approve the 990 before it is submitted.”

“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 organization. Each year the loft nurtures hundreds of novelists, poets, spoken word artists, and writers in every genre and style, and connects readers and live audiences in the twin cities and across minnesota, with contemporary literature, reaching over 750,000 people annually.”