2024-04-04T18:20:29-05:00 2023-05-31 450250958 Eide Bailly LLP 1730 Burnt Boat Loop Ste 100 Bismarck ND 585030886 990 2022-06-01 450373698 Fargo Theatre Management Corporation FARG 7012398385 314 Broadway Fargo ND 58102 Tom Speer President 7012398385 2024-04-04 1 Tom Speer 999009999 1 Lisa Chaffee CPA P00193453 7012551091 2024-04-03 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z Emily Beck 314 Broadway Fargo ND 58102 669279 0 X www.fargotheatre.org X 1983 ND To preserve the Theatre and promote the arts. 15 15 33 326 0 0 557788 151955 281268 342385 4563 6306 25685 53045 869304 553691 0 0 0 0 250971 268345 0 0 98395 399967 424437 650938 692782 218366 -139091 1892050 1739444 391876 378361 1500174 1361083 X To preserve the historic integrity of the Fargo Theatre while expanding the Theatre's ability to meet the artistic and entertainment needs of increasingly diverse audiences, performers and filmmakers.(Continued on Schedule O)To effectively maintain a state of the art screen and stage for critically acclaimed film and classic film, live theatre, special events and tours. To ensure a home for the mighty Wurlitzer theatre pipe organ. To serve as an anchor for a vital downtown. To honor our past providing an unbroken thread of common entertainment and educational experience for generations of Fargo-Moorhead residents and visitors. 0 0 379029 342385 One of the missions of the Fargo Theatre is to meet the artists and entertainment needs of increasingly diverse audiences, performers, and filmmakers. A diverse slate of film and live events provides the community with a wide selection of arts programming. In Fiscal Year 22-23, the Fargo Theatre screened 42 new-release films, 12 classic films, and 21 specialty film festivals/series including Fargo Docs and the ND Human Rights Film Festival. The Theatre also hosted 57 live events including performances by local arts organizations and professional touring artists.The Theatre is open a minimum of six days a week, offering a variety of motion pictures and performances in a historic setting. The Theatre typically averages more than 67,000 audiences members a year. A variety of free or low-cost programming is also offered. These opportunities include the annual Martin Luther King Jr. Day Celebration and Holiday Pipes concerts (free admission) and the Kids' Flicks movie series ($3 admission). The Theatre also hosts a free monthly Film Club to build community and foster conversation. The Fargo Theatre's long-term objective is to continue to meet the artistic and entertain needs of the community as the city's population grows. Theatre programming staff and volunteer teams ensure that the slate of programming is inclusive and offers diverse artistic voices and representation. 42066 53045 The annual Fargo Film Festival receives films submissions from around the world to be juried by community volunteers. The goal of the festival is to celebrate film artistry while connecting local audiences to innovative, independent cinema and the artists responsible for creating it. The 2023 festival received 312 submissions from 26 countries. The juries selected 101 films to play in competition. Festival leaders programmed 6 films to play as invited selections and an additional 45 very short films played as a part of the festival's 2 Minute Movie Contest. Approximately 2,400 patrons attended throughout the festival's 5 days of screenings and events. Twenty-five film artists traveled to Fargo to attend their screenings and interact with audiences. These appearances also enabled formal educational opportunities including moderated interviews and guest academic lectures. There were also many informal opportunities for audience members and local filmmakers to socialize with visiting artists or ask them questions during Q&A sessions.The Fargo Film Festival's long-term objective is to continue providing an exhibition platform for independent filmmakers while giving local audiences educational opportunities and the change to see unique, original, and artistically relevant motion pictures. 421095 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 33 1 0 0 0 0 0 0 0 0 0 0 0 0 X 15 15 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 MN X Emily Beck 7012398385 314 Broadway Fargo ND 58102 Tom Speer President 1.00 X X 0 0 0 Amanda Booher Vice President 1.00 X X 0 0 0 Karen Stensrud Secretary 1.00 X 0 0 0 Steve Wood Treasurer 1.00 X 0 0 0 Cody Schuler Board Member 1.00 X 0 0 0 Janet Brandau Board Member 1.00 X 0 0 0 Kendra O'Brien Board Member 1.00 X 0 0 0 Veronica Michael Board Member 1.00 X 0 0 0 Greg Carlson Board Member 1.00 X 0 0 0 Julie Peterson-Klein Board Member 1.00 X 0 0 0 Karla Hanson Board Member 1.00 X 0 0 0 Trevor Mathew Board Member 1.00 X 0 0 0 Kirsten Jensen Board Member 1.00 X 0 0 0 Mark Kolstad Board Member 1.00 X 0 0 0 Lisa Edison-Smith Board Member 1.00 X 0 0 0 Emily Beck Executive Director 40.00 X 62573 0 2571 Betsy Dreessen Finance Manager 10.00 X 18354 0 0 80927 0 2571 0 0 0 0 0 48289 19499 84167 151955 Film Revenue 512000 111766 111766 Theatre Rent 512000 111200 111200 Event Revenue 512000 74809 74809 Technical Fees 512000 37109 37109 7501 7501 342385 6306 6306 168633 115588 53045 53045 553691 395430 0 6306 85022 16612 35186 33224 149675 105672 24943 19060 8476 6372 1534 570 25172 15953 4964 4255 11776 11776 4883 4215 668 47410 28708 14721 3981 107685 75108 32577 17202 12901 4301 125679 90489 35190 13888 6897 6991 Film Rental and Freight 56526 56526 Event Expenses 36637 36637 Amortization 1196 861 335 Bad Debts 781 781 774 