Reynolda House Inc.

“Wake forest university is the sole member of reynolda house, inc. Wake forest university has the right, as the sole member, to elect members of the governing body, to vote on actions, and approve provisions of the bylaws based on article ii of the bylaws of reynolda house, inc.”

“Wake forest university is the sole member of reynolda house, inc. And elects its directors per the articles of amendment of reynolda house, inc. Dated january 24th, 2002 and bylaws dated april 1, 2008 and affiliation agreement between wake forest university and the filing organization dated january 15, 2002.”

“Wake forest university, a related organization, has the right to approve or ratify decisions of the filing organization's governing body, such as approval of the governing body's election or removal of members of the governing body. Neither the articles of incorporation nor the by-laws of filing organization may be amended without the written approval of the wake forest university board of trustees.”

“The federal form 990, return of organization exempt from income tax, is reviewed and approved by the filing organization's finance committee. The final 990 is available and emailed to all board directors once approved by the finance committee and before it is submitted to the irs.”

“The organization requires officers, directors, key employees, and museum department heads to annually review the organization's conflicts of interest policy and disclose annually (and as they arise) any potential conflicts of interest. The policy provides a process for the determination of conflicts of interest and the resolution of potential and actual conflicts.”

“The executive evaluation and compensation committee, who are independent members of the board, reviews the association of art museum directors most recent compensation survey to recommend the appropriate salary range and benefits package for the executive director position for approval by the executive committee and then for approval by the full board at the june meeting. The executive evaluation and compensation committee ensures well-defined processes are in place for determining competitive and reasonable compensation for the executive director and other key employees of the filing organization. At the present time, the only position that needs compensation evaluated by the committee is the executive director position.”

“The organization's articles of incorporation are available to the public on request and are available on the website of the north carolina secretary of state. The organization's bylaws are not published, but provisions from the bylaws are included as necessary in the organization's policies. The organization's conflicts of interest policy is available to the public on request. The organization's financial statements are available on the organization's website.”

“Section a, column b - hours amy mcmichael filing org - 1.0 related org - 39.0 filing organization's director, amy mcmichael, is an employee of the filing organization's related organization, wake forest university health sciences. Her employment by the related organization renders her a not independent board member of the filing organization. Nathan o. Hatch filing org - 0.5 related org - 33.7 unrelated org - 5.8 section a, column f: the organization, in a full transparency posture to reporting, is reporting all benefits in full in column f, part vii and is not applying the 10,000 per item exception for certain benefits.”

“Reynolda house preserves and interprets an american country home and a premier collection of american art. Through innovative public programs and exhibitions, the museum offers a deeper understanding of american culture to diverse audiences.”

“Form 990, page 1, line c: doing business as: reynolda house museum of american art form 990, part iv, line 12b & part xii, line 2b: the filing organization is included in the consolidated audited financial statements of wake forest university, a related (parent) organization.”

“The oversight/selection process has not changed from the prior year.”