Vilar Performing Arts Center Inc.

“The president 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 center for the arts foundation (vcaf) 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, vcaf 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. Non-voting member - non-voting membership designations and classifications may be developed by the board of directors in recognition of donations or other contributions made by individuals and corporations in support of the charitable purposes of the corporation. Such membership designations and classifications are not intended to and shall not grant such individuals or corporations the status of voting members under the act. All voting rights shall be vested in the board of directors 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 financial officer and the controller of vail valley foundation, a related organization, before filing.”

“The top management official, top financial official, other officers, and key employees are compensated by vail valley foundation, a related organization, that has a compensation 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 thes 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.”

“Effective october 1, 2010 the vilar center for the arts foundation (vcaf) entered into a "facility lease and operating agreement" with vail valley foundation (vvf), a related exempt organization, which transferred the right to operate the vilar center performing arts facility (the theater) to vvf. All activity of the theater is reported as a program activity of vvf on their fiscal year ending september 30, 2014 form 990. Per the agreement, vcaf retains ownership of the theater, but will rent the facility to vvf for their program operations. Vvf will have full use of vcaf's fixed assets, but upon termination or expiration of the agreement vvf is required to return to vcaf all such furniture, fixtures, equipment, and other intangible assets then in possession of vvf.”

“During the fiscal year ending september 30, 2015, the organization underwent restructuring of top management officials. During this time, the new management members discovered an error in the recording of activities on the fiscal year ending september 30, 2011 tax return. It was discovered that a pledged contribution intended for vilar was inadvertently booked on a related tax-exempt organization's financial statements. The pledged contribution was for five years, ending december 31, 2015. As soon as the error was discovered, vilar began the process of amending tax returns for both vilar and the related tax-exempt entity to correct the reporting. Tax returns for fiscal years ending september 30, 2011 through september 30, 2014 are being amended. The following parts and schedules of the originally filed 2013 form 990 were amended as follows: form 990, part i, prior year column - updated prior year amounts based on changes made to the amended return for the period ending september 30, 2013. Form 990, part i, line 8 - changed the total contributions and grants amount based on changes made to the amended return. Form 990, part i, line 10 - changed the total investment income amount based on changes made to the amended return. Form 990, part i, line 12 - changed the total revenue based on changes made to the amended return. Form 990, part i, line 13 - changed total amount of grants and similar amounts paid based on changes made to the amended return. Form 990, part i, line 19 - changed total amount reported as revenue less expenses based on changes made to the amended return. Form 990, part i, line 20 - changed the total assets amount based on changes made to the amended return. Form 990, part i, line 22 - changed the total net assets or fund balance amount based on changes made to the amended return. Form 990, part iii, line 4a - changed the amount of expenses and grants reported for program services accomplishments based on changes made to the amended return. Form 990, part viii, line 1e - changed the amount of contributions from government entities to properly reflect activity based on updated financial information. Form 990, part viii, line 3 - changed the amount of investment income to properly reflect activity based on updated financial information. Form 990, part viii, line 12, column a - changed the total revenue amount based on changes made to the amended return. Form 990, part ix, line 1 - changed amount reported as grants and other assistance to governments and organizations in the u.s. To properly reflect activity based on updated financial information. Form 990, part x, column a - updated beginning balances based on changes to the amended return for the period ending september 30, 2013. Form 990, part x, line 2 - changed amount of savings and temporary cash investments to properly reflect activity based on updated financial information. Form 990, part x, line 3 - changed the total pledges and grants receviable amount to properly reflect activity based on updated financial information. Form 990, part x, line 16 - changed the total assets amount based on changes made to the amended return. Form 990, part x, line 28 - changed the total temporarily restricted net assets amount to properly reflect activity based on updated financial information. Form 990, part x, line 33 - changed the total net assets/fund balance amount to properly reflect activity based on updated financial information. Form 990, part x, line 34 - changed the total liabilities and net assets/fund balance amount based on changes made to the amended return. Form 990, part xi, line 1 - changed the total revenue amount based on changes made to amended return. Form 990, part xi, line 2 - updated the total expenses based on changes made to amended return. Form 990, part xi, line 3 - updated the revenue less expenses line for changes made to amended return. Form 990, part xi, line 4 - updated the net assets or fund balance at the beginning of year based on chang”