TY 2014 Form 990 Schedule O

efile Public Visual Render ObjectId: 201640359349300944 - Submission: 2016-02-03 TIN: 38-1266660

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
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Attach to Form 990 or 990-EZ.
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Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.

OMB No. 1545-0047

2014

Open to Public
Inspection

Name of the organization

HOLLAND TULIP TIME FESTIVAL INC

Employer identification number

38-1266660

Return Reference	Explanation
FORM 990, PAGE 6, PART VI, LINE 11B	THE FINANCE COMMITTEE IS PROVIDED A COPY OF THE DRAFT 990 VIA E-MAIL. THE FINANCE COMMITTEE MEMBERS REVIEW THE DRAFT AND HAVE OPPORTUNITY FOR QUESTIONS, COMMENTS, AND INPUT. THE 990 IS UPDATED TO REFLECT THEIR COMMENTS BEFORE THE FINAL DRAFT IS SUBMITTED TO THE FULL BOARD. THE FORM 990 IS THEN APPROVED BY THE FULL BOARD PRIOR TO SUBMISSION.
FORM 990, PAGE 6, PART VI, LINE 12C	ALL DIRECTORS, OFFICERS, AND STAFF ARE EXPECTED TO EXERCISE GOOD FAITH IN ALL TRANSACTIONS THAT TOUCH UPON THEIR DUTIES TO THE FESTIVAL AND ITS PROPERTY. THEY WILL BE HELD TO A STRICT RULE OF HONESTY AND FAIR DEALING BETWEEN THEMSELVES AND THE FESTIVAL. SHOULD A CONFLICT ARISE, A DIRECTOR, OFFICER, OR STAFF WILL BE PERMITTED TO STATE THEIR POSITION ON THE MATTER UNDER CONSIDERATION. THE BOARD WILL THEN DISCUSS THE MATTER AND VOTE ON ANY FURTHER ACTION THAT MAY NEED TO BE TAKEN. THE DIRECTOR, STAFF OR OFFICER HAVING A POSSIBLE CONFLICT OF INTEREST WILL NOT VOTE AND WILL LEAVE THE ROOM PRIOR TO THE VOTE. THE BOARD WILL USE REASONABLE EFFORTS TO RESOLVE THE MATTER.
FORM 990, PAGE 6, PART VI, LINE 15A	THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. THERE IS NO LIMITATION ON COMPENSATION, BUT IT IS PERFORMANCE BASED. THE BOARD'S DETERMINATION OF PERFORMANCE INCLUDES EFFECTIVENESS IN MANAGEMENT, COMMUNITY RELATIONS, AND OTHER SIMILAR FACTORS. IN ADDITION, CONSIDERATION IS GIVEN TO COMPARABLE NON-PROFIT ORGANIZATION SALARIES WITHIN THE REGIONAL AREA.
FORM 990, PAGE 6, PART VI, LINE 19	THE ORGANIZATION'S GOVERNING DOCUMENTS, SUCH AS ARTICLES OF INCORPORATION AND BY-LAWS, ARE READILY AVAILABLE UPON REQUEST.
FORM 990, PART XI, LINE 9	COST OF INVENTORY SOLD 34,573 COST OF INVENTORY SOLD -34,573

Return Reference

Explanation

FORM 990, PAGE 6, PART VI, LINE 11B

THE FINANCE COMMITTEE IS PROVIDED A COPY OF THE DRAFT 990 VIA E-MAIL. THE FINANCE COMMITTEE MEMBERS REVIEW THE DRAFT AND HAVE OPPORTUNITY FOR QUESTIONS, COMMENTS, AND INPUT. THE 990 IS UPDATED TO REFLECT THEIR COMMENTS BEFORE THE FINAL DRAFT IS SUBMITTED TO THE FULL BOARD. THE FORM 990 IS THEN APPROVED BY THE FULL BOARD PRIOR TO SUBMISSION.

FORM 990, PAGE 6, PART VI, LINE 12C

ALL DIRECTORS, OFFICERS, AND STAFF ARE EXPECTED TO EXERCISE GOOD FAITH IN ALL TRANSACTIONS THAT TOUCH UPON THEIR DUTIES TO THE FESTIVAL AND ITS PROPERTY. THEY WILL BE HELD TO A STRICT RULE OF HONESTY AND FAIR DEALING BETWEEN THEMSELVES AND THE FESTIVAL. SHOULD A CONFLICT ARISE, A DIRECTOR, OFFICER, OR STAFF WILL BE PERMITTED TO STATE THEIR POSITION ON THE MATTER UNDER CONSIDERATION. THE BOARD WILL THEN DISCUSS THE MATTER AND VOTE ON ANY FURTHER ACTION THAT MAY NEED TO BE TAKEN. THE DIRECTOR, STAFF OR OFFICER HAVING A POSSIBLE CONFLICT OF INTEREST WILL NOT VOTE AND WILL LEAVE THE ROOM PRIOR TO THE VOTE. THE BOARD WILL USE REASONABLE EFFORTS TO RESOLVE THE MATTER.

FORM 990, PAGE 6, PART VI, LINE 15A

THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS REVIEWED ANNUALLY BY THE BOARD OF DIRECTORS. THERE IS NO LIMITATION ON COMPENSATION, BUT IT IS PERFORMANCE BASED. THE BOARD'S DETERMINATION OF PERFORMANCE INCLUDES EFFECTIVENESS IN MANAGEMENT, COMMUNITY RELATIONS, AND OTHER SIMILAR FACTORS. IN ADDITION, CONSIDERATION IS GIVEN TO COMPARABLE NON-PROFIT ORGANIZATION SALARIES WITHIN THE REGIONAL AREA.

FORM 990, PAGE 6, PART VI, LINE 19

THE ORGANIZATION'S GOVERNING DOCUMENTS, SUCH AS ARTICLES OF INCORPORATION AND BY-LAWS, ARE READILY AVAILABLE UPON REQUEST.

FORM 990, PART XI, LINE 9

COST OF INVENTORY SOLD 34,573 COST OF INVENTORY SOLD -34,573

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2014

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