Client Note 1 |
Client Note 1 - THE REIF ARTS COUNCIL, IN FISCAL YEARS ENDING 2017 AND 2016, CONDUCTED A FUNDRAISING CAMPAIGN FOR THE RENOVATION OF THE MYLES REIF PERFORMING ARTS CENTER. THIS FACILITLY IS OWNED BY INDEPENDENT SCHOOL DISTRICT 318 AND MANAGED AND USED BY THE REIF ARTS COUNCIL. DONATIONS ARE RECORDED AS INCOME WHEN PLEDGED AND ARE DESIGNATED AS TEMPORARILY RESTRICTED ASSETS. UPON RECEIPT OF INVOICES FOR THE CONSTRUCTION PROJECT THE REIF ARTS COUNCIL REMITS FUNDS TO THE SCHOOL DISTRICT FOR PAYMENT OF THESE INVOICES. IN THE 2017 AND 2016 INFORMATION REPORTING YEARS NET ASSETS WERE RELEASED FROM RESTRICTION IN THE AMOUNT OF $491,490 AND $3,485,239 RESPECTIVELY. |
Form 990, Part VI, Line 2: Description of Business or Family Relationship of Officers, Directors, Et |
DIRECTORS DONNA VENNIE, KRIS FERRARO AND NOAH WILCOX HAVE A BUSINESS RELATIONSHIP. |
Form 990, Part VI, Line 8: Explanation of No Contemporaneously Documentation of Meetings |
THERE IS NO OFFICIAL DOCUMENTATION OF THE COMMITTEE MEETINGS AS THEY DO NOT HAVE AUTHORITY TO ACT ON BEHALF OF THE GOVERNING BODY. |
Form 990, Part VI, Line 11b: Form 990 Review Process |
THE FORM 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING. |
Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts |
THE BOARD OF DIRECTORS AND STAFF DISCLOSE ANNUALLY, AT THE BEGINNING OF EACH FISCAL YEAR, ANY POTENTIAL CONFLICTS OF INTEREST. THIS WRITTEN DOCUMENTATION IS THEN DISTRIBUTED AMONG THE BOARD MEMBERS FOR FULL TRANSPARENCY. AS NEW CONFLICTS OF INTEREST ARISE THROUGHOUT THE YEAR BOARD MEMBERS ARE REQUIRED TO DISCLOSE SAME AT REGULAR BOARD MEETINGS. |
Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management |
THE EXECUTIVE DIRECTOR HAS A FORMAL, WRITTEN REVIEW CONDUCTED BY THE EXECUTIVE COMMITTEE, WITH FEEDBACK FROM THE BOARD OF DIRECTORS, ON AN ANNUAL BASIS. COMPENSATION IS DETERMINED BASED UPON THIS REVIEW AND COMPARISONS TO THE MINNESOTA COUNCIL OF NON PROFITS SALARY SURVEY. THIS COMPENSATION RECOMMENDATION IS THEN BROUGHT TO THE BOARD OF DIRECTORS FOR DISCUSSION AND APPROVAL. |
Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees |
THERE IS ONLY ONE KEY EMPLOYEE, THE CEO. |
Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection |
AVAILABLE ON GUIDESTAR |
Form 990, Part VI, Line 19: Other Organization Documents Publicly Available |
No documents available to the public. |
Other Changes In Net Assets Or Fund Balances - Other Increases |
UNREALIZED GAIN = $3378 |