2020-07-10T16:16:56-05:00 2019-09-30 560574444 CHERRY BEKAERT LLP 401 EAST JACKSON ST SUITE 1200 TAMPA FL 33602 990 2018-10-01 592037085 TAMPA BAY PERFORMING ARTS CENTER INC TAMP 8132221044 1010 NORTH WC MACINNES PLACE TAMPA FL 33602 MARY BETH ROSSI CHIEF ADMIN & FINANCE OFFICER 8132221044 2020-06-30 1 AMANDA ADAMS P00748038 8132511010 76.105.106.201 2020-06-30 06:41:05 ED P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 18694F53AD11E15FFCEA276DE93F63B2E746D691 2018 2021-01-29 14:40:06Z DAVID A STRAZ JR CENTER JUDITH LISI 1010 NORTH WC MACINNES PLACE TAMPA FL 33602 55897140 0 X WWW.STRAZCENTER.ORG X 1980 FL IN CARRYING OUT OUR MISSION TO INSPIRE, EDUCATE AND ENRICH OUR ENTIRE COMMUNITY THROUGH THE TRANSFORMATIVE POWER OF THE PERFORMING ARTS, THE STRAZ CENTER MADE ITS LARGEST COMMUNITY REACH AND IMPACT YET WITH OUR LARGEST BUSINESS YEAR DURING OUR FISCAL YEAR 2018/2019. A KEY DRIVER WAS THE PRESENTATION OF "HAMILITON", THE TOURING BROADWAY SHOW, AND ITS EDUCATIONAL EXPERIENCE FOR OUR LOCAL STUDENTS. 66 66 804 991 766120 0 7313542 8264951 30828280 39372251 -194234 -137496 3001653 3847852 40949241 51347558 316852 393792 0 0 12916517 13450293 0 0 1324398 25998561 34489988 39231930 48334073 1717311 3013485 33497166 34625045 15958448 13402025 17538718 21223020 X SEE SCHEDULE O FOR THE ORGANIZATION'S MISSION STATEMENT. 0 0 28641055 35758300 ARTS PROGRAMMING:IN 2009-2010, THE CENTER RECEIVED THE LARGEST PHILANTHROPIC GIFT MADE TO A CULTURAL INSTITUTION IN THE TAMPA BAY AREA. THE DONATION IS DEDICATED IN ITS PERPETUITY TO BENEFIT THE PERFORMING ARTS CENTER AND ITS PROGRAMS. IN RECOGNITION OF THIS GENEROUS GIFT FROM THE DAVID A. STRAZ, JR. FOUNDATION, THE TAMPA BAY PERFORMING ARTS CENTER WAS RENAMED THE DAVID A. STRAZ, JR. CENTER FOR PERFORMING ARTS.THE STRAZ CENTER FOR THE PERFORMING ARTS IS THE TAMPA BAY AREA'S PREMIER VENUE, PRODUCER, EDUCATOR AND ECONOMIC CATALYST FOR THE PERFORMING ARTS. AS THE LARGEST PERFORMING ARTS COMPLEX SOUTH OF THE KENNEDY CENTER, AND AS AN INDEPENDENT PRESENTER, THE STRAZ CENTER BOOKS TOURING BROADWAY SHOWS AND IS ONE OF THE MOST SUCCESSFUL SINGLEWEEK MARKETS IN THE COUNTRY. BECAUSE OF THAT, THE CENTER IS ABLE TO BOOK THE FIRST NATIONAL TOURS OF THE BEST OF BROADWAY. ONE OF THE LARGEST PERFORMING ARTS CENTERS IN THE NATION, THE STRAZ CENTER IS THE LARGEST CULTURAL ORGANIZATION IN FLORIDA, RANKED AMONG THE TOP 10 PERFORMING ARTS CENTER'S IN THE WORLD IN BILLBOARD, VENUES TODAY AND POLLSTAR MAGAZINES FOR MORE THAN 15 YEARS. THE ORGANIZATIONS BUSINESS INFRASTRUCTURE CONSISTS OF AN APPROXIMATE ANNUAL $50 MILLION ANNUAL OPERATING BUDGET, 738 EMPLOYEES AND 991 VOLUNTEERS SERVING MORE THAN 80,000 HOURS IN OUR FISCAL YEAR 2018/2019.DURING THE 2018-2019 SEASON, THE STRAZ CENTER SERVED OVER 546,000 PEOPLE, WITH 1,663 PERFORMANCES AND EVENTS. WE DONATED 42,177 TICKETS TO INDIVIDUALS, ORGANIZATIONS AND SCHOOLS ATTENDED WHO MAY NOT HAVE HAD THE RESOURCES TO ATTEND A LIVE PERFORMANCE. OUR PATEL CONSERVATORY STAFF LOGGED 221,924 INSTRUCTIONAL HOURS IN OUR ARTS EDUCATION PROGRAMS. WE AWARDED 648 ARTS EDUCATION SCHOLARSHIPS TOTALING $393,793. AS ALWAYS, WE ARE DEEPLY GRATEFUL FOR OUR 991 VOLUNTEERS WHO SHOULDERED 79,814 VOLUNTEER HOURS IN DEDICATED SUPPORT OF THE CENTER. A TOTAL OF 674 STRAZ EMPLOYEES KEPT THE STRAZ RUNNING THROUGH 2018/2019. OUR NEARLY $130,000,000 CONTRIBUTION TO THE ECONOMIC DEVELOPMENT OF THE TAMPA BAY COMMUNITY REFLECTS FOR ANOTHER YEAR THAT THE STRAZ CENTER SERVES AS A VIBRANT, ENERGETIC FORCE DRIVING CULTURAL AND ECONOMIC PROSPERITY. HOWEVER, THE STRAZ CENTER MADE ITS LARGEST COMMUNITY REACH AND IMPACT YET WITH OUR FISCAL YEAR 2018-2019 BEING OUR LARGEST BUSINESS YEAR SO FAR. A KEY DRIVER WAS THE FOUR WEEK PRESENTATION OF "HAMILTON", THE TOURING BROADWAY SHOW, AND ITS EDUCATIONAL EXPERIENCE FOR OUR LOCAL STUDENTS THAT HELPED HEIGHTEN OUR EXTENSIVE DIVERSIFIED FULL SEASON PROGRAM OFFERING.IN ADDITION, WE ENHANCED OUR OUTREACH INTO OUR GREATER COMMUNITY WITH TWO NEW INITIATIVES: ARTS LEGACY REMIX AND STRAZ SALUTES. BOTH PROGRAMS EMERGED FROM OUR COMMITMENT TO THE COMMUNITY. WE ARE THRILLED TO REPORT THAT ARTS LEGACY REMIX ATTRACTED HUNDREDS OF PEOPLE TO OUR FREE COMMUNITY CULTURAL CELEBRATIONS. STRAZ SALUTES A COMPREHENSIVE EFFORT TO MAKE VETERANS, ACTIVE MILITARY AND THEIR FAMILIES WELCOME HERE THROUGH PERFORMANCES, PROGRAMS AND ARTIST OPPORTUNITIES RESULTED IN STRONGER, MORE AUTHENTIC BONDS WITH OUR MILITARY COMMUNITY.WE ALSO OPENED "SIP", OUR FUN, RETRO AIRSTREAM BAR ON THE RIVERWALK, WHICH HAS DONE WONDERS FOR OUR EFFORTS TO ACTIVATE THE WATERFRONT AND LET PEOPLE KNOW OUR CAMPUS IS OPEN TO EVERYONE, WHETHER THEY HAVE A TICKET OR NOT. SIP ESTABLISHED US AS A HANGOUT, WHICH IS EXACTLY WHERE WE WANT TO BE AS WE HEAD INTO OUR STRATEGIC MASTER PLAN EXPANSION AND AS THE DOWNTOWN METROPOLIS TAKES SHAPE AROUND US.TICKET SUBSIDIES: OUR OPERATION TICKETS PROGRAM PROVIDES OVER 42,000 SUBSIDIZED TICKETS TO INDIVIDUALS, ORGANIZATIONS AND SCHOOLS. STUDENTS FROM PARTICIPATING SCHOOLS, INCLUDING A MAJORITY OF TITLE I SCHOOLS, USE THESE SCHOLARSHIPS TO ATTEND DIFFERENT STRAZ CENTER PERFORMANCES RELATED TO THEIR CLASSROOM STUDIES. THE RACHEL LISI ENDOWED TICKET SUBSIDY FUND ALSO PROVIDES PERFORMANCE TICKETS TO LOW-INCOME AND UNDERSERVED INDIVIDUALS AND FAMILIES.HIGHLIGHTS OF OUR PROGRAMMING OFFERED IN 2018-2019 CONSISTS OF:BROADWAY (13 SHOWS): THE PLAY THAT GOES WRONG, HELLO DOLLY, HUNDRED DAYS, A BRONX TALE, HAMILTON, DEAR EVAN HANSEN, ANASTASIA, COME FROM AWAY, CHICAGO, LES MISERABLES, TAP DOGS, KINKY BOOTS, AND ROCK OF AGES.OPERA PRESENTED (6 SHOWS): JOHANN STRAUSS II'S DIE FLEDERMAUS, ANTON COPPOLA'S LADY SWANWHITE, GEORGES BIZET'S THE PEARL FISHERS, GIACOMO PUCCINI'S LA BOHEME, THE WITCHING HOUR, A NIGHT IN SPAIN FEATURING LA VERBENA DE LA PALOMA WITH THE OPERA TAMPA SINGERS. CLASSICAL MUSIC: 19 SHOWS OF A VARIETY OF ORCHESTRA COMPOSITIONS FROM THE FLORIDAORCHESTRA.MUSIC PRESENTED (8 