The Chelsea Factory Inc

“The organization has no committees with authority to act on behalf of the governing body.”

“All directors and officers review the 990 in advance of the filing.”

“Board, officers, and key employees are covered by the policy. Policy requires disclosure of conflicts. Policy is renewed on an annual basis. The board reviews and investigates any conflicts, invites testimony of the party, and determines actions as appropriate. Following the determination, a majority of disinterested board members may vote to approve the transaction.”

“Salaries for officers and key employees are determined by the board of directors. Review of comparable salaries using public data from similarly sized organizations were reviewed by the directors to arrive at current salary levels in line with industry standards.”

“Documents available upon request”

“As a pop up organization founded to support new york city's artists coming out of the pandemic, and having accomplished its intended objectives of responding quickly and meaningfully to a wide range of artists and audiences' needs, chelsea factory's board of directors agreed to wind down the organization, with a final closure at the end of the fiscal year ending june 30, 2025. In alignment with this plan, staff pulled back on fundraising and focused on strategic planning for chelsea factory's final chapter of mission-aligned programming. In march 2025, chelsea factory entered into a surrender agreement with its landlord to end occupancy of its space by may 15, 2025, and effectively fully terminated its activities and operations during the year ended june 30, 2025. The board of directors is working on a dissolution plan and will file a certificate of dissolution with the delaware department of state during the year ending june 30, 2026, and intends to distribute its remaining assets to other organizations for use consistent with chelsea factory's mission.”

“Other consultants: program service expenses 15,350. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,350. Booking commission fees: program service expenses 373,330. Management and general expenses 0. Fundraising expenses 0. Total expenses 373,330. Production fees: program service expenses 234,283. Management and general expenses 0. Fundraising expenses 0. Total expenses 234,283.”

“Gain on termination of lease 749,891.”