Visual Arts Exchange

“An active member in good standing is entitled to vote and to hold office for which eligible. Members elect the board of directors and its officers at its annual meeting.”

“The form 990 was prepared by a cpa firm after an audit of the organization's financial statements which were reviewed and approved by the entire board. The 990 was sent to the execuitve director, finance & membership director, and to the executive committee of the board of directors for review prior to its filing.”

“Vae monitors the conflict of interest policy by distributing and discussing the policy annually and obtaining written confirmation from the board members that they have received and understand the policy. The policy requires members to disclose conflicts if and when they arise.”

“The executive committee determines the executive director's salary based on the budget, her executive skills and general knowledge of salary levels in similar organizations.”

“The form 990, audited financial statements and all governing documents are made available electronically or as a hard copy to any member of the general public upon request.”

“Contracted services: program service expenses 31,677. Management and general expenses 1,470. Fundraising expenses 0. Total expenses 33,147. Bank fees: program service expenses 3,322. Management and general expenses 1,538. Fundraising expenses 0. Total expenses 4,860.”

“MISC ADJUSTMENT -518.”

“The executive director & finance & membership director oversee the audit process. The board's executive committee is responsible for selecting the organization's auditor and for reviewing and approving the audited financial statements.”

“This return is being amended to correct the reporting of rental income received by the organization. Originally the gross rental income was reported as unrelated business taxable income. This rental income should have been reported as revenue excluded under irc section 512(b)(3). The organization's rental income qualifies for this exception because they do not provide personal services to the rentors.”