SHOWS): WHIFFENPOOFS, THE TEXAS TENORS, HAVANA CUBAALL STARS, THE SWINGLES, UNITED STATES NAVY BAND COMMODORES, WE SHALL OVERCOME: A CELEBRATION OF MARTIN LUTHER KING, JR., GET HAPPY: ANGELA INGERSOLL SINGS JUDY GARLAND.COMEDY PRESENTED (18 SHOWS): SEBASTIAN MANISCALCO, PITTSBURGH LEGEND ROCKY BLEIER THE PLAY, HARI KONDABOLU, THE NAKED MAGICIANS, BRIAN KILMEADE, AMERICA: GREAT FROM THE START, BENJI BROWN, CELESTE BARBER, NEIL DEGRASSE TYSON, KYLE CEASE, EVOLVING OUT LOUD, MEN ARE FROM MARS, WOMEN ARE FROM VENUS, LATE NITE CATECHISM, SPAMILTON: AN AMERICAN PARODY, CHAD PRATHER, AN EVENING WITH DAVID SEDARIS, THE LIGHTNING THIEF, THE PERCY JACKSON MUSICAL. DANCE PRESENTED (6 SHOWS): MAYUMANA: CURRENTS, DIAVOLO DANCE THEATRE: ARCHITECTURE IN MOTION, FARRUQUITO, LES BALLETS TROCADERO DE MONTE CARLO, PATEL CONSERVATORY NEXT GENERATION BALLETS: NUTCRACKER AND PIRATES AND COWBOYS: LE CORSAIRE & WESTERN SYMPHONY.CLUB JAEB PRESENTED: AN 8 SHOW SERIES MADE UP AMERICAN ROOTS ARTISTS FROM ACROSS THE ROUTES OF AMERICA SUCH AS GRIFFIN HOUSE, DOM FLEMONS, CARRIE NEWCOMER, CICADA RYHTHM AND DORI FREEMAN.CABARET AT THE STRAZ PRESENTED: (6 SHOWS): LACHANZE, ERICH BERGEN, JEREMY STOLE, JANE LYNCH A SWINGING LITTLE CHRISTMAS, AN UNFORGETTABLE NAT KING COLE CHIRSTMAS STARRING EVAN TYRONE MARTIN AND STORM LARGE.PATEL CONSERVATORY EDUCATION EVENTS: WHILE OUR PATEL CONSERVATORY OFFERS THE VERY BEST IN PERFORMING ARTS TRAINING, THE CAMPS AND CLASSES ARM OF THE STRAZ CENTER DOES NOT TELL THE WHOLE STORY. WITH ARTIST TALKBACKS, FIELD TRIPS AND EXTENSIVE COMMUNITY OUTREACH PROGRAMS, THE STRAZ CENTER SERVES AS A COMPREHENSIVE ARTS EDUCATION HUB, EXPORTING INVALUABLE RESOURCES INTO THE COMMUNITY AND CREATING A VIBRANT CULTURE ON OUR FACILITY CAMPUS. CONSERVATORY THEATER PRODUCTIONS IN 2018-2019 INCLUDED, THE ADDAMS FAMILY, THE BEST CHRISTMAS PAGEANT EVER, DINOSAURS BEFORE DARK KIDS AND SEUSSICAL JR ALONG WITH A VARIETY OF SUPERIOR DANCE AND MUSIC EVENTS.FAMILY ENTERTAINMENT PRESENTED (7 SHOWS): DISNEY JUNIOR DANCE PARTY ON TOUR! THE MAGIC SCHOOL BUS: LOST IN THE SOLAR SYSTEM, ROSIE REVERE ENGINEER, BEAUTY AND THE BEAST, SILLY SAM THE MUSIC MAN, LIPPO THECLOWN'S SMALL FAMILY CIRCUS AND SANDI SYLVER PUPPET SHOW.CINEMA PLUS (5 SHOWS): A DIVERSIFIED OFFERING OF MOVIES PRESENTED ON OUR HIGH DEFINITION MOVIESCREEN IN OUR FERGUSON HALL IN COMBINING FILM AND MUSIC: HARRY POTTER AND THE PRISONEROF AZKABAN IN CONCERT, VIVERE ALL'ITALIANA: ITALIAN FILM @THE STRAZ AND THE NATIONAL THEATER LIVE SERIES OF HIGH DEFINITION FILMED VERSIONS OF GREAT PERFORMANCES FROM BRITAIN'S THEATER SCENE: FOLLIES, YOUNG MARX AND CAT ON A HOT TIN ROOF.JOBSITE THEATER SHOWS PRESENTED (6 SHOWS): LOCAL ARTISTS PERFORMING THROUGH OUR RESIDENT COMPANY PRESENTED: HEDWIG AND THE ANGRY INCH, EDGAR & EMILY, OTHELLO, THE COMPLETE WORKS OF WILLIAM SHAKESPEARE, HEDDA AND CONSTELLATIONS.NATIONAL GEOGRAPHIC LIVE! (3 SHOWS): INTO THE ARCTIC KINGDOM, WILD FLORIDA: HIDDEN IN PLAIN SIGHT; WILD SEAS, SECRET SHORES.IN ADDITION, WE CONTINUE TO SOLIDIFY A PRESENCE FOR: LOCAL TAMPA BAY AREA ARTISTS ON OUR CAMPUS. WITH OUR ONGOING COMMITMENT TO THE COMMUNITY TO ACTIVATE THE RIVERWALK, SO ALL CAN ENJOY THE STRAZ EVEN WITHOUT A TICKET, OUR OFFERING OF ART AND FREE PERFORMANCES IS NOW ENHANCED WITH OUR ARTS LEGACY REMIX SERIES. THIS WAS CREATED THIS SEASON IN ORDER TO CREATE THE FUTURE BY EMBRACING THE PRESENT AND THE PAST AND TO CONNECT THE STRAZ CENTER'S ARTISTIC LEGACY TO THE COMMUNITY. CURATED BY ARTIST-IN-RESIDENCE FRED JOHNSON, THIS PROJECT PRODUCES PERFORMING ARTS WORKS WITH INPUT AND INSIGHT FROM LOCAL PEOPLE AND PLACES. 9723239 2650269 FACILITY SERVICES:FACILITY SERVICES INCLUDE OPERATIONS INVOLVED IN THE PRESENTATION OF PERFORMING ARTS TO THE COMMUNITY & THE UTILIZATION OF ALL AVAILABLE RESOURCES TO ENSURE CONTINUED FINANCIAL STABILITY. THESE OPERATIONS ARE RESPONSIBLE FOR BOTH FRONT-OF-HOUSE AND BACK-OF-HOUSE FUNCTIONS FOR FIVE THEATERS AND A 335,000-SQUARE-FOOT COMPLEX. OPERATIONS IS ALSO RESPONSIBLE FOR FOOD & BEVERAGE (WITH THREE ON-SITE RESTAURANTS PLUS CATERING), MAINTENANCE AND CLEANING, FACILITIES, HOUSE MANAGEMENT (INCLUDING 700 VOLUNTEERS), SECURITY AND GROUNDS AS WELL AS PRODUCTION SUPPORT THROUGH LIGHTING, SOUND, LOAD-INS, LOAD-OUTS AND STAGING. OPERATIONS IS RESPONSIBLE FOR MAINTAINING A 32-YEAR-OLD BUILDING, AS WELL AS A FIFTEEN-YEAR-OLD CONSERVATORY WITH 20 STUDIOS.EXPENSE BASE ALSO INCLUDES DEPRECIATION EXPENSE OF $1,419,078 FOR THE AMORTIZED COST RECOGNITION OF PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS. 4055634 393792 3534850 ARTS EDUCATION PROGRAMMING:A TOP PRIORITY AT THE STRAZ CENTER IS ARTS EDUCATION. THROUGH ITS PATEL CONSERVATORY, ARTS EDUCATION IS COMPRISED OF AGEAPPROPRIATE PERFORMANCES ON ITS MAIN STAGES, A SEQUENTIAL CLASSROOM CURRICULUM IN DANCE, THEATRE AND MUSIC PROVIDED IN THE PATEL CONSERVATORY, AND OUTREACH INITIATIVES DESIGNED TO REACH THOSE IN THE COMMUNITY WHO WOULD OTHERWISE BE UNABLE TO ATTEND ONSITE ACTIVITIES. IN 2018-2019 MORE THAN 10,000 STUDENTS, PARENTS & EDUCATORS EXPERIENCED EDUCATION BASED CLASSES & PERFORMANCES THROUGH THE PATEL CONSERVATORY AT THE STRAZ CENTER.COMPLETING ITS FIFTEENTH YEAR AT THE STRAZ CENTER, THE PATEL CONSERVATORY CONTINUES TO PROVIDE THE FINEST PERFORMING ARTS TRAINING IN AN INSPIRATIONAL SETTING BY GIVING STUDENTS THE TOOLS TO DREAM, REACH, DISCOVER AND CREATE THE PERFORMING ARTS, INTEGRATE THEM INTO EVERYDAY LIFE AND CONTRIBUTE TO THE COMMUNITY. THE CONSERVATORY RECEIVED RENEWAL OF ITS ACCREDITATION FROM THE SOUTHERN ASSOCIATION OF COLLEGES AND THE SOUTHERN ASSOCIATION OF COLLEGES AND SCHOOLS COUNCIL ON ACCREDITATION AND SCHOOL IMPROVEMENT. IT IS NOW IN ITS SEVENTH YEAR OF ACCREDITATION. THE CURRENT RENEWAL IS IN EFFECT THROUGH 2021.AT THE NORTH END OF THE STRAZ CENTER'S CAMPUS, THE PATEL CONSERVATORY'S THREE STORY, 45,000 SQUARE FEET FACILITY OFFERS MORE THAN 120 PERFORMING ARTS CLASSES IN DANCE, THEATER AND MUSIC FOR