TY 2019 Form 990 Schedule O

efile Public Visual Render ObjectId: 202132589349302023 - Submission: 2021-09-15 TIN: 04-3252612

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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Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2019

Open to Public
Inspection

Name of the organization

NANTUCKET COMMUNITY SAILING INC

Employer identification number

04-3252612

Return Reference	Explanation
FORM 990, PART VI, SECTION B, LINE 11B	AN ELECTRONIC COPY OF FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR THEIR COMMENTS PRIOR TO THE SUBMISSION OF THE FORM TO THE IRS.
FORM 990, PART VI, SECTION B, LINE 12C	THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL DIRECTORS, OFFICERS, ADVISORS AND KEY EMPLOYEES. ALL DIRECTORS, OFFICERS, ADVISORS AND KEY EMPLOYEES MUST SIGN A CONFLICT OF INTEREST FORM ANNUALLY. AN INTERESTED PERSON MUST DISCLOSE AS SOON AS PRACTICABLE TO THE BOARD THE EXISTENCE OF A POTENTIAL CONFLICT OF INTEREST. THE BOARD WILL DETERMINE IF A CONFLICT OF INTEREST EXISTS. IN THE EVENT THAT A CONFLICT OF INTEREST ARISES, THE INTEREST PERSON IS EXCLUDED FROM VOTING ON THE ISSUE. WITH RESPECT TO ANY BOARD DISCUSSION, DECISION, OR ACTIONS INVOLVING A CONFLICT OF INTEREST, THE MINUTES OF THE BOARD COMMITTEE MEETING WILL REFLECT THE BOARD'S DELIBERATIONS AND VOTING PROCESS.
FORM 990, PART VI, SECTION B, LINE 15A	COMPENSATION OF THE CEO IS SET BY THE PRESIDENT OF THE BOARD AND APPROVED BY THE EXECUTIVE COMMITTEE. THE PRESIDENT REVIEWS PROPOSED COMPENSATION FOR THE CEO IN RELATION TO HER PERFORMANCE AND COMPARABILITY DATA FROM OTHER NOT-FOR-PROFIT AND SAILING ORGANIZATIONS. THIS PROCESS WAS LAST UNDERTAKEN IN 2020 AND RECORDED IN MINUTES OF THE BOARD MEETING.
FORM 990, PART VI, SECTION C, LINE 19	THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES, AS WELL AS THE NANTUCKET COMMUNITY SAILING WEBSITE. IN ADDITION, THE FINANCIAL STATEMENTS, FORM 990, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE ALSO AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY.
FORM 990, PART XI, LINE 9:	IMPAIRMENT LOSS ON ASSET HELD FOR SALE -50,000.
FORM 990, PART XII, LINE 2C:	THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.

Return Reference

Explanation

FORM 990, PART VI, SECTION B, LINE 11B

AN ELECTRONIC COPY OF FORM 990 IS PROVIDED TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR THEIR COMMENTS PRIOR TO THE SUBMISSION OF THE FORM TO THE IRS.

FORM 990, PART VI, SECTION B, LINE 12C

THE ORGANIZATION HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO ALL DIRECTORS, OFFICERS, ADVISORS AND KEY EMPLOYEES. ALL DIRECTORS, OFFICERS, ADVISORS AND KEY EMPLOYEES MUST SIGN A CONFLICT OF INTEREST FORM ANNUALLY. AN INTERESTED PERSON MUST DISCLOSE AS SOON AS PRACTICABLE TO THE BOARD THE EXISTENCE OF A POTENTIAL CONFLICT OF INTEREST. THE BOARD WILL DETERMINE IF A CONFLICT OF INTEREST EXISTS. IN THE EVENT THAT A CONFLICT OF INTEREST ARISES, THE INTEREST PERSON IS EXCLUDED FROM VOTING ON THE ISSUE. WITH RESPECT TO ANY BOARD DISCUSSION, DECISION, OR ACTIONS INVOLVING A CONFLICT OF INTEREST, THE MINUTES OF THE BOARD COMMITTEE MEETING WILL REFLECT THE BOARD'S DELIBERATIONS AND VOTING PROCESS.

FORM 990, PART VI, SECTION B, LINE 15A

COMPENSATION OF THE CEO IS SET BY THE PRESIDENT OF THE BOARD AND APPROVED BY THE EXECUTIVE COMMITTEE. THE PRESIDENT REVIEWS PROPOSED COMPENSATION FOR THE CEO IN RELATION TO HER PERFORMANCE AND COMPARABILITY DATA FROM OTHER NOT-FOR-PROFIT AND SAILING ORGANIZATIONS. THIS PROCESS WAS LAST UNDERTAKEN IN 2020 AND RECORDED IN MINUTES OF THE BOARD MEETING.

FORM 990, PART VI, SECTION C, LINE 19

THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES, AS WELL AS THE NANTUCKET COMMUNITY SAILING WEBSITE. IN ADDITION, THE FINANCIAL STATEMENTS, FORM 990, CONFLICT OF INTEREST POLICY AND GOVERNING DOCUMENTS ARE ALSO AVAILABLE UPON WRITTEN REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY.

FORM 990, PART XI, LINE 9:

IMPAIRMENT LOSS ON ASSET HELD FOR SALE -50,000.

FORM 990, PART XII, LINE 2C:

THE ORGANIZATION HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR THE OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND FOR THE SELECTION OF AN INDEPENDENT ACCOUNTANT. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.

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

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2019

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