Touchet Valley Arts Council

“GOVERNING BODY AND MANAGEMENT - EXECUTIVE COMMITTEE: An Executive Committee consisting of the President, Vice President, Treasurer, Secretary, Immediate Past-President, and at least one other knowledgeable and committed board member (in FY2025 another past president and the "historian", who is also a past president) is authorized to make facility and financial decisions that are needed between regular monthly Board meetings, and also is responsible for hiring, supervising, assisting and evaluating the Theater Manager, and deals with other urgent matters that may arise between Board Meetings, or with sensitive matters, such as personnel, that should be done in executive session.”

“Michael Luce and Mary Luce are a married couple. Robert Carlson and Mary Lenox are a married couple. Four Directors are also elected Officers. No Officers or Directors receive any compensation from the organization. No Board members have business dealings with the organization.”

“A new board member (Director) is elected by the current Board of Directors, at a regular meeting and requiring 60% approval, upon recommendation by a Board Member, and the candidate expressing an interest in participating in Board activities, and if a vacancy exists on the Board. Board Director terms are 2 years, and there are no term limits for Board membership. Officers serve a term of 2 years and are usually limited to 2 consecutive terms.”

“The Form 990 is prepared by the Treasurer (or in some years by a preparer under the Treasurer's supervision), and is reviewed and approved by the Finance Committee prior to filing. A copy of the completed Form 990 is also provided to each member of the Board of Directors before filing, and reviewed at a regular meeting. The final Form 990 is available to the public.”

“The organization's Conflict of Interest Policy is reviewed and monitored by the Board Of Directors. Each Board member is asked to submit a new Conflict of Interest Form annually. If any conflict arises, it is reviewed at the upcoming Board of Directors meeting.”

“COMPENSATION REVIEW & APPROVAL PROCESS - CEO & TOP MANAGEMENT: The President of the Board Of Directors directly supervises top management (the Theater Manager), and the Executive Committee determines wages based on duties, and comparable to our area, and within our budget. The Theater Manager's wages and benefits are reviewed annually by the Executive Committee according to merit (performance review). Wages and benefits are also changed when needed to conform to legislative requirements. These actions and reviews are documented contemporaneously in the minutes of the Board or Executive Committee meeting. FORM 990, PART VI, LINE 15B - COMPENSATION REVIEW & APPROVAL PROCESS - OFFICERS & KEY EMPLOYEES: The Officers of this organization receive no financial compensation or advantage. There are no Key Employees as defined by income in the Instructions.”

“All of the organization's policies, Form 990, and other public documents are made available to the public upon request through the organization's administrative office. The most recent year's Form 990 and a summary Financial Statement, and certain policies, are also posted on the company website (starting in 2020).”

“Average work hours per week reported by Officers and Directors are estimated by the individual, and include both their hours served in Board Member capacity and also their hours spent as volunteers in the organization's programs, administration, maintenance, repair, etc..”

“This amount includes liabilities shown in our cash basis accounting system ($231) plus also other known liabilities reported manually in Schedule D Part X ($10,635), to more correctly report our Position in accord with accrual accounting principles.”

“Information Technology is not accounted separately, but is included in Equipment, Supplies or Utilities.”

“Insurance is accounted separately within Office Expense (liability) and Occupancy (property).”

“This amount includes known current liabilities which are not recorded in our Cash-Basis accounting system, and are manually reported here to align this year-end report with accrual accounting principles.”

“This amount to account for rounding errors compared to QuickBooks amounts that were entered.”

“This is the change from FY24 (22806-10635=12171) in the amount of liabilities entered on Part X Line 25, to manually report liabilities not shown in our Cash Basis accounting system. Since our accounting system is on Cash Basis and does not track contracts or accounts payable, this amount of additional accrued liabilities (payables known to be due within the next 12 months) is gathered manually and shown here in order to balance Schedule D Part X, to more correctly report our financial position in Part I, and to align this report with the accrual basis accounting expected by FASB ASC 958. These liabilities are also updated manually on our monthly Position Statements.”