STUDENTS OF ALL AGES AND EXPERIENCE LEVELS. THE CURRICULUM IS DESIGNED TO PROVIDE INTRODUCTORY CLASSES FOR THE CULTURALLY CURIOUS AND PROGRESS TO PRE-PROFESSIONAL TRAINING FOR THE SERIOUS PERFORMING ARTS STUDENT.THE PATEL CONSERVATORY CONTINUED TO FLOURISH WITH HIGHER ENROLLMENT, GREATER ATTENDANCE AT OUR PROFESSIONALLY PRODUCED PRODUCTIONS AND STRONGER DIVERSITY AMONG STUDENTS FROM PRE-K TO GOLDEN AGE.STUDENTS EXPERIENCED MORE SCHOLARSHIPS, MORE WORKSHOPS, MORE MASTER CLASSES AND MORE ARTIST-TEACHERS AND GUEST ARTISTS THAN EVER BEFORE. THE PATEL CONSERVATORY TRAINED MORE THAN 10,000 PEOPLE IN DANCE, MUSIC AND THEATER IN THE 2018-2019 SEASON.DONORS HELPED TO PROVIDE CREATIVE AND INNOVATIVE WAYS TO ENGAGE STUDENTS, LOCAL ARTISTS AND CHERISHED COMMUNITY MEMBERS WITH THE ARTS. AS A RESULT OF THIS RENEWED COMMITMENT TO ENGAGEMENT ACROSS THE COMMUNITY, THE STRAZ LEARNED MORE ABOUT WHO WE SERVE AND HOW TO BUILD BETTER RELATIONSHIPS. A WIN-WIN FOR BOTH SIDES.SCHOLARSHIPS: SCHOLARSHIPS ENABLED STUDENTS, ESPECIALLY THOSE WHO OTHERWISE WOULD BE UNABLE TO PARTICIPATE, TO ENROLL IN 120 CLASSES AND CAMPS AT THE PATEL CONSERVATORY IN 2019. $393,793 IN NEED-BASED AND MERIT SCHOLARSHIPS WAS AWARDED TO STUDENTS IN GRADES K-12 TO PURSUE TRAINING IN THEIR AREA OF INTEREST.EDUCATION TICKET SUBSIDIES: OUR OPERATION TICKETS PROGRAM PROVIDES SUBSIDIZED TICKETS TO MORE THAN 2,200 STUDENTS FROM PARTNERING SCHOOLS, INCLUDING A MAJORITY OF TITLE 1 SCHOOLS, TO ATTEND MORE THAN 35 DIFFERENT STRAZ CENTER PERFORMANCES RELATED TO THEIR CLASSROOM STUDIES. A TITLE 1 GROUP OF STUDENTS TRAVELED TO THE STRAZ CENTER FROM PASCO COUNTY TO SEE A PERFORMANCE OF ANASTASIA. THE RACHEL LISI TICKET SUBSIDY FUND AIDED LOW-INCOME AND UNDERSERVED INDIVIDUALS AND FAMILIES THROUGH SUBSIDIZED TICKETS TO PERFORMANCES.THE PATEL CONSERVATORY MUSIC DEPARTMENT BRINGS PROFESSIONAL AND AVOCATIONAL TRAINING TO STUDENTS IN ORCHESTRAS, JAZZ ENSEMBLES, ROCK BANDS, VOCAL MUSIC CLASSES AND PRIVATE LESSONS IN ALL AREAS OF MUSIC.OUTREACH IN ARTS EDUCATION: EACH YEAR, STRAZ EDUCATION PROGRAMS GO LIVE AND DIRECT INTO THE COMMUNITY, AFFECTING THE LIVES OF YOUNG PEOPLE WITH AN EVERGROWING COMMITMENT TO ARTS EDUCATION. ANOTHER MILESTONE FOR THE 2018-2019 SEASON THAT WE HAD NOT SEEN COMING - AN IMPRESSIVE LEAP - FIFTY-TWO OUTREACH PARTNERSHIPS IN OUR COMMUNITY. THAT INCREASE MEANS THE STRAZ IS IN MORE CLASSROOMS, MORE HOMESCHOOL PROGRAMS, MORE VETERANS ORGANIZATIONS, MORE ASSISTED LIVING FACILITIES, MORE SERVICEORIENTED NONPROFITS AND MORE VIBRANTLY ALIVE IN NEIGHBORHOODS AND AREAS THAT, FOR VARIOUS REASONS OF INEQUITY, DO NOT HAVE EASY ACCESS TO OUR FACILITIES OR ONSITE PROGRAMS. WE ARE CLOSING THE GAP BETWEEN THE STRAZ AND THE GREATER TAMPA BAY AREA, FOLDING IN MORE AND MORE PEOPLE TO THE BIGGER STRAZ CENTER FAMILY. FROM YEARS OF EXPERIENCE OF DAILY WE WILL SEE POWERFUL BENEFITS FROM THE ARTS TOUCHING SO MANY MORE LIVES. ALSO, IN 2018-2019, WE BEGAN TO RESPOND MORE VIGOROUSLY TO TWO AREAS OF INCREASING NEED: PERFORMING ARTS IN SCHOOLS AND PROFESSIONAL MENTORSHIP. THE PATEL CONSERVATORY PROVIDED 9 MASTER CLASSES LAST SCHOOL YEAR, UNITING THESE DUAL NEEDS. MASTER CLASSES, OPEN TO THE PUBLIC AND TAUGHT BY A PROFESSIONAL IN THE FIELD, EXPOSE STUDENTS TO MORE FOCUSED TRAINING AND GIVE THEM OPPORTUNITIES TO CONNECT WITH ARTISTS, LEARNING ABOUT LIFE IN THE BUSINESS WHILE HONING THEIR CRAFTS. OUR MASTER CLASS PROGRAMS BRING PROFESSIONAL ARTS TRAINING TO SCHOOL CHILDREN, DEMONSTRATING THAT WE WILL SUPPORT THEIR DEVELOPMENT AND GROWTH IN THE UNIQUE WAYS THE PERFORMING ARTS ALLOWS. MASTER CLASSES FEATURE INTERACTION AND TRAINING WITH OUR TOURING BROADWAY ARTISTS, INCLUDING THOSE FROM HAMILTON EDUCATION PROGRAM (AKA EDUHAM), COME FROM AWAY, AND DEAR EVAN HANSEN. AT THE CONSERVATORY DURING THE SHOW SEASON, THE PATEL CONSERVATORY OFFERED WORKSHOPS ON AUDITION TECHNIQUE, WITH MUSICIANS AND LOCAL PROFESSIONALS WHO HAD THE DESIRE TO GIVE BACK TO THE TAMPA COMMUNITY WHERE THEY STARTED THEIR CAREERS. IN 2019, 5,208 STUDENTS WERE SERVED THROUGH OUR COMMUNITY PARTNERSHIP PROGRAM. OF THOSE PARTICIPATING STUDENTS, MANY FOR THE FIRST TIME EXPERIENCED THEIR FIRST PROFESSIONAL PERFORMANCE.A ROBUST SCHOLARSHIP PROGRAM AND A FULL SCHEDULE OF SCHOOL & COMMUNITY PARTNERSHIPS PROGRAMS PROVIDED AT NO COST ENSURE THE PROGRAMS AT STRAZ ARE OPEN TO THE ENTIRE COMMUNITY. TO ENSURE THAT THE PERFORMING ARTS ARE ACCESSIBLE TO THE ENTIRE COMMUNITY, THE STRAZ CENTER MAINTAINS OUTREACH PROGRAMS THAT "TAKE THE SHOW ON THE ROAD" TO THOSE FOR WHOM A VISIT TO THE CENTER IS IMPOSSIBLE. OUTREACHES ARE PROVIDED AT NO COST AND MAY INCLUDE WORKSHOPS, EXTENDED RESIDENCIES, MASTER CLASSES OR PERFORMANCES BY PATEL FACULTY, STAFF AND VISITING PERFORMING ARTISTS. DURING FY 2018-2019, THE CONSERVATORY PROVIDED PROGRAMS TO ITS 52 COMMUNITY PARTNERS THROUGHOUT THE AREA TO RECEIVE ARTS EXPERIENCES. THESE EXPERIENCES WERE OF VARIOUS DURATIONS AND INTENSITY LEVELS - RANGING FROM ONE TIME OPPORTUNITIES TO EXTENDED RESIDENCY PROGRAMS WITH EXTENSIVE PROGRAMMING AND COMPLIMENTARY TICKETS TO SHOWS FOR STUDENTS AND CHAPERONES. MARKETING SERVICES SUPPORTING EDUCATION PROGRAMMING ARE INCLUDED IN THE EXPENSE BASE INDICATED ABOVE AND AMOUNT TO $185,660 FOR FY 2018-2019.IN FY 2018-2019 THE EXECUTIVE TEAM, BOARD, STAFF AND VOLUNTEERS CONTINUED IN ITS YEAR THREE OF ITS CURRENT FIVE-YEAR STRATEGIC PLAN. THE PLAN IS TO CONTINUE TO BETTER SERVE YOU AND THIS ORGANIZATION AS A VALUED WORKPLACE AND COMMUNITY INSTITUTION IN WORKING IN ALIGNMENT WITH OUR MISSION, VISION, VALUES AND GOALS. THIS INCLUDES WORK ON OUR MASTER PLAN VISION AS WELL, OFFERING PUBLIC TRANSPARENCY AS THE STRAZ CENTER LEADS TO INNOVATE AS A CULTURAL AND ECONOMIC LEADER. WE INVITE YOU TO VIEW OUR MISSION, VISION, VALUES AND GOALS ONLINE. PLEASE VISIT WWW.STRAZCENTER.ORG/ABOUTTHESTRAZCENTER/STRATEGICPLAN.CAPITAL IMPROVEMENTS: THE STRAZ CENTER CONTINUES TO BE A STATE-OF-THE-ART FACILITY THAT OFFERS