Vilar Performing Arts Center Inc

“The president/ceo and chief financial officer are employed by vail valley foundation, a related exempt organization. Members of the board are also board members of vail valley foundation. Therefore, business relationships exist between these individuals.”

“The vilar performing arts center (vpac) entered into a management plan with vail valley foundation (vvf), a related organziation, in which vvf assumed the management and operations of the vilar center. Included in this agreement, vpac and vvf reconstituted their board of directors. Each entity operates separately under a common board of directors.”

“Voting member - the corporation shall have one voting member, which shall be the beaver creek resort company of colorado, a colorado nonprofit corporation. Members shall have no ownership rights or beneficial interests of any kind in the assets of the corporation.”

“The member, beaver creek resort company of colorado may appoint and elect two board members of the foundation's board of directors.”

“The board of director's powers are subject to approval by the member.”

“There are no committees with the authority to act on behalf of the governing body.”

“A copy of the form 990 is reviewed by the chief executive officer and the vail valley foundation controller before filing.”

“The conflict of interest policy covers all officers, directors, and other top management officials. The existence of any potential conflict of interest shall be disclosed to the cfo and/or the board of directors, who shall determine whether a conflict of interest exists. In the event a conflict of interest does exists, the cfo and/or board of directors will determine whether or not the individual with the conflict should be recused from the deliberation on the matter and whether the contemplated transaction may be authorized as just, fair and reasonable to the foundation.”

“The top management official, top financial official, other officers, and key employees are compensated by vail valley foundation, a related organization, that has an executive committee composed of board members that meets at the end of each year. Prior to the meeting, the cfo provides the committee with a package summarizing compensation information, which contains comparable compensation data for these positions. At the meeting they determine if they will approve any compensation adjustment for the ceo, other officers, and key employees for the upcoming year.”

“The organization makes its governing documents and financial statement information available to the public upon request.”