SCHEDULE O
(Form 990)

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 990-EZ or to provide any additional information.
right arrow Attach to Form 990 or 990-EZ.
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OMB No. 1545-0047
2022
Open to Public
Inspection
Name of the organization
Cape Fear Academy
 
Employer identification number

56-6075566
Return Reference Explanation
Form 990, Part VI, Section B, line 11b SCHOOL IS AUDITED BY INDEPENDENT CPA FIRM. AFTER AUDIT, CPA FIRM USES AUDITED INFORMATION TO COMPLETE DRAFT OF 990. ONCE DRAFTED, THE 990 IS CIRCULATED TO HEAD OF SCHOOL, ASSISTANT HEAD OF SCHOOL FOR FINANCE AND OPERATIONS, FINANCE COMMITTEE, AND EXECUTIVE COMMITTEE. ONCE APPROVED, THE 990 IS EFILED.
Form 990, Part VI, Section B, line 12c BOARD MEMBERS AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE CONFLICTS ANNUALLY. WHEN CONFLICTS ARISE, THE INDIVIDUAL WITH THE CONFLICT IS ASKED TO LEAVE THE ROOM, AND REQUIRED NOT TO VOTE ON ANY RELATED ITEM.
Form 990, Part VI, Section B, line 15 THE BOARD HAS A COMMITTEE CALLED THE HEAD OF SCHOOL COMPENSATION AND EVALUATION COMMITTEE. THIS COMMITTEE RESEARCHES COMPARABLE DATA FROM OTHER PRIVATE SCHOOLS, MARKET CONDITIONS, AND EMPLOYEE PERFORMANCE. THEN THIS COMMITTEE RECOMMENDS PAY RATE AND BENEFITS FOR THE HEAD OF SCHOOL. THE BOARD HAS AUTHORITY TO APPROVE. ONCE APPROVED THE HEAD OF SCHOOL'S COMPENSATION IS CONTAINED IN A WRITTEN AGREEMENT. THE TOTAL SALARY BUDGET IS APPROVED BY THE BOARD OF TRUSTEES IN THE BUDGETING PROCESS. INDIVIDUAL EMPLOYEE SALARIES ARE NEGOTIATED BY THE HEAD OF SCHOOL USING SOUTHEASTERN INDEPENDENT SCHOOL BENCHMARK DATA.
Form 990, Part VI, Section C, line 19 AVAILABLE UPON REQUEST.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990) 2022


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