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.
MediumBullet Attach to Form 990 or 990-EZ.
MediumBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2020
Open to Public
Inspection
Name of the organization
THE NANTUCKET PROJECT ACADEMY INC
 
Employer identification number

82-1949598
Return Reference Explanation
FORM 990, PART VI, SECTION A, LINE 2 IN 2020, THE PRESIDENT AND CLERK OF THE BOARD OF DIRECTORS OF TNP ACADEMY WERE ALSO CO-FOUNDERS, BOARD MEMBERS, EMPLOYEES AND EQUITY HOLDERS OF THE NANTUCKET PROJECT, LLC. DURING THE YEAR PRESENTED, THE FOLLOWING RELATED PARTY TRANSACTIONS OCCURRED BETWEEN THESE ORGANIZATIONS: ROYALTY REVENUE DURING 2019, THE ACADEMY ENTERED INTO A TWO-YEAR LICENSING AGREEMENT WITH TNP WHICH PROVIDES TNP WITH AN ANNUAL NON-EXCLUSIVE LICENSE TO DISTRIBUTE AND SCREEN FILMS CREATED ON BEHALF OF THE ACADEMY. AMOUNTS EARNED UNDER THIS AGREEMENT TOTALED $25,000 FOR THE YEAR PRESENTED. DUE TO RELATED PARTY FOR THE YEAR ENDED DECEMBER 31, 2020, TNP INCURRED EXPENSES FOR STAFFING AND CONSULTANTS, PROGRAM EVENTS AND INCIDENTAL TRAVEL RELATED EXPENSES ATTRIBUTABLE TO SEVERAL PROGRAMS AND EVENTS TOTALING $670,178 WHICH WERE SUBSEQUENTLY REIMBURSED BY TNP ACADEMY. AS OF DECEMBER 31, 2020, THIS AMOUNT, OFFSET BY AMOUNTS DUE TO TNP FROM THE ACADEMY WAS $102,641 AND IS REPORTED AS DUE TO RELATED PARTY IN THE ACCOMPANYING STATEMENT OF FINANCIAL POSITION. EXPENSE REIMBURSEMENTS, PRODUCTION FEES AND SCHOLARSHIPS FOR EVENT ATTENDANCE PAID TO TNP FOR ACADEMY PROGRAM PARTICIPANTS.
FORM 990, PART VI, SECTION A, LINE 8A THE ORGANIZATION DID NOT MAINTAIN ANY BOARD MINUTES DURING THE YEAR ENDED DECEMBER 31, 2020.
FORM 990, PART VI, SECTION A, LINE 8B THE ORGANIZATION DID NOT MAINTAIN ANY BOARD MINUTES DURING 2020.
FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 WILL BE PROVIDED TO BOARD MEMBERS PRIOR TO FILING.
FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REQUIRES AN ANNUAL DECLARATION FROM ALL BOARD MEMBERS AND SENIOR MANAGEMENT AS TO THE EXISTENCE AND DISCLOSURE OF ANY POTENTIAL CONFLICTS OF INTEREST. THE BOARD MEMBERS SIGN A DISCLOSURE STATEMENT. ANY POTENTIAL CONFLICTS ARE DISCUSSED BY THE DIS-INTERESTED BOARD MEMBERS, WHILE THE PARTY IN POTENTIAL CONFLICT IS REQUIRED TO LEAVE THE ROOM. BOARD MEETING MINUTES WILL DOCUMENT THE DISCUSSION AND DECISION MAKING PROCESS. IN THE EVENT OF A POTENTIAL CONFLICT, PROCEDURES TO OBTAIN COMPETITIVE BIDS AND DILIGENCE ON FAIR MARKET VALUE WILL BE ESTABLISHED.
FORM 990, PART VI, SECTION B, LINE 15A COMPENSATION OF THE EXECUTIVE DIRECTOR IS DETERMINED AFTER REVIEW AND APPROVAL BY THE BOARD. COMPENSATION IS ASSESSED ANNUALLY.
FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST.
FORM 990, PART IX, LINE 11G CONSULTING: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 15,682. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 15,682. FILM PRODUCTION: PROGRAM SERVICE EXPENSES 511,622. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 511,622.
FORM 990, PART XI, LINE 9: ACCRUAL ADJUSTMENT -9,254.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2020


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