Somarts

“An outside tax professional prepares a draft of the Form 990. Management, including the Executive Director, reviews and provides comments, edits, corrections. After revisions, the Executive Director and several members of the Board of Directors receive a copy of the 990 prior to its filing. The Executive Director authorizes the final Form 990 which is then e-filed with the Internal Revenue Service. A complete copy is made available to all members of the Board of Directors via electronic copy.”

“Members of the board of directors review all potential conflicts of interest at least annually. The executive director and all board members are required to disclose (in writing) potential conflicts and any related party affiliations. Loans between the organization and members of management and the board are strictly prohibited. The organization seeks full transparency on all relationships. Any potential conflicts (in fact or appearance) are discussed openly and resolved in accordance with the organization's policies and procedures.”

“Members of the board of directors review the compensation of the Executive Director periodically through the organization's annual budgeting process and in accordance with IRS rules and regulations. Compensation data from industry sources are consulted.”

“Members of the board of directors review the compensation of other high-level personnel periodically through the organization's annual budgeting process and in accordance with IRS rules and regulations. Compensation data from industry sources are consulted.”

“ALL OF THE ORGANIZATION'S GOVERNING DOCUMENTS, FINANCIAL STATEMENTS AND OTHER LEGALFILINGS ARE MAINTAINED IN A SECURE ENVIRONMENT AND HELD AVAILABLE FOR INSPECTION BYTAX AUTHORITIES AND THE GENERAL PUBLIC. TAX RETURNS ARE POSTED ANNUALLY TOWWW.GUIDESTAR.ORG (WHERE THEY ARE AVAILABLE FOR VIEWING AS ELECTRONIC COPIES) AND ARE ALSO AVAILABLE UPON REQUEST FROM THE ORGANIZATION'S Administrative OFFICE IN SAN FRANCISCO, CALIFORNIA.”

“OTHER PROGRAM SERVICES 4: Day of the DeadDia de los Muertos offers a dynamic, free, five-week exhibition annually based on a theme with references to issues of cultural identity and social justice locally and globally. This season, attendance was over 1200. Docent-led tours and arts workshops were canceled for a second year in a row in consideration of COVID safety. OTHER PROGRAM SERVICES 5: Classes, Curatorial Residency, and otherSOMArts annually supports 2-3 emerging curators in producing their own exhibition, selected through an open call for proposals. Attendance for these exhibitions is free and online/virtual gallery attendance through the SOMArts website is also available.Classes were suspended for the fiscal year ended June 30, 2021 out of precaution regarding COVID-19. OTHER PROGRAM SERVICES 6: SOMArts occupies space in San Francisco under a lease agreement with the City and County of San Francisco through its Arts Commission (SFAC). The leasing arrangement has been in effect for over 35 years and is subject to annual renewal for a fee of $1. SFAC provides approximately 25,000 square feet of pro-bono facilities and related utilities to SOMArts and the value of this space amounted to $609,373 for the year ended June 30, 2021. The estimated value of the occupied space is based on comparable rent figures obtained from a report issued by the San Francisco Board of Supervisors which provides data on lease rates available for nonprofit organizations.”