Imagine Performing Arts Centers Inc

“Two members of the governing body are not considered independent under IRS guidelines due to family relationships with paid staff. One board member is married to the organization's Director of Dance, and another board member is married to a contracted dance instructor. Neither board member receives compensation from the organization, and both recuse themselves from decisions involving their spouses' compensation or employment.”

“A draft of Form 990 was prepared by the Executive Director and reviewed in detail by the board treasurer. A complete copy was provided to all board members prior to filing. Board members were given the opportunity to ask questions or provide feedback prior to submission.”

“Imagine Performing Arts Center maintains a written conflict of interest policy requiring annual disclosure by officers, directors, and key employees. Potential conflicts are reviewed by the board, and affected individuals recuse themselves from related discussions and decisions.”

“The Executive Director's compensation was reviewed and approved by the Board of Directors based on the organization's available budget and salary benchmarks from similar-sized performing arts nonprofits. The Board acknowledged that the salary was significantly below the market rate but approved it due to limited financial resources and the Executive Director's commitment to sustaining the organization. This process was last reviewed and documented in 2023. No additional compensation was provided. No other officers or key employees received compensation requiring a formal review process.”

“Imagine Performing Arts Center makes its governing documents, conflict of interest policy, and financial statements available to the public upon request. Members of the public may contact the organization by email or through its website to request copies of these materials. The organization also shares key financial information and updates through its annual reports and donor communications.”

“The organization acquired $98,000 in capital assets during the tax year, funded entirely through loans. $11,700 of those loans were repaid during the year. Since these asset purchases were not reflected in revenue, the increase in net assets appears as a reconciling item in Line 9. This explains the difference between the operational deficit and the year-end net asset balance of $11,700.”