Peninsula Arts Guild

“Form 990 is prepared by authorized agents of the organization and reviewed by the board of directors before being filed.”

“The conflict of interest policy covers directors, officers, or members of a committee with governing board delegated powers, who have a direct or indirect financial interest. In connection with any actual or possible conflict of interest, an interested person must disclose the existence of the financial interest and be given the opportunity to disclose all material facts to the directors and members of committees with governing board delegated powers considering the proposed transaction or arrangement. After a potential conflict has been disclosed, and after any discussion with the interested person, he or she shall leave the governing board or committee meeting while the determination of a conflict of interest is discussed and voted upon. The remaining board or committee members shall decide if a conflict of interest exists. If the board or committee determines that a covered person has a financial interest, then it will be investigated and determined by a majority vote of the disinterested board members whether the transaction or arrangement is in the organization's best interests.”

“In setting compensation for the president and general manager, the board followed the procedures set forth in the internal revenue code and treasury regulations section 53.4958 to establish a rebuttable presumption that the total compensation offered to the chief executive is fair, reasonable, and not excessive. Prior to approving the compensation arrangement, an independent body of directors was formed to conduct a comparability review of the proposed compensation. This independent body did not include the president or any directors having a conflict of interest with respect to the proposed transaction. The independent directors obtained data of comparable compensation for similarly qualified persons in functionally comparable positions at similarly situated organizations. Such comparable compensation data was obtained from publicly available irs forms 990 and other sources. The independent directors have determined an annual salary that is fair, reasonable, and not excessive in comparison to salaries of similarly qualified persons in functionally comparable positions at similarly situated organizations.”

“The organization's governing documents, conflict of interest policy and financial statements are made available to the public upon request when required by federal and state law.”

“Write down of uncollectible pledge -500,000.”

“A financial statement audit is being completed for the 2022 tax year but was not completed by the due date of form 990. The amounts in schedule d, parts xi and xii are based on internal financial statements. The organization will amend its form 990 if the final audited financial statements materially differ from the internal financial statements.”