Balboa Park Celebration Inc

“Nikki Clay and Ben Clay, Board Co-chairs, are married to one another.”

“A draft copy of the 990 is provided to the Board for review prior to acceptance and filing.”

“Officers and directors complete annual statements of independence through which any potential or known conflicts of interest are disclosed.”

“The Organization utilizes a formal RFP process through which the Board is able to draw market rate information for the position.”

“Contracted personnel are hired in conformance with City of San Diego governmental hiring procedures, which include consideration of multiple bids for contracts of more than $5,000/year and a formal RFP process for contracts of more than $25,000/year.”

“BPCI's governing documents and financial data are available upon request, in conformance with California's nonprofit integrity act and IRS regulations.”

“In 2014, the Organization was notified by the City of San Diego's Interim Mayor Todd Gloria's office that the City would be taking back the Centennial Celebration of the Organization. On March 4, 2014, the Board of Directors of the Organization voted to terminate the Memorandum of Understanding (MOU) with the City of San Diego by mutual agreement, terminate outstanding contracts, pay all debts and establish a transition team to assist with transition of activities. Additionally, the Board of Directors granted the Executive Committee of the Organization authority to retain counsel for the dissolution of the Corporation. Per the MOU with the City of San Diego, all unused funds will be returned to the City of San Diego.”

“Transfer to City of San Diego upon liquidation/dissolution = -$57962”

“During the fiscal year, the Board of Directors granted the Executive Committee of the Organization authority to retain counsel for the dissolution of the Organization; thus responsibility for oversight of the final closing audit has been assumed by the Executive Committee as well. The Organization formally dissolved and completed liquidation in August 2014.”