Nantucket Project Academy Inc.

“In 2019, the president and clerk of the board of directors of tnp academy were also co-founders, board members, employees and equity holders of the nantucket project, llc. During the year presented, the following related party transactions occurred between these organizations: scholarships tnp academy purchased tickets totaling $190,000 for the attendance of select tnp academy program participants at tnp's 2019 signature event. This amount is reported as scholarships for event attendance in the accompanying statement of functional expenses. Royalty revenue during 2019, the academy entered into a two-year licensing agreement with tnp which provides tnp with an annual non-exclusive license to distribute and screen films created on behalf of the academy. Amounts earned under this agreement totaled $25,000 for the year presented. Gifts, grants and contributions during the year presented, tnp collected contributions from attendees of their signature event on behalf of the tnp academy. The total amount collected by tnp and subsequently forwarded to tnp academy for the year ended december 31, 2019 was $96,000 and is included in gifts, grants and contributions without donor restrictions in the accompanying statement of activities. Due to related party for the year ended december 31, 2019, tnp incurred expenses for staffing and consultants, program events and incidental travel related expenses attributable to several programs and events totaling $267,588 and production fees for two films totaling $450,000 which were subsequently reimbursed by tnp academy. As of december 31, 2019, this amount, offset by amounts due to tnp from the academy was $501,787 and is reported as due to related party in the accompanying statement of financial position. Expense reimbursements, production fees and scholarships for event attendance paid to tnp for academy program participants, account for 60% of total functional expenses for the year presented.”

“The organization did not maintain any board minutes during the year ended december 31, 2019.”

“The organization did not maintain any board minutes during 2019.”

“A copy of the form 990 will be provided to board members prior to filing.”

“The board of directors requires an annual declaration from all board members and senior management as to the existence and disclosure of any potential conflicts of interest. The board members sign a disclosure statement. Any potential conflicts are discussed by the dis-interested board members, while the party in potential conflict is required to leave the room. Board meeting minutes will document the discussion and decision making process. In the event of a potential conflict, procedures to obtain competitive bids and diligence on fair market value will be established.”

“Compensation of the executive director is determined after review and approval by the board. Compensation is assessed annually.”

“Documents are available upon request.”

“Consulting: program service expenses 0. Management and general expenses 0. Fundraising expenses 25,721. Total expenses 25,721. Honoraria: program service expenses 87,658. Management and general expenses 0. Fundraising expenses 0. Total expenses 87,658. Film production: program service expenses 608,556. Management and general expenses 0. Fundraising expenses 0. Total expenses 608,556.”