Act One

“Mac and Russ Perlich are married. They are the founders and serve on the Board of Act One.”

“Primary responsibility for the preparation of the IRS form 990 rests with the organizations accounting records from Four Leaf financial and accounting and pllc and the board treasurer and executive director who will work with and rely on the organizations independent accountants in preparing the form 990. The draft form 990 will be presented by the treasurer to the organizations board of directors for review prior to its filing. The executive director will compile comments to the draft form 990 and send to the organizations independent accountants for possible revision of the form 990 to the extent deemed appropriate in their professional judgment. If any revisions are made, the final version of form 990 will be sent to the board prior to filing. The final form 990 will be submitted to the executive director for approval before filing to occur as soon as reasonably practicable after signing by the appropriate organization representative but in no event later than a. the 15th day of the fifth month after the close of the organizations fiscal year or b. the extended due date of the return.”

“The conflict of interest policy covers directors and officers and all employees who can influence the actions of Act One such as those who make purchasing decisions and management personnel and all who have proprietary information concerning Act One. An annual conflict of interest statement is required and discloses relationships and potential conflicts. It is the continuing responsibility of the board and officers and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures. Transactions with related parties may be undertaken only if all of the following are observed. A material transaction is fully disclosed in the audited financial statements of the organization. The related party is excluded from the discussion and approval of such transaction. A competitive bid or comparable valuation exists and the organizations board has acted upon and demonstrated that the transaction is in the best interest of the organization.”

“The review process for the executive directors compensation is led by the board chair. The compensation range is established by comparing executive director compensation for similar size organizations. Education and years of experience are also taken into account.”

“The organization makes its form 990 available for public inspection upon request. In addition the form 990 is available online at www.guidestar.com. The organization makes its governing documents and financial statements and conflict of interest policy available to the public upon request.”

“Differences between reviewed financials and 990 consist of excluded $2,275 received as donated services, reducing both revenue and expense in the 990.”

“Differences between reviewed financials and 990 consist of excluded $67,054 unrealized loss on investments, increasing revenue in the 990.”

“Differences between reviewed financials and 990 consist of investment fees totaling $8,569, which are presented in revenue as an item netted against investment earnings in the reviewed financials and are presented as expense in the 990, which increases both revenue and expense.”