THE VERY BEST EXPERIENCE FOR PERFORMERS AND PATRONS ALIKE. DURING THIS PAST YEAR, DANCE FLOORS IN OUR PATEL CONSERVATORY DANCE STUDIOS WERE UPGRADED TO PROVIDE ENHANCED CLASS INSTRUCTION FOR OUR DANCE STUDENTS. IN ADDITION, OUR PATRON EXPERIENCE WAS ELEVATED THROUGH OUR VENUE SEAT RENOVATION PROJECT. THIS PROJECT INCLUDED COMPLETION OF THE RESTORATION OF ALL SEATS IN OUR MORSANI AND FERGUSON HALLS. WE ALSO OPENED SIP, OUR FUN RETRO AIRSTREAM BAR AND OUTDOOR STAGE ON THE RIVERWALK, WHICH HAS DONE WONDERS FOR OUR EFFORTS TO ACTIVATE THE WATERFRONT AND LET PEOPLE KNOW OUR CAMPUS IS OPEN TO EVERYONE, WHETHER THEY HAVE A TICKET OR NOT. SIP AND OUR OUTDOOR STAGE ESTABLISHED US AS A HANGOUT, WHICH IS EXACTLY WHERE WE WANT TO BE AS WE HEAD INTO OUR STRATEGIC MASTER PLAN OVER THE NEXT THREE-FIVE YEARS AND AS THE DOWNTOWNMETROPOLIS TAKES SHAPE AROUND US. 42419928 1 1 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 1 0 1 1 0 0 1 1 1 0 0 0 1 199 0 1 804 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 66 66 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X MARY BETH ROSSI CPA CMA 8132221044 1010 NORTH WC MACINNES PLACE TAMPA FL 336023720 GARY SASSO CHAIRMAN 1.00 1.00 X X 0 0 0 BILL WEST VICE CHAIRMAN 1.00 1.00 X X 0 0 0 JACK KIRKLAND TREASURER 1.00 1.00 X X 0 0 0 LISA SIMINGTON SECRETARY 1.00 0.00 X X 0 0 0 ALISON ADAMS TRUSTEE 1.00 0.00 X 0 0 0 JOHNNY ADCOCK TRUSTEE 1.00 0.00 X 0 0 0 R TROY ATLAS TRUSTEE 1.00 0.00 X 0 0 0 MARC BLUMENTHAL TRUSTEE 1.00 0.00 X 0 0 0 YVONNE YOLIE CAPIN TRUSTEE 1.00 0.00 X 0 0 0 HARRY COHEN TRUSTEE 1.00 0.00 X 0 0 0 SANTIAGO CORRADA TRUSTEE 1.00 0.00 X 0 0 0 THEODORE J COUCH JR TRUSTEE 1.00 0.00 X 0 0 0 VICTOR CRIST TRUSTEE 1.00 0.00 X 0 0 0 STEVEN CURRALL TRUSTEE 1.00 0.00 X 0 0 0 GINA D'ANGELO TRUSTEE 1.00 0.00 X 0 0 0 DOUGLAS DIECK TRUSTEE 1.00 0.00 X 0 0 0 JOHN J DINGFELDER TRUSTEE 1.00 0.00 X 0 0 0 JEFF EAKINS TRUSTEE 1.00 0.00 X 0 0 0 JOHNATHON ELLEN TRUSTEE 1.00 0.00 X 0 0 0 IGNACIO A FERRAS III TRUSTEE 1.00 0.00 X 0 0 0 SCOTT FINK TRUSTEE 1.00 0.00 X 0 0 0 MICHELE M FREEDLE TRUSTEE 1.00 0.00 X 0 0 0 RYAN FREKING TRUSTEE 1.00 0.00 X 0 0 0 RENE GALLANT TRUSTEE 1.00 0.00 X 0 0 0 JUDY L GENSHAFT TRUSTEE 1.00 0.00 X 0 0 0 JEFFREY GIBSON TRUSTEE 1.00 0.00 X 0 0 0 GORDON GILLETTE TRUSTEE 1.00 0.00 X 0 0 0 BILL GOEDE TRUSTEE 1.00 0.00 X 0 0 0 TERRY IGO TRUSTEE 1.00 0.00 X 0 0 0 DON E JONES JR TRUSTEE 1.00 0.00 X 0 0 0 KEN JONES TRUSTEE 1.00 0.00 X 0 0 0 KASEY SHIMBERG KELLY TRUSTEE 1.00 0.00 X 0 0 0 SCOTT KIZER TRUSTEE 1.00 0.00 X 0 0 0 ZENA LANSKY TRUSTEE 1.00 0.00 X 0 0 0 BARRY LEVINE TRUSTEE 1.00 0.00 X 0 0 0 AD SANDY MACKINNON TRUSTEE 1.00 1.00 X 0 0 0 GENE MARSHALL TRUSTEE 1.00 0.00 X 0 0 0 GENE MCNICHOLS TRUSTEE 1.00 0.00 X 0 0 0 STEVEN H MEZER TRUSTEE 1.00 0.00 X 0 0 0 FRANK L MORSANI TRUSTEE 1.00 1.00 X 0 0 0 VERA MUZZILLO TRUSTEE 1.00 0.00 X 0 0 0 RICK NAFE TRUSTEE 1.00 0.00 X 0 0 0 ERIKA NOONBURG-MORGAN TRUSTEE 1.00 0.00 X 0 0 0 ROBERT NORMAN TRUSTEE 1.00 0.00 X 0 0 0 PALLAVI K PATEL TRUSTEE 1.00 0.00 X 0 0 0 DAVID PIZZO TRUSTEE 1.00 0.00 X 0 0 0 JAKE RABURN TRUSTEE 1.00 0.00 X 0 0 0 ROYCE W REED TRUSTEE 1.00 0.00 X 0 0 0 DENNIS R ROGERO JR TRUSTEE 1.00 0.00 X 0 0 0 ALFRED ROGERS JR TRUSTEE 1.00 0.00 X 0 0 0 DARRYL ROUSON TRUSTEE 1.00 0.00 X 0 0 0 JONATHON SANTELLI TRUSTEE 1.00 0.00 X 0 0 0 DAVID SCHER TRUSTEE 1.00 0.00 X 0 0 0 HINKS SHIMBERG TRUSTEE 1.00 1.00 X 0 0 0 JEFF SIKORSKE TRUSTEE 1.00 0.00 X 0 0 0 MARTIN L SILBIGER TRUSTEE 1.00 1.00 X 0 0 0 RICK SIMONETTI TRUSTEE 1.00 0.00 X 0 0 0 SHARON STEIN TRUSTEE 1.00 0.00 X 0 0 0 CATHERINE LOWRY STRAZ TRUSTEE 1.00 0.00 X 0 0 0 CINDY STUART TRUSTEE 1.00 0.00 X 0 0 0 CHUCK SYKES TRUSTEE 1.00 0.00 X 0 0 0 RONALD VAUGHN TRUSTEE 1.00 0.00 X 0 0 0 DAVID B WEINSTEIN TRUSTEE 1.00 0.00 X 0 0 0 STACY WHITE TRUSTEE 1.00 0.00 X 0 0 0 TODD WICKNER TRUSTEE 1.00 0.00 X 0 0 0 DEBRA WILLIAMS TRUSTEE 1.00 0.00 X 0 0 0 JUDITH LISI CHIEF EXECUTIVE OFFICER 40.00 8.00 X 663439 0 32533 MARY BETH ROSSI CHIEF ADMIN AND FINANCE OFFICER (CAFO) 40.00 8.00 X 251665 0 27895 LORRIN SHEPARD CHIEF OPERATING OFFICER (COO) 40.00 8.00 X 221919 0 22103 JULIE BRITTON EXECUTIVE VICE PRESIDENT OF DEVELOPMENT 40.00 8.00 X 171549 0 17288 SUZANNE LIVESAY VICE PRESIDENT OF EDUCATION 40.00 0.00 X 121435 0 12241 ANTHONY WALTERS VICE PRESIDENT OF TICKETING 40.00 0.00 X 116447 0 13801 SUMMER BOHNENKAMP VICE PRESIDENT OF MARKETING 40.00 0.00 X 113201 0 15084 JAVIER RASMUSSEN GENERAL MANAGER, FOOD & BEVERAGE 40.00 0.00 X 110824 0 17875 DOMINICK FURLANO SENIOR CONTROLLER 40.00 0.00 X 108649 0 17014 GEORGIANA YOUNG FORMER CPMO 40.00 0.00 X 138200 0 14448 2017328 0 190282 11 1 1 0 LMG SYSTEMS INTEGRATION PO BOX 740995 ATLANTA GA 303740995 DIGITAL AND AUDIO EQUIPMENT 797115 FRIEDRICH WATKINS OF TAMPA LLC 5521 W CYPRESS STREET TAMPA FL 336071755 BUILDING RENOVATIONS 482176 TAMPA BAY TIMES PO BOX 123396 DALLAS TX 75312 ADVERTISING SERVICES 393565 BARBIZON LIGHTING COMPANY 4203 SW 34TH STREET ORLANDO FL 32811 BUILDING RENOVATIONS 322843 NATIONAL BUILDING MAINTENANCE LLC 5005 N HESPERIDES ST TAMPA FL 33614 MAINTENANCE 312112 30 240652 1599244 1775927 4649128 207990 8264951 TICKET SALES 711110 30064539 30064539 BOX OFFICE FEES 711110 4461875 4461875 EDUCATION PROGRAM TUITION & FEES 711130 3534850 3534850 SERVICE FEE INCOME 541800 770780 691679 79101 540207 540207 39372251 163684 163684 2679202 2980382 -301180 -301180 -301180 862994 240652 352430 510564 510564 4554058 1216770 3337288 2650269 687019 51347558 41943419 766120 373068 393792 393792 1259816 257995 1001821 9704396 7054616 1792098 857682 705930 562394 97148 46388 893081 676919 151015 65147 887070 716962 111205 58903 51719 51719 62696 62696 18344 18344 56383 56383 356010 325819 30191 2690000 2658076 28284 3640 672163 513659 130971 27533 2477472 1951535 525937 246930 197347 42784 6799 195224 130484 45648 19092 1419075 1419075 377654 112898 264756 PRODUCTION RELATED EXPE 24019174 23818146 31170 169858 CREDIT CARD PROCESSING 971687 926199 45488 FOOD & BEVERAGE OPERATI 226464 226464 EMPLOYEE RECRUITING & R 138778 92479 43768 2531 510215 385069 122153 2993 48334073 42419928 4589747 1324398 5204140 4924965 210576 261147 1019861 1070650 1380709 550064 83657 103656 781968 1142300 35646948 19079723 15652294 16567225 7751638 8159462 262790 391046 1149533 1454530 33497166 34625045 2170195 2521040 13788253 10880985 15958448 13402025 X 14765138 18248240 13580 6790 2760000 2967990 17538718 21223020 33497166 34625045 X 3013485 671454 -637 X 0 1 X 1 0 X 6550506 7112081 8652384 7313542 8264951 37893464 6550506 7112081 8652384 7313542 8264951 37893464 8610937 29282527 79597 94619 161512 237647 163684 737059 558552 690820 1264662 792186 510564 3816784 42447307 165595096 0.68990 0.67750 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 1 0 1 0 0 1 41118 0 0 41118 0 PART II-B, LINE 1: GOVERNMENT RELATIONS CONSULTANT RETAINED TO PROVIDE STRATEGIC PLANNING, LOBBYING AND ADVISORY SERVICES RELATED TO GOVERNMENT AGENCIES, DEPARTMENTS, AND ELECTED OFFICIALS. ADVISES AND ASSISTS WITH DEVELOPMENT AND IMPLEMENTATION OF LEGISLATIVE AND POLICY GOALS, KEY OBJECTIVES AND STRATEGIES, AND MONITORS LEGISLATIVE THREATS AND OPPORTUNITIES TO ADVANCE THE STRAZ CENTER'S MISSION. 207990 207990 X 0 22640454 929319 1766590 673769 24662594 21990664 1370750 2751275 3472235 22640454 25348617 1498061 3222809 8078823 21990664 22829082 2411400 2958391 2850256 25348617 24138595 2055830 215390 3580733 22829082 0.00000 0.94720 0.05280 1 1 1 11605952 7248594 4357358 22581376 11831129 10750247 1459620 1459620 16567225 PART III, LINE 4: THE TAMPA BAY PERFORMING ART CENTER'S FINE ART COLLECTION IS MAINTAINED FOR THE CULTURAL ENRICHMENT OF ITS GUESTS AND COMMUNITY, BY COMBINING VISUAL ARTS WITHIN OUR PERFORMING ARTS FACILITY. THE COLLECTION CONSISTS OF 3 SCULPTURES, AND 54 PRINTS, PAINTINGS AND MULTI-MEDIA WORKS, WHICH ARE ON PUBLIC EXHIBITION IN THE LOBBIES OF ITS MAIN VENUES. PART V, LINE 4: 1) PERMANENT ENDOWMENT FUNDS HELD BY TAMPA BAY PERFORMING ARTS CENTER, INC. ("TBPAC") REPRESENT PUBLIC FUNDING FROM THE FLORIDA STATE CULTURAL ENDOWMENT PROGRAM AND RELATED MATCHING GIFTS. THE INVESTMENT EARNINGS ON THE PERMANENT ENDOWMENT FUNDS ARE NOT RESTRICTED AND ARE CONSIDERED UNRESTRICTED/BOARD DESIGNATED FUNDS WITH INTENDED USES PRIMARILY TO COVER EXPENSES ASSOCIATED WITH TBPAC'S ARTS EDUCATION AND OUTREACH PROGRAMMING. INVESTMENT INCOME RETURN FROM THE STATE ENDOWMENT HELPS ENSURE THAT THE PERFORMING ARTS REMAIN AN INTEGRAL PART OF EVERY CHILD'S EDUCATION. TBPAC'S OVERALL ARTS MANAGEMENT PHILOSOPHY AFFIRMS A COMMITMENT TO THE COMMUNITY TO PROVIDE THE HIGHEST QUALITY OF ARTISTIC PERFORMANCES, OUTREACH, ACCESSIBILITY AND AUDIENCE DEVELOPMENT FOR ALL CONSTITUENT GROUPS. THIS IS ACCOMPLISHED IN LARGE PART THROUGH MULTICULTURAL EDUCATIONAL AND OUTREACH PROGRAMS. INCOME FROM THE CULTURAL ENDOWMENT PROGRAM ALSO ALLOWS TBPAC TO EXPAND ITS EDUCATIONAL PROGRAMMING AND INCREASE ITS IMPACT ON THE COMMUNITY. 2) UNRELATED ORGANIZATION - TBPAC IS THE BENEFICIARY OF THE RELATED FUNDS AT THE COMMUNITY FOUNDATION OF TAMPA BAY AND IS ENTITLED TO ALLOCATED DISTRIBUTIONS OF NET EARNINGS. PERMANENT ENDOWMENT FUNDS HELD IN TRUST BY THE TAMPA BAY COMMUNITY FOUNDATION FOR THE BENEFIT OF TBPAC, INC. CONSIST OF DISTRIBUTION AND USAGE OF INVESTMENT EARNINGS FOR BOTH UNRESTRICTED AND RESTRICTED DONOR DESIGNATED PURPOSES. THE USAGE OF THE UNRESTRICTED EARNING ALLOWS TBPAC THE FLEXIBILITY TO USE THE INVESTMENT INCOME RETURN AS BEST SERVES THE ORGANIZATION'S IMMEDIATE CHALLENGES AND FUNDING REQUIREMENTS AS APPROVED BY THE BOARD. INTERNAL GUIDELINES FOR UNRESTRICTED EARNINGS ALLOW USAGE FOR OPERATING EXPENSES FOR ADMINISTRATIVE AND PROGRAMMING ACTIVITIES AS WELL AS SPECIAL PROJECTS. THE RESTRICTED DONOR DESIGNATIONS ON USAGE OF INVESTMENT EARNINGS ARE RELATED TO EDUCATION MUSIC PROGRAMMING. 3) RELATED ORGANIZATION - TAMPA BAY PERFORMING ARTS CENTER FOUNDATION, INC. - PERMANENT ENDOWMENT FUNDS HELD BY TBPAC FOUNDATION, INC. PROVIDE FOR DISTRIBUTIONS TO TBPAC, INC. AND USAGE OF INVESTMENT EARNINGS FOR BOTH UNRESTRICTED AND RESTRICTED DONOR DESIGNATED PURPOSES. THE USAGE OF THE UNRESTRICTED EARNINGS ALLOWS TBPAC THE FLEXIBILITY TO USE THE INVESTMENT INCOME RETURN AS BEST SERVES THE ORGANIZATION'S IMMEDIATE CHALLENGES AND FUNDING REQUIREMENTS AS APPROVED BY THE BOARD. INTERNAL GUIDELINES FOR USE OF BOARD DESIGNATED ENDOWMENT (BOTH PRINCIPAL AND INVESTMENT RETURN) ALLOW USAGE FOR OPERATING EXPENSES, SPECIAL PROJECTS FOR BOTH THE CENTER AND FOUNDATION, COLLATERALIZATION FOR SECURING FINANCIAL ASSISTANCE, SPENDING POLICY DISTRIBUTIONS TO THE TBPAC, INC. AND DESIGNATION AS PERMANENT ENDOWMENT IN ACCORDANCE WITH BOARD INTERPRETATION OF RELEVANT STATE LAW. THE RESTRICTED DONOR DESIGNATIONS ON USAGE OF INVESTMENT EARNINGS ARE RELATED TO A) EDUCATION PROGRAMMING COVERING GENERAL ADMINISTRATION, OPERA, MUSIC, SPECIFIC SCHOOL ACTIVITIES, AS WELL AS B) OPERA PROGRAMMING AND C) THEATRE PROGRAMMING ACTIVITIES. BROADWAY BALL 616827 95217 521610 171292 TASTE @ THE STRAZ 254565 122385 132180 93899 1 232254 23050 209204 87239 1103646 240652 862994 352430 352430 510564 1 SCHOLARSHIPS 337 393792 PART I, LINE 2: PERIODIC REVIEW IS DONE THROUGHOUT THE SCHOOL YEAR BY THE ADMISSIONS OFFICE AND RESPECTIVE CHAIRS OF EACH DISCIPLINE ALONG WITH SEMIANNUAL REVIEWS WITH THE SCHOLARSHIP COMMITTEE. X X X X X X 0 0 0 0 0 0 0 1 0 JUDITH LISI CHIEF EXECUTIVE OFFICER 425621 0 203477 0 34341 0 22000 0 10533 0 695972 0 0 0 MARY BETH ROSSI CHIEF ADMIN AND FINANCE OFFICER (CAF 195421 0 20000 0 36244 0 18533 0 9362 0 279560 0 0 0 LORRIN SHEPARD CHIEF OPERATING OFFICER (COO) 170527 0 20000 0 31392 0 16154 0 5949 0 244022 0 0 0 JULIE BRITTON EXECUTIVE VICE PRESIDENT OF DEVELOPM 126341 0 17000 0 28208 0 12364 0 4924 0 188837 0 0 0 GEORGIANA YOUNG FORMER CPMO 129580 0 0 0 8620 0 11056 0 3392 0 152648 0 0 0 PART I, LINE 7 IN ACCORDANCE WITH THE CEO'S CONTRACT, THE CEO RECEIVES AN ANNUAL CONTRACTUAL BONUS OF UP TO 25% OF BASE COMPENSATION AT THE DISCRETION OF THE BOARD OF TRUSTEES. THIS IS BASED ON REVIEW OF ACHIEVEMENTS OF STRATEGIC AND ANNUAL ORGANIZATIONAL OPERATIONAL AND FINANCIAL GOALS, AS WELL AS COMMUNITY ENGAGEMENT. THE AMOUNT REPORTED IN PART II, COLUMN (II) FOR THE CEO INCLUDES FIXED INCENTIVE COMPENSATION IN ADDITION TO THE NON-FIXED BONUS DESCRIBED ABOVE. JOEL LISI SON OF CEO 68373 SEE PART V. 0 DONALD LIVESAY HUSBAND OF VP OF EDUCATION 39278 SEE PART V. 1 PART V, COLUMN (D) JOEL LISI AND DONALD LIVESAY ARE EMPLOYEES OF THE ORGANIZATION. COMPENSATION IS AT ARM'S LENGTH. X 54 207990 INDEPENDENT APPRAISAL 1 0 1 1 PART I, LINE 32B: THE ORGANIZATION USES A THIRD PARTY TO PROCESS OR SELL ANY SECURITIES THAT ARE GIVEN AS NONCASH CONTRIBUTIONS. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: THE TAX EXEMPT PURPOSE OF THE TAMPA BAY PERFORMING ARTS CENTER IS: (A) TO PROMOTE INTEREST IN THE STUDY, CREATION AND DEVELOPMENT OF THE PERFORMING ARTS AND NEW ARTISTIC WORKS; (B) TO ADVANCE THE KNOWLEDGE AND APPRECIATION OF THE GENERAL PUBLIC LOCALLY, NATIONALLY AND INTERNATIONALLY OF THE PERFORMING ARTS, SPECIFICALLY DRAMA, MUSIC AND DANCE; (C) TO PROVIDE AND SUPPORT FACILITIES FOR THE EDUCATION OF THE GENERAL PUBLIC IN THE PERFORMING ARTS AND FOR THE PERFORMANCE OF ARTS, DRAMA, DANCE AND MUSIC EVENTS; (D) TO LESSEN THE BURDENS OF GOVERNMENT BY COMBATING COMMUNITY DETERIORATION BY FOSTERING THE DEVELOPMENT IN THE CITY OF TAMPA, THE COUNTY OF HILLSBOROUGH AND THE TAMPA BAY AREA OF AN APPRECIATION OF THE PERFORMING ARTS BY SPONSORING CULTURAL PRESENTATION, SUCH AS PLAYS, MUSICALS AND CONCERTS FOR THE GENERAL PUBLIC; (E) TO EDUCATE THE GENERAL PUBLIC OF THE TAMPA BAY AREA AND BEYOND BY PROVIDING AND ADVANCING THE KNOWLEDGE AND APPRECIATION OF THE CULTURAL ASPECTS OF LIFE SUCH AS DRAMA, MUSIC AND DANCE; (F) TO AROUSE AND GIVE DIRECTION TO THE CULTURAL LIFE OF THE TAMPA BAY AREA AND BEYOND THROUGH THE PROMOTION OF THE PERFORMING ARTS; (G) TO ENCOURAGE AND PROMOTE THE PERFORMING ARTS, ALONG WITH THE CREATION AND DEVELOPMENT OF NEW PRODUCTIONS; PROVIDED, HOWEVER, THAT THIS ORGANIZATION SHALL NOT DIRECTLY OR INDIRECTLY BENEFIT PRIVATE INDIVIDUALS BUT SHALL BE DEDICATED TO THE ENHANCEMENT OF THE PERFORMING ARTS IN THE CITY OF TAMPA, COUNTY OF HILLSBOROUGH, NATIONALLY AND INTERNATIONALLY; (H) TO SPECIFICALLY ENGAGE IN THE DESIGN, CONSTRUCTION AND ESTABLISHMENT OF A PERFORMING ARTS CENTER TO BE UTILIZED EXCLUSIVELY FOR THE PRESENTATION OF CULTURAL ARTISTIC PERFORMANCES AND EVENTS, EDUCATION OF THE PUBLIC ON THE PERFORMING ARTS, AND OTHER ENDEAVORS THAT ENHANCE THE CULTURE AND QUALITY OF LIFE OF THE GENERAL PUBLIC OF THE CITY OF TAMPA, COUNTY OF HILLSBOROUGH AND BEYOND. TO SUPPORT THE ABOVE EXEMPT PURPOSE, THE ORGANIZATION'S MISSION STATEMENT AND OPERATING PRINCIPLES AS APPROVED BY THE BOARD OF TRUSTEES IS AS FOLLOWS: THE TAMPA BAY PERFORMING ARTS CENTER'S OPERATING PRINCIPLES PROVIDE A FRAMEWORK FROM WHICH THE CENTER MAKES DECISIONS ON A DAYTODAY BASIS. THEY SERVE AS THE "OPERATING INTERPRETATION" OF THE MISSION. IN CARRYING OUT THE MISSION OF THE TAMPA BAY PERFORMING ARTS CENTER, WE WILL: -MAKE THE PERFORMING ARTS AVAILABLE AND ACCESSIBLE, EMPHASIZING DIVERSITY AND QUALITY. -OPEN OUR FACILITY TO LOCAL PERFORMING ARTS GROUPS AND ARTISTS AS PART OF OUR ROLE IN ADVANCING THE ARTS IN OUR COMMUNITY. -EDUCATE AND DEVELOP PERFORMING ARTS GROUPS AND ARTISTS AS PART OF OUR ROLE IN ADVANCING THE ARTS IN OUR COMMUNITY. -PROVIDE LEADERSHIP AND SUPPORT TO THE CULTURAL DEVELOPMENT EFFORTS OF THE TAMPA BAY REGION INCLUDING ASSISTANCE TO COMMUNITY INITIATIVES. -ENSURE OUR FINANCIAL STABILITY AND OPERATIONAL EFFICIENCY. -ENGAGE OUR STAFF, BOARD, VOLUNTEERS AND OTHER SUPPORTERS OF THE CENTER AS ACTIVE PARTICIPANTS TO ADVANCE THE MISSION AND PRIORITIES OF THE ORGANIZATION. -STRAZ CENTER DONORS FUEL INTELLECTUAL AND ARTISTIC GROWTH, AS WELL AS THE INTERNAL GROWTH OF THE ORGANIZATION ITSELF, MAKING IT POSSIBLE FOR THE STRAZ TO PRESENT AN ARRAY OF PROGRAMMING WITHOUT A SIMILAR PEER IN FLORIDA. FORM 990, PART III, LINE 4A DIFFERENT KINDS OF SHOWS, INCLUDING SENSORY-FRIENDLY PERFORMANCES IN OUR PATEL CONSERVATORY MUSICAL THEATER PRODUCTIONS. THE JAEB COURTYARD ALSO SERVES AS THE SHOWCASE FOR OUR DOWNTOWN FOURTH FRIDAY ARTISTS. OUR OUTDOOR EXHIBITS INCLUDE A TAMPA BAY AREA VETERANS' VISUAL ART DISPLAY, INSTALLED ART ON THE WALK AND A REVOLVING VISUAL ART GALLERY ON THE WATERFRONT. THESE FREE EVENTS CULTIVATE A COMMUNITY SPACE AND PLACE OUTSIDE OUT WALLS AND TRADITIONAL PERFORMANCE SPACES, OPENING THE STRAZ TO THE PUBLIC IN MORE EXCITING WAYS. STRAZ LIVE! IN THE PARK, OUR ANNUAL COMMUNITY EVENT TO KICK OFF OUR NEW PROGRAMMING SEASON, IS A FAMILY FRIENDLY EVENT OF AN AFTERNOON PICNIC, A CONCERT IN THE PARK AND A BLOCK PARTY FEATURING LIVE ENTERTAINMENT OF POPULAR BROADWAY TUNES, FAVORITE OPERA ARIAS AND A SURPRISE GUEST OR TWO, ALL OF WHICH DRAWS A CROWD OF OVER 4,000 ATTENDEES. THE STRAZ CENTER AND COMMUNITIES OF ARTS PATRONS AND DONORS WILL FORGE AHEAD WITH US INTO THE GREATER EVOLUTION OF OUR ROLES AS AN ECONOMIC FORCE, AN INTERNATIONAL TOURIST DESTINATION, A BASTION OF WORLD CLASS ARTS AND A COMMUNITY PARTNER OF UNWAVERING DEDICATION TO FULFILL OUR MISSION. IF WE HAVE LEARNED ANYTHING UNEQUIVOCALLY OVER THE LAST 32 YEARS, IT'S THAT THE ARTS CHANGE LIVES. WITH COMMUNITY SUPPORT, THE STRAZ CENTER SERVES TO ENHANCE THE ECONOMIC VITALITY OF OUR REGION, THE SAFETY OF OUR CHILDREN AND COMMUNITIES AND THE BEAUTY OF THE HUMAN SPIRIT BY MAKING THE ARTS AVAILABLE AND ACCESSIBLE. IN THE COMING YEARS, THE STRAZ CENTER HAS EXCITING PLANS TO RENOVATE AND UPGRADE THE FACILITIES THROUGH OUR STRATEGIC MASTER PLAN WHILE CONTINUING TO ATTRACT SPECTACULAR ARTISTS AS WELL AS INNOVATIVE NEW SHOWS AND PERFORMANCES. THE STRAZ CENTER IS EXCITED TO REPORT TO ITS COMMUNITY PARTNERS, AS IT LOOKS FORWARD, CELEBRATING ITS RICH HISTORY AND EMBRACING, WITH GREAT ENTHUSIASM, THE PRESENT MOMENTUM THAT DETERMINES ITS FUTURE. IN 2018-2019, THE STRAZ CENTER MARKETING TEAM SUPPORTED ALL TICKETED AND FREE COMMUNITY PROGRAMMING, AS WELL AS OTHER DEPARTMENTS INCLUDING OPERA TAMPA, DEVELOPMENT, FOOD & BEVERAGE, EDUCATION AND OPERATIONS. DIVISIONS OF THE MARKETING DEPARTMENT INCLUDE EVENT MARKETING, EDUCATION MARKETING, INSTITUTIONAL MARKETING, PUBLIC RELATIONS, PUBLICATIONS, VIDEO PRODUCTION, GRAPHIC DESIGN, AS WELL AS A DIGITAL AREA WHICH INCLUDES THREE WEBSITES (STRAZCENTER.ORG, OPERATAMPA.ORG AND PATELCONSERVATORY.ORG), EMAIL MARKETING AND SOCIAL MEDIA. DURING THE 2018-2019 SEASON, THE MARKETING DEPARTMENT SUPPORTED 836 EVENTS AND 240 CAMPS AND CLASSES RESULTING IN $31.2 MILLION IN TICKET REVENUE, $2.5 MILLION IN TUITION REVENUE AND $1.5 MILLION IN FACILITY FEE REVENUE. THE MARKETING TEAM ALSO NEGOTIATED MORE THAN $2.6 MILLION IN ADDED VALUE, OVER AND ABOVE PAID ADVERTISING EXPOSURE. THE PUBLIC RELATIONS TEAM WAS RESPONSIBLE FOR NEARLY $5.8 MILLION IN MEDIA COVERAGE. THE GRAPHIC DESIGN TEAM PRODUCED 3,300+ JOBS. THE VIDEO PRODUCTION TEAM PRODUCED 1,400+ JOBS COMMERCIALLY VALUED AT CLOSE TO $720,000. TOTAL COSTS FOR MARKETING SERVICES SUPPORTING ARTS PROGRAMMING INCLUDED IN THE EXPENSE BASE ABOVE FOR FY 18-19 AMOUNTED TO $3,272,480. IN-KIND MARKETING SERVICES RECEIVED IN FY 18-19 AMOUNTED TO $556,876. A COMMITMENT TO BOTH COMMUNITY ENGAGEMENT AND DIVERSITY, EQUITY AND INCLUSION CONTINUES TO BE A STRONG GROWING ASPECT OF THE STRAZ'S CULTURE AND IDENTITY. WE ASPIRE TO BETTER SERVE AND REPRESENT OUR COMMUNITY WITH MORE TRAINING SESSIONS, COMMUNITY ENGAGEMENT, AUDIENCE DEVELOPMENT AND DIVERSITY, EQUITY AND INCLUSION (D, E&I) INITIATIVES TO STEER OUR EFFORTS TOWARDS THE GREATEST COMMUNITY IMPACT. FOR THE 2018-2019 SEASON, WE CONTINUED OUR FOCUS ON COMMUNITY TICKETS. INCLUSION ALSO MEANS FINANCIAL ACCESS, SO WE USED THIS PROGRAM TO CONTINUE TO EXPAND OUR CURRENT REACH IN THE COMMUNITY WITH OUR EXCITING OPERATION TICKETS PROGRAM. WE EVOLVED AN INTERNAL D, E&I TASK FORCE WITH REPRESENTATION THROUGHOUT THE ORGANIZATION, WE IMPLEMENTED OUR VERY SUCCESSFUL COMMUNITY ARTS LEGACY REMIX SERIES, WE CONTINUED TO FOCUS ON BOARD DIVERSITY COMMITMENT AND HR INITIATIVES TO EXTEND OUR REACH TO A WIDE REACH OF CANDIDATES FROM VARIOUS SOURCES. WE BEGAN OFFERING OUR ARTS AND HEALTH OFFERINGS OF LECTURE SERIES, ADULT CLASSES AND PROGRAMS FOR VETERANS. OUR STRAZ SALUTES REPRESENTS OUR COMMITMENT TO VETERANS, FIRST RESPONDERS AND THEIR FAMILIES INCLUDING: TICKETS FOR VETERANS AND THEIR FAMILIES, OUTREACHES TAUGHT AT MACDILL AFB, 35 MILITARY EVENT NIGHTS, STRAZ SALUTES ARTWORK ON THE RIVERWALK AND MILITARY RELATED PERFORMANCES ON OUR STAGES. STRAZ ACCESS: AS ANOTHER DEMONSTRATION OF OUR COMMITMENT TO THE DEVELOPMENT OF OUR AUDIENCE AND COMMUNITY ENGAGEMENT, WE CONTINUE TO EVOLVE AND EXPAND OUR ACCESS-FOR-ALL FOOTPRINT AROUND THE CAMPUS INSIDE AND OUT. OUR EVOLVING ACCESS OFFERINGS INCLUDE RELAXED SENSORY- FRIENDLY PERFORMANCES, ARTS EDUCATION FOR SPECIAL NEEDS STUDENTS, STRAZ OUTREACH FOR THE REMOTE AND IMMOBILE ASSISTED LISTENING DEVICES & SIGNED PERFORMANCES, AMERICANS WITH DISABILITIES ACT (ADA) CELEBRATION, STRAZ CAP SERVICE & COURTESY WHEELCHAIRS AND SPECIALIZED FACILITY TOURS. WE WELCOME ALL OUR GUESTS TO BRING FORWARD ANY SUGGESTIONS FOR FURTHER FOCUS FOR OUR GROWING ACCESS FOR ALLFOOTPRINT AROUND THE CAMPUS INSIDE AND OUT. FORM 990, PART VI, SECTION A, LINE 1 BETWEEN MEETINGS OF THE BOARD OF TRUSTEES, ON-GOING OVERSIGHT OF THE AFFAIRS OF THE ORGANIZATION MAY BE CONDUCTED BY THE EXECUTIVE COMMITTEE, THE MEMBERSHIP OF WHICH SHALL CONSIST OF ALL ELECTED OFFICERS, THE IMMEDIATE PAST CHAIR, CHAIR PERSONS OF STANDING COMMITTEES AND ADDITIONAL TRUSTEES SELECTED BY THE CHAIR. FORM 990, PART VI, SECTION A, LINE 2 BARRY LEVINE, TRUSTEE, AND GINA D'ANGELO, TRUSTEE, HAVE A FAMILY RELATIONSHIP. MANDELL SHIMBERG, TRUSTEE AND KASEY KELLY, TRUSTEE, HAVE A FAMILY RELATIONSHIP. SUSAN SYKES, TRUSTEE, AND CHUCK SYKES, TRUSTEE, HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B BEFORE THE FORM 990 IS FILED FOR THE CENTER, IT WILL BE REVIEWED BY THE CENTER'S FINANCE AND AUDIT COMMITTEES AT A SPECIAL DEDICATED MEETING WITH A HIGHLIGHTED REVIEW OF THE FORM SECTION BY SECTION BEING DONE WITH THE CONTROLLER, CFO AND CEO AS APPLICABLE. AFTER THE FINANCE AND AUDIT COMMITTEES HAVE REVIEWED THE FORM, THE COMMITTEES WILL PROVIDE: (1) A SUMMARY OF THE HIGHLIGHTED REVIEW OF THE FORM 990 SECTION BY SECTION, ALONG WITH (2) A FINAL DRAFT OF THE PERSPECTIVE FORM 990 FOR THE YEAR BEING FILED TO ALL BOARD MEMBERS WHO HAVE VOTING PRIVILEGES AND (3) A RECOMMENDATION FOR MOTION FOR APPROVAL FOR THE FORM 990 TO BE FILED AS BEING REPRESENTED IN FINAL DRAFT FORM. -THIS WILL BE DONE VIA A BOARD DESIGNATED SECURED WEBSITE FOR WHICH PASSWORDS ARE GIVEN FOR PROTECTED ACCESS. -BOARD MEMBERS HAVE THE OPPORTUNITY TO SEND IN QUESTIONS AND/OR SEND IN THEIR RESPECTIVE APPROVALS. -THE FINANCE AND AUDIT COMMITTEES WILL ACCEPT AND RESPOND TO ANY QUESTIONS RAISED BY BOARD MEMBERS. AS PART OF THE SUBMITTED FORM 990 PRESENTATION TO THE BOARD, THE FINANCE AND AUDIT COMMITTEES WILL ALSO, BASED ON THEIR REVIEW OF THE FORM, MAKE NECESSARY RECOMMENDATIONS TO THE BOARD REGARDING GOVERNANCE, POLICIES, DISCLOSURE, ETC. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS AND EXECUTIVE STAFF (CEO, CFO, COO, CPMO, AND VICE PRESIDENTS) ON AN ANNUAL BASIS ARE REQUIRED TO: 1) READ THE CONFLICT OF INTEREST AND CONFIDENTIALITY POLICY 2) SIGN OFF ON ACKNOWLEDGMENT THAT THE POLICY HAS BEEN READ AND RECEIVED 3) COMPLETE A CONFLICT OF INTEREST DISCLOSURE FORM. THE CFO REVIEWS THE COMPLETED ANNUAL CONFLICT OF INTEREST DISCLOSURE FORMS. ANY CONCERNS ON CONFLICTS ARE RAISED TO THE CEO, VP OF DEVELOPMENT (STAFF LIAISON TO THE BOARD GOVERNANCE COMMITTEE) AND THE BOARD GOVERNANCE COMMITTEE AS APPLICABLE. IF ANY BOARD MEMBER OR EXECUTIVE STAFF DOES NOT COMPLETE THE RELATED ANNUAL FORMS, THE VP OF DEVELOPMENT OR CFO WILL ADDRESS ACCORDINGLY. IF THERE IS ANY QUESTION ON CONFLICT, THE RELATED BOARD MEMBER OR KEY EXECUTIVE STAFF MEMBER IS REQUIRED TO DISCLOSE AND REMOVE HIMSELF OR HERSELF FROM VOTING ON A PARTICULAR MATTER, DECLINE PARTICIPATION IN A CONFLICTING BID FOR RELATED BUSINESS WITH THE ORGANIZATION OR NOT APPLY FOR EMPLOYMENT AS A STAFF POSITION IF IT IS DETERMINED THERE IS AN ACTUAL CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 THE CHAIRMAN OF THE BOARD IN WORKING WITH THE HUMAN RESOURCES COMMITTEE (THE "COMMITTEE") HAS AUTHORITY TO NEGOTIATE THE CEO COMPENSATION WITH APPROVAL BY THE EXECUTIVE COMMITTEE AND RATIFICATION BY THE BOARD OF TRUSTEES. THE COMPENSATION OF THE CEO'S DIRECT REPORTS IS ESTABLISHED BY THE CEO AND REVIEWED WITH THE COMMITTEE ON BEHALF OF THE BOARD OF TRUSTEES. THE COMMITTEE MAY ENGAGE AN INDEPENDENT CONSULTING FIRM, WHO WILL WORK FOR THE COMMITTEE TO EVALUATE THE ORGANIZATION'S EXECUTIVE COMPENSATION PROGRAM AGAINST THE COMPETITIVE MARKET ON AN ANNUAL OR AS NEEDED BASIS. IN ADDITION, UTILIZATION OF ON LINE COMPENSATION MARKET TOOLS AND STUDIES ARE USED FOR ANALYSIS AND EVALUATION. THE EVALUATION IS INTENDED TO ENSURE THAT THE COMPENSATION PROGRAM FALLS WITHIN A REASONABLE RANGE OF COMPETITIVE PRACTICES FOR COMPARABLE POSITIONS AMONG SIMILARLY-SITUATED ORGANIZATIONS. FOLLOWING THIS REVIEW, THE COMMITTEE REVIEWS AND APPROVES, FOR SELECTED KEY EXECUTIVES, BASE SALARIES AND ANNUAL INCENTIVE OPPORTUNITY ADJUSTMENTS, AND OBJECTIVES AND GOALS FOR THE UPCOMING YEAR'S ANNUAL INCENTIVE PLAN FOR SELECTED KEY EXECUTIVES. FOR CEO COMPENSATION, THE COMMITTEE MEETS INDEPENDENT OF THE CEO TO DISCUSS PERFORMANCE RELATIVE TO THE POSITION DESCRIPTION AS PER TBPAC'S CEO JOB PERFORMANCE AND EVALUATION MODEL. DURING THESE DELIBERATIONS, THE COMMITTEE MAY CONSIDER INPUT FROM OTHER BOARD MEMBERS, STAFF, PROFESSIONAL ADVISORS, GRANT RECIPIENTS AND OTHER INFORMED COMMUNITY LEADERS. ONCE A CONSENSUS IS REACHED REGARDING PERFORMANCE, A SIMILAR DISCUSSION IS HELD CONCERNING COMPENSATION RELATIVE TO ANNUAL BENCHMARKS AND ESTABLISHED OBJECTIVES. THE COMMITTEE PRESENTS ITS FINDINGS AND RECOMMENDATION IN AN EXECUTIVE SESSION WITHOUT THE CEO PRESENT. THE COMMITTEE CHAIR AND/OR BOARD CHAIR (A MEMBER OF THE COMMITTEE) THEN MEET WITH THE CEO, ANNUALLY, TO DISCUSS AND DOCUMENT BUSINESS STRENGTHS, OPPORTUNITIES AND GOALS FOR THE UPCOMING YEAR. COMPENSATION FOR THE UPCOMING YEAR IS ALSO DISCUSSED AND DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 TAMPA BAY PERFORMING ARTS CENTER MAKES ITS GOVERNING DOCUMENTS AND ITS CONFLICT OF INTEREST POLICY AVAILABLE UPON SPECIFIC REQUEST. FORM 990, PART VI, SECTION B, LINE 16A: 1. GENERAL POLICY TAMPA BAY PERFORMING ARTS CENTER, INC. ("TBPAC") SHALL REVIEW AND EVALUATE ITS INVESTMENT IN, CONTRIBUTION OF ASSETS TO, AND PARTICIPATION IN JOINT VENTURES (AS DEFINED BELOW) AND TAKE STEPS TO SAFEGUARD ITS EXEMPT STATUS WITH RESPECT TO THEM. TBPAC SHALL NEGOTIATE INTO THE AGREEMENT COVERING EACH JOINT VENTURE SUCH TERMS AND SAFEGUARDS AS NEEDED TO ENSURE THAT ITS EXEMPT STATUS IS PROTECTED AND THAT ITS PARTICIPATION IN THE JOINT VENTURE WILL PROVIDE A BENEFIT TO THE COMMUNITIES SERVED BY TBPAC. TBPAC SHALL SAFEGUARD ITS EXEMPT STATUS BY MAINTAINING CONTROL THAT IS SUFFICIENT TO ENSURE THAT THE JOINT VENTURE FURTHERS ITS EXEMPT PURPOSE; BY PROVIDING THAT THE JOINT VENTURE GIVES PRIORITY TO EXEMPT PURPOSES OVER MAXIMIZING PROFITS FOR THE OTHER PARTICIPANTS IN THE VENTURE; BY PROVIDING THAT ALLOCATIONS AND DISTRIBUTIONS AND RETURN OF CAPITAL BE MADE IN PROPORTION TO EACH JOINT VENTURE PARTICIPANT'S OWNERSHIP INTEREST; BY PROVIDING THAT THE JOINT VENTURE NOT ENGAGE IN ACTIVITIES THAT ALL CONTRACTS ENTERED INTO WITH TBPAC OR A RELATED ORGANIZATION BE ON TERMS THAT ARE COMMERCIALLY REASONABLE AND ARM'S LENGTH TO TBPAC AND ITS RELATED ORGANIZATIONS. 2. DEFINITION THE TERM "JOINT VENTURE" MEANS ANY JOINT OWNERSHIP OR CONTRACTUAL ARRANGEMENT WITH ONE OR MORE TAXABLE PERSONS OR ENTITIES THROUGH WHICH THERE IS AN AGREEMENT TO JOINTLY UNDERTAKE A SPECIFIC BUSINESS ENTERPRISE, INVESTMENT OR EXEMPT PURPOSE ACTIVITY WITHOUT REGARD TO: A) WHETHER TBPAC OR A RELATED ORGANIZATION CONTROLS THE VENTURE OR ARRANGEMENT; B) THE LEGAL STRUCTURE OF THE VENTURE OR ARRANGEMENT; OR C) WHETHER THE VENTURE OR ARRANGEMENT IS TAXED AS A PARTNERSHIP OR AS AN ASSOCIATION OR CORPORATION FOR FEDERAL INCOME TAX PURPOSES. NOTWITHSTANDING THE FOREGOING, THE TERM "JOINT VENTURE" DOES NOT INCLUDE ANY ARRANGEMENT OF WHICH THE PRIMARY PURPOSE OF THE ORGANIZATION'S CONTRIBUTION TO OR INVESTMENT OR PARTICIPATION IN THE VENTURE OR ARRANGEMENT IS THE PRODUCTION OF INCOME OR APPRECIATION OF PROPERTY AND 95% OF THE INCOME FROM THE ARRANGEMENT IS DESCRIBED IN INTERNAL REVENUE CODE SECTION 512(B)(1)-(5) (E.G., DIVIDENDS, CERTAIN RENTS AND INTEREST PAYMENTS FROM NONCONTROLLED ENTITIES, ROYALTIES AND GAINS OR LOSSES FROM THE SALE OF CAPITAL ASSETS), INCLUDING UNRELATED DEBT-FINANCED INCOME. 3. PROCEDURE FOR EVALUATION LEGAL COUNSEL SHALL REVIEW ALL PROPOSED JOINT VENTURES TO ENSURE COMPLIANCE IN THE FOLLOWING AREAS: A) TAX EXEMPTION AND INTERMEDIATE SANCTION RULES; B) UNRELATED BUSINESS INCOME TAXES AND REPORTING; C) TAX-EXEMPT BOND RULE COMPLIANCE. THE FINANCE COMMITTEE SHALL REVIEW AND EVALUATE, WITH ANY OTHER APPROPRIATE BOARD COMMITTEE AS DEEMED NECESSARY, EACH JOINT VENTURE TO ENSURE THAT PARTICIPATION COMPLIES WITH THIS POLICY AND MAKE RECOMMENDATIONS REGARDING PARTICIPATION IN THE JOINT VENTURE OR SIMILAR ARRANGEMENT TO THE EXECUTIVE COMMITTEE OF THE TBPAC BOARD OF TRUSTEES. NO BOARD MEMBER OR COMMITTEE MEMBER HAVING A CONFLICT OF INTEREST AS DEFINED IN THE TBPAC CONFLICTS OF INTEREST POLICY SHALL PARTICIPATE IN EVALUATING ANY JOINT VENTURE OR SIMILAR ARRANGEMENT. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST -637. 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