Deep Heart

“All officers and directors are members of the same family. The organization is entirely volunteer-run; no board member or officer is paid a salary nor receives any form of compensation, and Deep Heart does not engage in any financial transactions with any board member or officer.”

“The completed Form 990 is provided to each board member for review prior to filing. Board members are given the opportunity to ask questions, discuss any concerns, and provide feedback. After review, the Form 990 is filed with the IRS. This process ensures that the governing body is fully informed and involved in the submission.”

“All transactions were researched, evaluated, and approved by the Treasurer and/or Administrative Director prior to expenditure to ensure compliance with the policy and to prevent any private inurement or improper benefit to individuals associated with the organization.”

“While no officers, directors, trustees, or key employees currently receive compensation, if such compensation were to be considered in the future, the organization would follow a process that includes review by independent individuals, comparability data, and proper documentation.”

“As a 501(c)(3) public charity, Deep Heart makes its governing documents, policies, and financial statements available to any member of the public upon request. Our contact information is easy to find and provided in all communications, with individuals welcome to reach out via email, phone, mail, or our website to request the aforementioned documents. Additionally, a standard paragraph in our newsletters, mass mailings, updates, and other relevant communications encourages donors to contact us if they wish to receive these documents, ensuring transparency and accessibility.”

“The organization's governing body consists of eight voting members, all of whom are members of the same extended family. Each serves without compensation and holds no financial interest in the organization. This board structure was fully disclosed and approved by the IRS as part of the organization's successful application for 501(c)(3) public charity status. The organization has adopted and enforces a conflict of interest policy, which all board members review and sign annually. No board member receives any personal benefit from organizational decisions, and all governance activities are conducted in accordance with the organization's bylaws, mission, applicable IRS regulations, and GAAP-based financial policies.”

“Payments reported here include fees to professionals for foreign language translation, interpretation, graphic design, and creative process assistance such as songwriting and costume design.”

“Part XI, Line 8 - Prior Period Adjustment: A prior period adjustment of $34,529 was made to correct the treatment of donated equipment originally included in the 2023 balance sheet as an asset but not reported as in-kind revenue. To prevent double-counting, the beginning-of-year asset value was left unchanged from the prior year, and the correction was recorded as a prior period adjustment in 2024. This adjustment ensures the in-kind donation is properly recognized as revenue in 2024 and that net assets are not overstated across reporting periods.”

“Schedule B - Donor Clarification: The in-kind donation of used musical equipment valued at $36,029 was made by the board as a collective contribution. For reporting simplicity, the full donation is attributed to a single board member on Schedule B. No donor claimed a tax deduction, and no compensation was received in connection with this donation.”