Madison Project DBA the Broad Stage

“Does the organization have members or stockholders? The organization has one class of memership. The sole member is the president/ceo of santa monica college.”

“Do any of the members or stockholders have the power to elect or appoint one or more members of the governing body? The sole member, president/ceo of santa monica college, has the right to vote on the election of directors.”

“Are any governance decisions of the organization subject to approval by the members, or persons other than the governing body? The sole member, president/ceo of santa monica college, has the right to solely choose to veto or decide on the operations of the organization, including the following: bylaw changes, disposal of substantially all assets, mergers, or elections to dissolve the organization.”

“Describe the process the organization uses to review the form 990. Form 990 is reviewed and approved by the audit committee. The form 990 is then distributed to the entire board before filing.”

“Describe the process the organization uses to monitor and enforce compliance with its conflict of interest policy. The organization administers annual questionnaires to all board members. Board members are required to disclose any conflict of interest that may exist. The chief operating officer is responsible for monitoring compliance with the policy.”

“Describe the process for determining compensation of the organization's board, management, and other employees. Compensation of officers is reviewed and approved in an executive session by the compensation committee. The entire board of directors then approves the compensation independently, without the participation of interested persons. Compensation of the executive director is determined by the executive committee of the broad stage board, which includes the president of santa monica college, the president of the broad foundation and the broad stage board chair.”

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

“In march 2020, congress passed the paycheck protection program (ppp), authorizing loans to small businesses for use in paying employees that they continue to employ throughout the covid-19 pandemic and for rent, utilities, and interest on mortgages. Loans obtained through the ppp are eligible to be forgiven as long as the proceeds are used for qualifying purposes and certain other conditions are met. In april 2020, the organization received a loan in the amount of $382,270 through the ppp. Management used the entire loan for qualifying purposes. Forgiveness of the full principal and interest was granted by the sba in august 2021. The organization recognized ppp forgiveness income on the accompanying statement of activities of $382,270 for the year ended june 30, 2022.”

“Other fees for service: program service expenses 472,657. Management and general expenses 15,478. Fundraising expenses 146,907. Total expenses 635,042.”