For Love & Art

“Philip Tocci and Anastasia Georgalis (Tocci) are related by marriage.”

“The draft of the return is reviewed by the entire board of directors. Any revisions are made prior to filing with the IRS.”

“Members of the board are required to disclose any potential conflicts of interest at least annually. The designated board members review the potential conflict and addressed a mitigation process. Potential mitigation include anything from divesting of the conflict to removal of the board member.”

“The Board of Directors is responsible for reviewing and approving all employee compensation to ensure it aligns with the company's strategic goals and ethical standards. This review process is informed by each board member's professional experience within their respective industries and areas of expertise. Additionally, the Board considers current industry benchmarks and market data to ensure compensation packages are competitive, equitable, and aligned with best practices.”

“Requests may be submitted in writing or via email, and the organization will respond in a timely manner, ensuring that all requested documents are made available as required by law.”

“Form 990 - Part IX, Line 11g: Payments to Independent Contractors and Stipends.”

“Prior Period Adjustment - Payroll Related Liability During the current fiscal year, the organization identified an error related to payroll liabilities from 2022. The error resulted from incomplete reconciliation between the general ledger, bank account activity, and reports provided by the third-party payroll processor. To correct this, the organization recorded a prior period adjustment in accordance with generally accepted accounting principles (GAAP). The adjustment ensures accurate reporting of payroll-related liabilities and net assets. New Best Practices Implemented: Monthly reconciliation of the general ledger to bank statements. Cross-verification of payroll expense and liability accounts with third-party payroll processor reports. Formal review and approval process for payroll reconciliations by the finance team. These measures strengthen internal controls and reduce the risk of future discrepancies.”