Penland School of Craft

“The form 990 was prepared by an independent accountant and reviewed and approved by the audit committee. Upon approval by the committee, the return was presented to the entire board of trustees for its approval. The board receives the completed form 990 for review at the board meeting. The 990 is filed after the final approval by the board.”

“Under the conflict policy for the penland school of craft board of trustees, it is the policy that members of the board shall avoid conflicts of interest and any conduct which may suggest the appearance of impropriety when exercising that responsibility. As trustees, board members will sign and submit an updated conflict of interest statement to penland on an annual basis. In the event that a board member may directly or indirectly benefit from the school's disbursement of funds, other than de minimus amounts, prior approval of the executive committee is required. In the approval process the committee will consider the appropriate factors and document the reasons for approval. Approvals by the executive committee will be reported to the board at the next scheduled board meeting. The conflicted board member shall be absent from and not participate in the deliberations or vote on the matter, but shall be counted in the quorum for the meeting. Under the employee conflict of interest policy, employees have an obligation to conduct business within guidelines that prohibit actual or potential conflicts of interest upon employment and any time thereafter. As appropriate, employees shall make a full written disclosure of interest, relationships, and holdings that could potentially result in a conflict of interest. If employees have any influence on transactions involving hiring, purchases/sales, selection processes for exhibitions, gallery representation, core, residents, instructors, contracts, or leases, it is imperative that they disclose to their supervisor as soon as possible the existence of any actual or potential conflict of interest so that safeguards can be established to protect all parties. If a conflict of interest is deemed to exist, penland reserves the right to sever a work relationship between penland and the other party to the conflict.”

“Penland periodically conducts a salary study to determine if its employees' salaries and wages are comparable to similar positions in the area. Wage and salary increases for personnel, with the exception of the executive director, are reviewed by supervisors, then reviewed by the executive director, then reviewed and approved by the personnel committee and finance committee. The salary and wage amounts are then approved by the board of trustees in the budget process. The salary of the executive director is determined by the executive committee of the board of trustees.”

“The organization's form 990 is made available upon request. Additionally, recent filings of the form can be found on guidestar.org.”

“UPS & POSTAGE SALES - Total Revenue: 1368, Related or Exempt Function Revenue: , Unrelated Business Revenue: , Revenue Excluded from Tax Under Sections 512, 513, or 514: 1368;”

“Subcontractors - Total Expense: 351659, Program Service Expense: 232928, Management and General Expenses: 118731, Fundraising Expenses: ; Other - Total Expense: 205946, Program Service Expense: 142340, Management and General Expenses: 63606, Fundraising Expenses: ; Consulting - Total Expense: 18099, Program Service Expense: , Management and General Expenses: 18099, Fundraising Expenses: ; Instructor Fees - Total Expense: 546133, Program Service Expense: 546133, Management and General Expenses: , Fundraising Expenses: ;”

“CHANGE IN BENEFICAL INTEREST - 187637; Total - 187637;”