774 692782 421095 173292 98395 530495 478466 2195 2100 20727 12300 6037 5162 944 4754 4072449 2849546 1331652 1222903 0 13759 1892050 1739444 40752 26445 351124 337978 0 13938 391876 378361 X 1497979 1358983 2195 2100 1500174 1361083 1892050 1739444 -139091 0 X 0 1 X 1 0 X 133216 241394 302194 557788 151955 1386547 564386 426192 37222 406308 511018 1945126 697602 667586 339416 964096 662973 3331673 0 0 0 3331673 8744 8473 4308 4563 6306 32394 8744 8473 4308 4563 6306 32394 706346 676059 343724 968659 669279 3364067 0.99040 0.99040 0.00960 0.00800 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 72651 72651 3599052 2486324 1112728 400746 363222 37524 1222903 Lease Liability - Long Term 13938 13938 X 693432 24153 24153 669279 -115588 -115588 553691 832523 24153 115588 139741 692782 0 692782 Part V, Line 4: The Fargo Theatre has transferred assets to the F-M Area Foundation (Foundation) which is holding them as an endowment component fund (Fund) for the benefit of the Fargo Theatre. The Fargo Theatre has granted the Foundation variance power which gives the Foundation's Board of Trustees the power to use the Fund for other purposes in certain circumstances. The Fund is subject to the Foundation's investment and spending policies which currently result in distributions to the Fargo Theatre. Part X, Line 2: The Organization believes that it has appropriate support for any tax positions taken affecting its annual filing requirements, and as such, does not have any uncertain tax positions that are material to the financial statements. The Organization would recognize future accrued interest and penalties related to unrecognized tax benefits and liabilities in income tax expense if such interest and penalties are incurred. Part XI, Line 4b - Other Adjustments: Cost of Goods Sold -115,588. Part XII, Line 2d - Other Adjustments: Cost of Goods Sold 115,588. Form 990, Part VI, Section A, line 1a The Executive Committee shall include in its membership the President, Vice President, Secretary, and Treasurer and 5 directors at large. The Executive Director shall sit on the Executive Committee ex officio. Unless a different person is designated Chair of the Executive Committee by resolution of the Board, the President of the Board shall serve as Chair. All members of the Executive Committee shall be voting members of the Board of Directors. The Board of Directors shall reserve to itself alone the power to authorize spending sums on behalf of the Corporation in excess of $5,000.00; to employ, retain or discharge the Executive Director; to borrow money on behalf of the Corporation; and to pledge, mortgage or convey Corporate property, whether real or personal. The Executive Committee shall, during intervals between meetings of the Board, exercise all the powers of the Board in the management of the business and affairs of the Corporation, except as otherwise provided by law, these By-Laws, or by resolution of the Board. The presence of a majority of the members of the Executive Committee then serving in office shall be necessary and sufficient to constitute a quorum, and the act of a majority of the members of the Executive Committee present at a meeting of the Committee at which a quorum is present shall be the act of the Committee. The Committee shall keep minutes of the Executive Committee, which shall be distributed to all members of the Board of Directors. All actions by the Committee shall also be reported to the Board at its next meeting and shall be subject to approval by the Board. Form 990, Part VI, Section A, line 6 There is only one class of members. All persons who have continued financial support in the last fiscal year shall be considered members who have voting privileges. Form 990, Part VI, Section A, line 7a All persons who have continued financial support in the last fiscal year shall be considered members who have voting privileges. The Board of Directors and Officers are elected at the annual meeting of the members. Each member has one vote. Form 990, Part VI, Section B, line 11b The Board Treasurer, Finance Manager, and Executive Director will review the Form 990. Following their review, the Form 990 will be presented to the board at a board meeting prior to being filed with the IRS. Form 990, Part VI, Section B, line 12c Any person serving as an officer, employee, member of the Board of Directors, a major donor to, or anyone else who is in a position of control over Fargo Theatre is required to report any potential conflicts of interest. In the event it is not entirely clear that a Conflict of Interest exists, the individual with the potential conflict shall disclose the circumstances to his or her supervisor, the Chair, or the Chair's designee, who shall determine whether full board discussion is warranted or whether there exists a Conflict of Interest that is subject to this policy. A person who has a conflict of interest shall not participate in or be permitted to hear the board's or committee's discussion of the matter except to disclose material facts and to respond to questions. Such person shall abstain from voting, and not attempt to exert his or her personal influence with respect to the matter, either at or outside the meeting. Form 990, Part VI, Section B, line 15 In May of each year, the Executive Board meets and determines a salary increase for the Executive Director position as appropriate based on performance over the prior two years and the projected budget. Form 990, Part VI, Section C, line 19 These documents are available upon request.