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 to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
MediumBullet Information about Schedule O (Form 990 or 990-EZ) and its instructions is at
www.irs.gov/form990.
OMB No. 1545-0047
2013
Open to Public
Inspection
Name of the organization
OUR LADY OF THE WOODS CORPORATION
 
Employer identification number

52-1011508
Return Reference Explanation
FORM 990, PART I, LINE 6 THE SCHOOL HAS 19 VOTING BOARD MEMBERS THAT SERVE ON THE GOVERNING BOARD OF TRUSTEES ON A VOLUNTEER BASIS. IN ADDITION, THE HAS 4 PARENTS THAT SERVE ON THE PARENT ASSOCIATION BOARD. FINALLY, THE SCHOOL HAS APPROXIMATELY 150 PARENT VOLUNTEERS THAT HELP WITH SERVING HOT LUNCH TO THE STUDENTS, CHAPERONE ON FIELD TRIPS, ORGANIZE PARENT RUN EVENT FAMILY GATHERINGS THAT PROMOTE COMMUNITY BUILDING.
FORM 990, PART VI, SECTION B, LINE 11 THE FIRM OF MCGLADREY LLP PREPARES THE FORM 990, BASED ON THE AUDITED FINANCIAL STATEMENTS AND QUESTIONNAIRES COMPLETED BY THE SCHOOL'S DIRECTOR OF FINANCE. THE DIRECTOR OF FINANCE REVIEWS THE DRAFT OF THE COMPLETED FORM 990. THE FORM 990 IS THEN PROVIDED TO THE FULL BOARD OF DIRECTORS FOR REVIEW AND COMMENT. AFTER COMMENTS ARE MADE THE HEAD OF SCHOOL WILL REVIEW THE FINAL 990.
FORM 990, PART VI, SECTION B, LINE 12C AT THE BEGINNING OF EVERY FISCAL YEAR, ALL BOARD MEMBERS (OLD AND NEW) ARE REQUIRED TO SIGN AN ACKNOWLEDGEMENT TO THE CONFLICT OF INTEREST POLICY. BY SIGNING, THE MEMBER AGREES TO DISCLOSE ANY EXISTING CONFLICTS OF INTEREST AS WELL AS ANY THAT MAY ARISE OVER THE COURSE OF THE YEAR. IF A CONFLICT EXISTS AND THE BOARD MEMBER DOES NOT DISCLOSE THE CONFLICT, THE MEMBER IS ASKED BY THE CHAIR OR VICE-CHAIR TO REFRAIN FROM VOTING ON THE RELATED ISSUE AND/OR ASKED TO RESIGN IF THE MEMBER WITH THE CONFLICT DOES NOT COOPERATE.
FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES HIRES THE HEAD OF SCHOOL, THE TOP MANAGEMENT OFFICIAL, TO RUN THE OPERATIONS OF THE SCHOOL. EVERY YEAR THE BOARD'S HEAD EVALUATION AND SUPPORT COMMITTEE (HES COMMITTEE) EVALUATES THE PERFORMANCE OF THE HEAD IN MEETING OBJECTIVES DELINEATED IN THE BEGINNING OF THE YEAR. IN ADDITION, COMPENSATION IS COMPARED TO OTHER HEADS OF SCHOOLS' COMPENSATION FROM A GROUP OF SCHOOLS THAT ARE COMPARABLE IN SIZE, GEOGRAPHY AND MISSION. THE HES COMMITTEE RECOMMENDS ANNUAL COMPENSATION INCREASES BASED ON THIS COMPARATIVE INFORMATION. IN ADDITION THE COMMITTEE'S RECOMMENDATION IS IN LINE AND CONSISTENT WITH INCREASES IN THE OVERALL SALARY EXPENSES FOR OTHER FACULTY AND STAFF. THE HES PRESENTS ITS ANNUAL EVALUATION, RECOMMENDATION AND COMPARABLE REVIEW TO THE BOARD OF TRUSTEES. THE SALARY COMPENSATION IS APPROVED BY THE WHOLE BOARD BY VOTE AND DOCUMENTED IN THE MINUTES. THE BOARD OF TRUSTEES ANNUALLY DETERMINES AND APPROVES THE BUDGET FOR THE SCHOOL AND ITS OPERATING EXPENSES. THE SALARY EXPENSES ARE DETERMINED BASED UPON COMPARATIVE DATA FROM INDEPENDENT EDUCATION, AN ASSOCIATION FOR INDEPENDENT SCHOOLS IN THE GREATER WASHINGTON METROPOLITAN AREA). THIS IS TRUE WITH ALL FACULTY AND STAFF POSITIONS, INCLUDING OFFICERS OF THE SCHOOL. ONCE THE BUDGET IS APPROVED, THE HEAD OF SCHOOL FINALIZES EACH FACULTY AND STAFF'S SALARY INCREASE FOR THE YEAR.
FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST.
FORM 990, PART XI, LINE 9: SWAP GAIN 47,648.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2013

Additional Data


Software ID:  
Software Version: