Securities and Exchange Commission Historical Society

“The form 990 was prepared by the outside accountants. The society board of trustees reviewed the form 990 prior to submission.”

“Annually, each trustee and the executive director must sign a statement of compliance with the code of ethics and disclose any exceptions. The president and chairman of the board review all conflicts as they arise and take actions as deemed necessary.”

“In 2021, the society treasurer recommended no increase or change to annual compensation for staff to the board of trustees. Due to the unique nature of the organization's business, comparable data is not available. When applicable, all decisions regarding executive salaries are approved by the board during executive session and the executive director is notified of decisions as appropriate. No minutes are taken. The last compensation review took place during the march 2021 board meeting, at which time a bonus was approved.”

“The society's annual reports through 2021, which include the audited financial statements, are available at all times on www.sechistorical.org. The code of ethics can be accessed online at www.sechistorical.org/sec/about. The other governing documents are available upon request.”

“On april 16, 2020, the society received loan proceeds in the amount of $23,000 under the paycheck protection program. The promissory note called for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part if the proceeds are used for covered expenses and certain other requirements related to wage rates and maintenance of full-time equivalents are met. During the year, the society applied for and received forgiveness of $23,000 in principal from the small business administration on february 10, 2021. The amount of loan forgiveness is recorded as income from extinguishment of debt in the statement of activities. On march 28, 2021, the society entered into a second five year promissory note agreement in the amount of $40,385 with a 1% fixed interest rate under the paycheck protection program (second draw ppp loan). The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note, unless otherwise forgiven. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. During the year, the society applied for and received forgiveness of $40,385 in principal from the small business administration on september 28, 2021 related to the second promissory note. The amount of loan forgiveness is recorded as income from extinguishment of debt in the statement of activities.”