Kentucky Opera Association Inc.

“The governing body delegated broad authority to its executive committee of the Board of Directors. This commitee is composed of the organization's officers and up to three Directors. The Commitee formulates plans and activities for the organization for consideration by the Board and has general supervision of the affairs of the organization in the interval between meetings.”

“The Chief Financial Officer, General Director and Finance Committee review Form 990 and a final version is provided to the Board of Directors before final submission to the IRS.”

“Any director, principal officer, or member of a committee with governing board delegated powers, who has a direct or indirect financial interest, is considered an interested person. He/she shall sign the conflict of interest policy annually. The Board and committees regularly monitor and enforce compliance with the policy. In the event it is not entirely clear that a Conflict of Interest exists, the individual with the potential conflict shall disclose the circumstances to the Board President or his/her designee, who shall determine whether there exists a conflict of interest that is subject to this policy. The Board President will make the decision as to what course of action the organization and/or individuals should take so that the best interests of Kentucky Opera are not compromised by the personal interests of stakeholders in the nonprofit.”

“The Board reviews compensation for the General Director based on comparable salary data.”

“Governing documents, conflict of interest policy, and financial statements are made available to the public upon request.”

“Professional Fees: Program service expenses 127,571. Management and general expenses 71,000. Fundraising expenses 0. Total expenses 198,571. Contract Labor - Artistic: Program service expenses 351,664. Management and general expenses 0. Fundraising expenses 0. Total expenses 351,664. Contract Labor - Orchestra: Program service expenses 161,182. Management and general expenses 0. Fundraising expenses 0. Total expenses 161,182. Contract Labor - Technical: Program service expenses 103,433. Management and general expenses 0. Fundraising expenses 0. Total expenses 103,433. Contract Labor - Stagehands: Program service expenses 149,801. Management and general expenses 0. Fundraising expenses 0. Total expenses 149,801. Search Fees: Program service expenses 0. Management and general expenses 18,338. Fundraising expenses 0. Total expenses 18,338.”

“Ticket Office: Program service expenses 11,915. Management and general expenses 0. Fundraising expenses 0. Total expenses 11,915. Board Expenses: Program service expenses 0. Management and general expenses 9,754. Fundraising expenses 0. Total expenses 9,754. Professional Dues: Program service expenses 0. Management and general expenses 7,793. Fundraising expenses 0. Total expenses 7,793. Bad Debt: Program service expenses 0. Management and general expenses 7,287. Fundraising expenses 0. Total expenses 7,287. Professional Development: Program service expenses 0. Management and general expenses 330. Fundraising expenses 0. Total expenses 330.”

“The Finance Committee is charged with responsibility for oversight of the audit of the Opera's financial statements and selection of the independent auditors. The Finance Committee reviews and approves the audit prior to presentation and approval by the Opera's board. This process is unchanged from prior year.”