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And the IRS is concerned enough with the practice that it requires charities to disclose on their Form 990 any loans to or from current and former officers, directors, trustees, key employees, and other "disqualified persons." Furthermore, some state laws go so far as to prohibit loans to board members and officers. This practice is discouraged by sector trade groups which point to the Sarbanes-Oxley Act when they call for charities to refrain from making loans to directors and executives. (More) Making loans to related parties such as key officers, staff, or Board members, is not standard practice in the sector as it may divert the charity's funds away from its charitable mission and can lead to real and perceived conflict-of-interest problems. In this case, we deduct 15 points from the charity's Accountability and Transparency score.ĭoes Not Provide Loan(s) to or Receive Loan(s) From Related Parties. No Credit: The charity did not have its audited financials prepared by an independent accountant.In this case, we deduct 7 points from the charity's Accountability and Transparency score. Partial Credit: The charity's audited financials were prepared by an independent accountant, but it did not have an audit oversight committee.We check the charity's Form 990 reporting to see if it meets this criteria.įull Credit: The charity's audited financials were prepared by an independent accountant with an audit oversight committee. Often at smaller charities, it falls within the responsibilities of the finance committee or the executive committee.) The committee provides an important oversight layer between the management of the organization, which is responsible for the financial information reported, and the independent accountant, who reviews the financials and issues an opinion based on its findings. (It is not necessary that the audit committee be a separate committee. They should be prepared by an independent accountant with oversight from an audit committee. (More)Īudited financial statements provide important information about financial accountability and accuracy. In this case, we deduct 15 points from the charity's Accountability and Transparency score.Īudited Financials Prepared by Independent Accountant. No Credit: There has been a diversion of assets within the last two years and the charity's explanation on Schedule O is either non-existent or not sufficient.In this situation, we deduct 7 points from the charity's Accountability and Transparency score. Partial Credit: There has been a diversion of assets within the last two years and the charity has used Schedule O on the Form 990 to explain: the nature of the diversion, the amount of money or property involved and the corrective action taken to address the matter.This metric will be assigned to one of the following categories:įull Credit: There has been no diversion of assets within the last two years. If the charity does report a diversion, then we check to see if it complied with the Form 990 instructions by describing what happened and its corrective action. We check the charity's last two Forms 990 to see if the charity has reported any diversion of assets. (More)Ī diversion of assets – any unauthorized conversion or use of the organization's assets other than for the organization's authorized purposes, including but not limited to embezzlement or theft – can seriously call into question a charity's financial integrity. Our analysts check the Form 990 to determine if the independent Board members are a voting majority and also at least five in number.
Columbus museum of art full#
(More) The presence of an independent governing body is strongly recommended by many industry professionals to allow for full deliberation and diversity of thinking on governance and other organizational matters. Is this your nonprofit? Apply for a Star Rating Portal to submit data and edit your profile. (Less)Ĭolumbus Museum of Art is a 501(c)(3) organization, with an IRS ruling year of 1998, and donations are tax-deductible. Lectures, films and concerts which relate to the collection and exhibitions are regularly presented to adult audiences.
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Parents and children participate together in workshops and family days.
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The Museum provides a wide range of educational services, including free tours for students and adults. The Museum houses an outstanding collection of late nineteenth- and early twentieth-century American and European modern art and hosts a continuous program of national and international traveling exhibitions.
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(More) The Columbus Museum of Art is an educational and cultural center for the people of Central Ohio. The Museum houses an outstanding collection of late nineteenth- and. Mission: The Columbus Museum of Art is an educational and cultural center for the people of Central Ohio.