World Trade Center Performing Arts Center Inc

“Board directors michael r. Bloomberg and patricia e. Harris have a business relationship.”

“The form 990 is reviewed and approved by the executive director and director of finance and controller and then provided to the board prior to filing. The board is provided an opportunity to ask questions prior to filing.”

“Pac nyc has a board approved conflict of interest policy which it actively monitors and enforces. The policy mandates that all directors, officers, and key employees annually sign a conflict of interest questionnaire and disclose any potential or actual conflicts that may exist. The signed conflict of interest questionnaire is filed annually with pac nyc's executive director or her designee who reviews the signed attestations for potential or actual conflicts expected to occur within the following year. If a potential or actual conflict of interest exists on the part of a director or officer, disclosure must be made to the chair of the board and external board counsel, who are responsible for making the determination of whether a conflict exists. If an actual conflict exists and involves a particular transaction that requires a vote of the board, the affected member of management or the board can not be entitled to vote, deliberate or otherwise use his or her influence on the matter in question.”

“The compensation for the executive director was determined by a review of the position description, the executive director's qualifications including her cv, and a comprehensive review of comparable positions at similarly situated cultural institutions. None of the directors involved in determining the compensation for the executive director had a conflict of interest in connection with the determination. A similar process was used to determine the compensation of other officers and key employees of the organization. The process was last performed in 2024. Compensation for executive director and artistic director are governed by multiyear employment agreements. Compensation for other employees was approved by authorized body, individuals determining compensation did not have a conflict of interest in connection with determination. Prior to making determination performance review and compensation comparability with similar positions in other organizations was performed and final determination was documented.”

“The pac's form 990, form 1023, financial statements and conflict of interest policy and governing documents are made available upon written request or by calling the organization directly at 212-266-3000. The form 990 is also available on guidestar.org and and other similar public databases.”

“Dba: ronald o. Perelman center for the performing arts dba: performing arts center at the world trade center dba: perelman performing arts center pac nyc dba: metropolis by marcus samuelsson”

“The organization contracted with a professional employer organization (peo) for services, including but not limited to, payroll, timekeeping, employee benefits, hr administration and workforce regulatory compliance needs. As the employer of record for tax purposes, forms w-2 and w-3 are issued by the peo and filed under the peo's federal ein. In this co-employment arrangement, the organization is the common law employer and, accordingly, compensation is reported on form 990, part vii, section a and part ix, lines 5-10.”

“Write-off of uncollectible pledges receivable -4,700,025.”

“The audit committee assumes responsibility for oversight of the audit of the financial statements and selection of an independent accountant. The process has not changed from the prior year.”