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 periodically. Top management and all Board members are required to disclose potential conflicts and any related party affiliations. 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 all high-level personnel periodically in accordance with IRS rules and regulations. Efforts are made to secure compensation data from industry sources in order to determine competitiveness and appropriateness of salaries. Every effort is made to ensure that the process is thorough and transparent in accordance with IRS guidelines and the organization's policies and procedures.”

“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.”

“Tax returns are available for download from several websites and by request from the organization's office in San Francisco, California.”

“All of the organization's governing documents, financial statements, and other legal filings are maintained in a secure environment and held available for inspection by tax authorities and the general public. Tax returns are posted annually to our website and to www.guidestar.org (where they are available for viewing as electronic copies) and are also available by request from the organization's office.”

“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. 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. 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 $686,226 for the year ended June 30, 2023. 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.”

“Under the California Nonprofit Integrity Act, an exempt organization with annual revenue of $2 million or more is required to have an Audit Committee to select an audit Firm, review the audit, and approve the audit of its annual financial statements.”