Lubbock Symphony Orchestra Inc

“A copy of the form 990 will be presented to the treasurer and chairman of the board of directors for discussion, review and approval prior to filing.”

“On an annual basis, officers and the board of directors are required to review the policies outlined in the organization's conflict of interest policy and disclose on that statement information relating to potential conflicts of interest. The executive committee shall review all such statements with a view to minimizing the potential for any detrimental effects from conflicts and excess benefits under irc section 4958. Additionally, officers and board directors are required to disclose in writing, any action or situation that might violate the policy to the full board of directors as soon as possible. When a conflict is under consideration, no involved director may be present for the discussion of vote, nor may any such director influence or make recommendations with respect to such vote. Members of the board of directors are not compensated.”

“The board of directors use a compensation survey when determining the compensation of the executive director. The process for determining the executive directors compensation is documented in the board minutes. Currently, except for the executive director, the organization does not have any other employees meeting the definition of officer or key employee.”

“The governing documents, conflict of interest policy and audited financial statements are available for viewing by the public at the organization's office in lubbock, tx.”

“Other contracted fees: program service expenses 243,330. Management and general expenses 0. Fundraising expenses 0. Total expenses 243,330.”

“The board of directors have assigned members to an audit committee to oversee the financial statement audit and select the independent financial statement auditor.”

“Prior period adjustment - during the year ended june 30, 2013 the organization recorded a receivable for contributions it anticipated being matched with grant funds in the amount of $38,538. Subsequent to the year ended june 30, 2014 the organization secured additional contributions to fulfill matching requirements and elected to use those funds for the matching grant. The receivable for additional matching of $38,538 was eliminated.”