San Francisco Ballet Endowment Foundation

“The members of the Foundation shall be those persons, and only those persons, who are from time to time members of the San Francisco Ballet Association's Board of Trustees, and each such person upon election or appointment to said Board of Trustees shall automatically become a member of the Foundation and upon ceasing to be a member of said Board of Trustees shall automatically cease to be a member of the Foundation.”

“Trustees of the Foundation are elected by the Members for a term of three years.”

“Members shall have, in addition to any other rights which may be granted to them under the By-Laws or by the law, the right to vote (1) for the election of Directors, (2) on a disposition of all or substantially all of the Foundation's assets, (3) on a merger of the Foundation with another corporation, (4) on a dissolution of the Foundation, (5) on an amendment of the Articles of Incorporation and (6) on an amendment of these By-Laws (unless the By-Law amendment is approved by the Board alone in accordance with the terms of these By-Laws).”

“The form 990 was prepared based on audited financial statements by the organization's finance and accounting staff, which was then reviewed by Grant Thornton, LLP. The Foundation provided a complete copy of this form to all members of its governing body with a redaction of donor names and addresses from form 990, Schedule B, at the request of the donor. The Form 990 was reviewed and approved at a meeting of the Audit Committee. Subsequent to that review, the Form 990 was posted on the Foundation's Trustee intranet website and Trustees were notified in writing of the availability of the Form 990 for their review.”

“The Foundation distributes the policy and related questionnaire to board members at the beginning of each board year. Return of the questionnaire is monitored and enforced by the board relations manager. Returned questionnaires are reviewed by the CFO for any potential issues or required disclosures. Board members with a conflict are recused from discussions and do not vote on resolutions that pertain directly to their conflict.”

“The Foundation officers (Chief Financial Officer, Assistant Secretary, and Secretary) are compensated by a related organization, San Francisco Ballet Association. The Association's process for determining the compensation of the Chief Financial Officer involved analysis of the compensation by the Assessment Committee. The process used to determine the compensation of the Chief Financial Officer is disclosed on the Association's Form 990.”

“Due to the age of the Foundation, Form 1023 is currently unavailable for the general public and the Foundation is exempt from the requirement to provide Form 1023, as it was filed prior to the July 15, 1987 requirement date. The Foundation makes its audited financial statements for the last ten years available to the public via its website. Form 990, 990-T, governing documents and conflict of interest policy is also available upon request.”

“Fiscal year 2020 (FY20) served as a test of the Endowment's durability, as the difficulties of the year presented unique challenges in the markets and to the Ballet alike. Global markets rallied to record highs in the first half of the fiscal year, followed by a precipitous drop beginning in February as the Covid-19 pandemic forced lockdowns contributed to significant market and economic disruption and record unemployment. Endowment investments saw declines in market values and reduced contributions due to these market conditions. Since late March after governments globally intervened heavily to help offset the economic slowdown, markets staged an impressive rally that continued through the end of the fiscal year.”

“significantly and increased the importance of the endowment to the Association's revenue stream. The Foundation is incorporated as a separate nonprofit public benefit corporation for the purpose of holding and managing endowment funds for the benefit of the Association. It seeks to provide the Association with a reliable source of support while protecting its investments against inflation and wide swings in the capital markets so that the Association may continue its mission to share the joy of dance with the widest possible audience in the community and around the globe.”

“Other change in net assets consists of $59 change in discount, ($45,183) change in value of split interest agreement, $9,614 change in value of pooled income fund, $150,000 change in value of charitable gift annuities”