Naras Properties Inc

“The following people had business relationships: neil portnow, wayne zahner and branden chapman”

“National academy of recording arts & sciences, inc. Is the sole corporate member of naras properties, inc.”

“The board of directors of naras properties, inc, is self-electing. As the incorporator, national academy of recording arts & sciences, inc. Named the initial directors of naras properties, inc. The initial directors then elected the first board of directors. Thereafter, the directors are elected so that one-third of the membership of the board of directors is elected each year. Directors may succeed themselves in office.”

“Prior to making any binding governance decisions for the organization, the trustees of naras properties, inc. Consult with and obtain the approval of the governing body of national academy of recording arts & sciences, inc., a related tax-exempt organization that is the controlling entity of naras properties, inc.”

“Naras properties, inc. Does not have any committees with authority to act on behalf of the governing body.”

“Form 990 is prepared by deloitte tax, llp, working in conjunction with national academy of recording arts & sciences, inc.'s finance department (national academy of recording arts & sciences, inc. Is a related tax-exempt organization that is the controlling entity of naras properties, inc.). The draft of the form 990 is reviewed by the organization's management. The initial draft of the form 990 is then provided to naras properties inc.'s governing body for their review. Any comments resulting from their review are incorporated into the final filing of the form 990.”

“The corporate secretary for national academy of recording arts & sciences, inc., a related tax-exempt organization that is the controlling entity of naras properties, inc. Distributes the statement of conflict of interest policy at a trustees meeting. The statements are collected by the corporate secretary and then a summary report is given to the chair of the board of trustees and the president/chief executive officer of national academy of recording arts & sciences, inc. Accordingly, the chair of the board of trustees as well as the president/chief executive officer are responsible for both monitoring and enforcing the conflict of interest policy based on the statements that are provided.”

“Responses to part vi, section b, line 15 pertain to compensation paid by national academy of recording arts & sciences, inc., a related tax-exempt organization with respect to naras properties, inc. Naras properties, inc. Does not have employees and does not pay compensation to its directors. 15a) the president/ceo compensation was determined by the executive committee of the board of trustees of national academy of recording arts & sciences, inc., functioning as a compensation committee. The decision was then ratified by the board of trustees of national academy of recording arts & sciences, inc. The committee relied upon the counsel and expertise of legal counsel, an independent outside compensation consultant and comparability data in determining the compensation. The meeting in which those deliberations were conducted was contemporaneously documented. 15b) compensation for other employees of national academy of recording arts & sciences, inc. Is set by the president/chief executive officer, chief financial officer and chief human resources officer. Compensation is determined by the review of the compensation of other employees at similar levels. Information from outside organizations is gathered by the chief human resources officer and by a general knowledge of what is expected for the position by these three individuals. As it relates to annual increases, the chief human resources officer and the chief financial officer have discussed benchmarking with human resources management and the chief financial officer of similar organizations. Agreement is obtained between these three individuals (ceo, cfo, chro) as to the value of services provided.”

“The organization does not make its governing documents, financial statements, and conflict of interest policy available to the public.”

“The organization's financial statements were audited as part of the combined financial statements that included national academy of recording arts & sciences, inc., a related tax-exempt organization that is the controlling entity of naras properties, inc.”

“Pursuant to the small business exception under section 10.11(6)(b)(iii) of rev. Proc. 2015-20, the taxpayer is changing to adopt the final tangible property regulations prospectively with its tax year beginning january 1, 2014, and without filing a form 3115. Section 1.263(a)-1(f) de minimis safe harbor election taxpayer is making the de minimis safe harbor election under treas. Reg. 1.263(a)-1(f) for all eligible amounts paid or incurred during the taxable year. Section 1.263(a)-3(n) capitalization election taxpayer hereby elects to capitalize repair and maintenance costs under treas. Reg. 1.263(a)-3(n). The costs were incurred during the taxable year in the electing taxpayer's trade or business and the electing taxpayer treats such costs as capital expenditures on its books and records.”