Return Reference | Explanation |
---|---|
Form 990, Part VI, Section B, line 11 | The director of finance & operations and controller provide the necessary information to prepare the tax return. A committee of three (3) board members with financial backgrounds and knowledge of the school's financial reporting review a draft of the completed return prior to its filing. The entire board of trustees receives a full copy of the return before it is filed with the IRS. |
Form 990, Part VI, Section B, line 12c | All board members and top management officials are required to complete a conflict of interest disclosure statement on an annual basis. The statement requires disclosure of "any matter that the board member believes may involve a possible conflict of interest and shall thereafter supplement such annual written disclosure with information pertaining to conflicts of interest arising after the annual disclosure has been filed." Every board member shall disclose to the board and to any board committee on which he or she may serve any conflict of interest involving a matter before the board or committee, as the case may be, and shall refrain from voting on any such matter. A trustee who has disclosed a possible conflict of interest may be counted in determining the presence of a quorum at the meeting and the pertinent transaction may be authorized, approved or ratified by the affirmative vote of a majority of disinterested trustees. Any minutes of the meeting shall reflect that a disclosure was made and that the affected trustee did not vote on the transaction. |
Form 990, Part VI, Section B, line 15 | The School has a Compensation Committee comprised of three Board members. The Committee meets annually to review the compensation of top management officials and written employment contracts when renewed or revised. An independent consultant is hired to prepare a market study report of compensation packages of comparable schools' management. The Committee reviews the performance of management and the independent consultant's report. The Compensation Committee approves the compensation plans. |
Form 990, Part VI, Section C, line 19 | The governing documents, conflict of interest policy and financial statements are made available upon request for the same period of disclosure as set forth in section 6104(d). |
Form 990, Part XI, line 9: | PENSION RELATED CHANGES -5,102,796. Loss on Impairment of preferred stock in CES, LLC -2,312,500. |
Form 990, Part XII, Line 2c | This process has not changed from the prior year. |
Software ID: | |
Software Version: |