Visual Art Institute

“During 2022, the organization engaged sapphire 3, llc to provide outsourced executive director and fundraising services. Executive director services were performed by robert hanson and included supervising exempt operations; hiring, firing, and supervising personnel; planning and executing budgets and financial operations; and other management duties. Robert hanson is considered to be an officer of the organization. Sapphire 3, llc is not related to visual arts institute. The total amount paid to saphhire 3, llc for these services during 2022 was 56,001.”

“The organizations form 990 was prepared by the organizations executive director and treasurer. A complete copy of the form 990 was provided to the organizations board of directors for approval before it was filed.”

“The organization provides a copy of its conflict-of-interest policy to all board members and management during onboarding. In addition, a copy is provided annually. All board members and management are required to review the policy and sign a disclosure statement, which acknowledges and understanding of the policy and discloses any potential conflicts of interest they are aware of. All potential conflicts of interest are reviewed by the executive committee to determine the appropriate action to be taken to eliminate or mitigate risks posed by the conflict. The organization requires that board members with conflict of interest be recused from the deliberation and voting related to a transaction or action in which they may have conflict.”

“At the time or hire and on an annual basis following, a committee of the board of directors establishes the executive directors compensation. The organization requires that no member of the committee have a conflict of interest related to the compensation arrangement. The committee uses salary surveys (including the utah nonprofits association compensation survey), publicly available 990s, and other information for similar positions and similar organizations within the region to establish a reasonable level of compensation. The committee contemporaneously documents its discussions and decisions in committee minutes. The organizations voting board members do not receive compensation from the organization.”

“The organizations governing documents, conflict of interest policy, and financial statements are available upon request to the organizations office. In addition, the organizations 990s for the past several years are available through guidestar.org and the organizations articles of incorporation are available through the utah department of commerce division of corporations and commercial code.”

“Art instructors 75,465 0 0 models 6,180 0 0 other 5,356 0 0 total 87,001 0 0”

“Scholarships 1,849 scholarships -1,849 during the year ended december 31, 2022, management determined that deferred revenue as of december 31, 2021 had been understated. In addition, management determined that net assets with donor restrictions had been understated, which created a corresponding overstatement of net assets without donor restrictions. To correct these errors, prior period adjustments totaling 12,010 were made to restate the accounts as of december 31, 2021.”