Adventure Theatre Inc.

“The form 990 is prepared by the outside accountants. The form 990 is then provided to the organization's board of directors through e-mail and is discussed at a board meeting prior to the return being filed.”

“Adventure theatre has a coi policy which defines the types of conflict of interest situations which board members must be aware of. Board members are required to sign the coi policy annually. Directors are precluded on matters of which they have any conflicts.”

“Executive director salary is reviewed by the executive committee and is approved by the board of directors through the annual budget approval process. Other salaries are reviewed and approved by the executive director. The last compensation review for the executive director was held in september 2021.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available upon request by providing copies in person, by e-mail, or through postal mail.”

“On may 13, 2020, atmtc received an economic injury disaster loan from the small business administration totaling $160,000. The loan bears interest at 2.75% and is due over thirty years in monthly installments of $641 beginning two years from the date of the note. Each payment will be applied first to interest accrued to the date of receipt of each payment, and the balance, if any, will be applied to principal. The balance of principal and interest will be payable thirty years from the date of the promissory note. The loan is collateralized by all tangible and intangible personal property of atmtc. On april 24, 2020, atmtc received loan proceeds in the amount of $220,659 under the paycheck protection program (ppp). Under the coronavirus aid, relief, and economic security act (cares act), the promissory note must be used for certain expenditures within a 24-week period to ultimately be forgiven by the small business administration (sba). During the years ended august 31, 2021 and 2020, atmtc expended and tracked the ppp funds for purposes outlined in the cares act guidance and met all conditions set forth for full forgiveness. On august 27, 2021, atmtc received notification the total amount of the ppp funds were forgiven by the sba. Accordingly, atmtc recorded revenue from extinguishment of debt during the year ended august 31, 2021, in the statement of activities and change in net assets. On march 17, 2021, atmtc received loan proceeds in the amount of $216,555 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first ten months. During the year ended august 31, 2021, atmtc used the proceeds for purposes consistent with the ppp, and applied for forgiveness. On october 29, 2021, atmtc received full forgiveness of its loan under the paycheck protection program by the sba. There are no further requirements regarding this funding, and atmtc intends to record the amount forgiven as revenue from this debt extinguishment in the subsequent year.”