Old Globe Theatre

“The organization has one class of membership, which does not elect members of the governing body. Significant decisions are made by the board. No one receives a share of the organization's profits or excess dues upon dissolution.”

“The organization has one class of membership who have the right to elect officers as proposed to them by the nominating committee.”

“Director of finance (corporate officer) and tax preparer complete 990, which is reviewed by the managing director. After management's approval of the 990, each member of the board of directors is provided access to the public disclosure copy of the 990 prior to filing the return with the irs.”

“Each director and principal officer shall annually sign a statement which affirms that such person: has received a copy of the conflicts of interest policy, has read and understands the policy, has agreed to comply with the policy, and understands that the old globe is a charitable organization and that in order to maintain its federal tax exemption it must engage primarily in activities which accomplish one or more of its tax-exempt purposes. If a conflict arises, that board member can not vote on the transaction.”

“The contracts for the artistic and managing directors are negotiated by the executive committee of the board of directors. Their process includes a personnel appraisal, consideration of the theatre communications group salary survey as well as peer discussion with boards of other major performing arts institutions. The most recent contract for the managing director covers 1/1/21-12/31/25. The most recent contract for the artistic director covers 1/1/21-12/31/25. A written substantiation is held in the files of the organization's independent attorney. The salary of the director of finance is approved by the executive committee. The managing director uses the organization's formal appraisal process, on-going evaluations, and comparability information from the annual theatre communications group salary survey for each corporate officer and/or key employee. Positions include general manager, senior producer, director of arts engagement, director of philanthropy, director of human resources, director of marketing and communications, and director of finance. This annual process has been in place since year-beginning 2004. Contemporaneous substantiation is a final new salaries document which is signed by the managing director and director of human resources, then forwarded to human resources and payroll for implementation.”

“Audited financial statements are available on the organization's website or upon request. Governing documents and the conflict of interest policy are available upon request.”

“Employee retention tax credit - py adjustment 3,113,024.”

“The organization recorded $3,133,024 of revenue related to the employee retention tax credit for the tax year ended december 31, 2022. The entire amount related to 2021 and reported as a change in net assets prior period adjustment on form 990 part xi.”