Magfest Inc.

“The executive director and the board will approve the 990 prepared by an outside accounting firm prior filling with the irs.”

“The organization has a conflict of interest policy covering director, officer or individual in a position to influence a vote on magfest policies or expenditures. Anytime a vote was called people were asked to disclose any conflict of interest. If there was even the appearance of a conflict they were asked by other on the board not to take part in the vote.”

“Salary survey was conducted for dom, a key employee. We find no conflict since his salary was deemed to be within market rates for the work preformed and under fair market value for his potential earning power in the market place.”

“Survey was conducted for employees and board member. We find no conflict since his salary was deemed to be within market rates for the work preformed and under fair market value for his potential earning power in the market place. Employee cost of living was higher than the executive director. This was deemed appropriate by the board.”

“The organization will make available upon request its financial documents and confict of interest policy as requested within a reasonable period as determined by the board of directors.”

“We are providing a level of detail above irs requirements arcade stipends 21,695arcade contract 12,813 av 192,377 ems services 11,440 event contractor 4,666 graphic design 9,394 hotel contractor 10,730 hotel rooms reimbursement 771 manufacturing 275 movers 1,989 programming contractor 21,100 travel reimbursement 150 venue 1,990 video services 668 warehouse 10,867 __________________________________total 300,924”