Kentucky Derby Festival Inc

“A draft of the return is reviewed first by internal management. After internal management has reviewed the return and any changes are made a draft is provided to the executive committee for review and approval. Once the comments from the executive board are reviewed the final draft of the return is provided to the entire board and signed by the signing officer.”

“Each director, principal officer and member of the board of directors shall annually sign a statement which states they have received a copy of the conflict of interest policy, have read and understand the policy, agreed to comply with the policy, and understand the organization is charitable and in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. The audit committee of the organization shall be tasked with reviewing and making determinations on all actual or possible conflicts of interest. The audit committee shall report its findings to the executive board of the organization. If a determination cannot be made by the audit committee, the executive board shall make a final determination on the issue. After disclosure of the financial interest and all material facts, and after any discussion with the interested person, he/she shall leave the committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining committee members shall decide if a conflict of interest exists. Periodic review will be made to ensure the organization operates in a manner consistent with charitable purposes and does not engage in activities that could jeopardize its tax-exempt status. The organization terminates all actual or possible conflicts of interest.”

“The organization reviews comparative salary information provided by the international festival and events association. The compensation committee approves the president/ceo's salary based off of the information obtained. The president/ceo and the executive board considers experience and yearly evaluations and approves the compensation for all other officers.”

“Audited financials, governing documents and conflict of interest policy are available upon request at the filing organization's office.”

“Sponsor benefits: program service expenses 0. Management and general expenses 0. Fundraising expenses 346,880. Total expenses 346,880. Equipment rental: program service expenses 300,960. Management and general expenses 0. Fundraising expenses 0. Total expenses 300,960. Commissions: program service expenses 0. Management and general expenses 0. Fundraising expenses 231,149. Total expenses 231,149. Uniforms and apparel: program service expenses 162,848. Management and general expenses 0. Fundraising expenses 0. Total expenses 162,848. Site rental: program service expenses 113,479. Management and general expenses 0. Fundraising expenses 0. Total expenses 113,479. Security: program service expenses 111,881. Management and general expenses 0. Fundraising expenses 0. Total expenses 111,881. Barricades: program service expenses 110,126. Management and general expenses 0. Fundraising expenses 0. Total expenses 110,126. Awards: program service expenses 102,771. Management and general expenses 0. Fundraising expenses 0. Total expenses 102,771. Banners and decorations: program service expenses 61,124. Management and general expenses 0. Fundraising expenses 0. Total expenses 61,124. Other admin costs: program service expenses 0. Management and general expenses 33,065. Fundraising expenses 0. Total expenses 33,065. Education and training: program service expenses 0. Management and general expenses 23,495. Fundraising expenses 0. Total expenses 23,495. Dues and subscriptions: program service expenses 5,397. Management and general expenses 8,036. Fundraising expenses 0. Total expenses 13,433. Vehicle operation: program service expenses 0. Management and general expenses 8,446. Fundraising expenses 0. Total expenses 8,446.”

“The organization has an audit committee that oversees the selection of the independent accountant and oversees the audit. There was no change in the oversight process or selection process during the year.”