Tryon Arts and Crafts Inc

“By-laws changes w/legal counsel: set term limit for associate directors at 2 years, consistent with directors. Includes provision for directors to take a leave of absence. Includes provision to allow the board to take action by consent without a meeting. Changed some officer roles. Added the executive director role. Shifted from a member-elected board to a director-elected board. Provide a process for removal of a member. Clarifies process for removal of an officer or director. Clarifies that the ed has hiring authority. Expands the role of historian. Removes members authority to revise the bylaws. Expands the hold harmless and indemnification provisions to cover any property involved therein rather than just tacs property.”

“The complete form 990 is provided to the finance committee which reviews and follows up on questions before the form is signed by one of the officers of the organization.”

“Officers, directors and others are required to disclose interests that could create conflicts. The board monitors any potential conflicts and enforces compliance with the written policy. No such conflicts exist or have existed during the tax year.”

“Compensation for the executive director is reviewed and approved by the governing body who does not have a conflict of interest with respect to the executive director. Wages for the area are considered and discussed as related to compensation approved for the executive director. Deliberations and decisions regarding the compensation arrangement are contemporaneously documented and recorded.”

“The organization provides documents upon written request.”

“(7,960) restricted net assets released from restrictions(2) rounding”

“Instructors for classes and workshops - 49,665”

“Other mgmt and general expenses:2,109 eqpt rental1,099 copying & printing````0 penalties``770 sales tax paid vendors2,307 telephone & internet------6,285”