2024-04-24T17:35:34-05:00 2023-06-30 873231666 PKF O'CONNOR DAVIES ADVISORY LLC 500 MAMARONECK AVENUE SUITE 301 HARRISON NY 105281633 990 2022-07-01 221487233 KENT PLACE SCHOOL KENT 9082730900 42 NORWOOD AVENUE SUMMIT NJ 07901 GENEVIEVE MADIGAN CFO 9082730900 2024-04-24 1 GENEVIEVE MADIGAN XXX-XX-XXXX 1 GARRETT M HIGGINS P00543209 9143818900 2024-04-24 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z GENEVIEVE MADIGAN 42 NORWOOD AVENUE SUMMIT NJ 07901 67204962 0 X WWW.KENTPLACE.ORG X 1894 NJ THE ONLY NONSECTARIAN GIRLS' DAY SCHOOL IN NJ, KENT PLACE SCHOOL PROVIDES A RIGOROUS AND FULFILLING EDUCATION FOR 600+ STUDENTS IN KINDERGARTEN THROUGH GRADE 12 WITH A COED PRESCHOOL. 29 28 365 50 2607 0 6449698 6283411 31612999 33659999 1619836 461231 460565 512475 40143098 40917116 3901070 4045942 0 0 22532153 23976930 159090 84663 2470350 10389625 11661453 36981938 39768988 3161160 1148128 73869767 76739322 10625619 10906887 63244148 65832435 X FOR OVER 125 YEARS, KENT PLACE SCHOOL HAS EMPOWERED GIRLS TO BE CONFIDENT, INTELLECTUAL, AND ETHICAL LEADERS WHO ADVANCE THE WORLD. 0 0 28983680 4045942 33731713 OUR KENT PLACE CURRICULUM AND PROGRAMS ARE RICH IN OPPORTUNITIES FOR STUDENTS TO DEVELOP ETHICAL DECISION-MAKING, CRITICAL THINKING, AND PROBLEM-SOLVING SKILLS. WE PROMOTE INTEGRITY, INITIATIVE, AND INCLUSION THROUGHOUT ALL OF THE SCHOOLING YEARS. OUR STUDENTS TAKE ON INCREASINGLY PROFOUND LEADERSHIP OPPORTUNITIES THAT FOSTER COLLABORATION AND SELF-AWARENESS WHILE ALSO CULTIVATING COMPASSION AND EMPATHY. WE BELIEVE THAT THE LESSONS AND VALUES ENCOURAGED BY OUR MULTI-TALENTED FACULTY PREPARE EACH STUDENT TO BE AN ACTIVE CONTRIBUTOR TO THE LARGER WORLD BEYOND KENT PLACE. KENT PLACE IS HOME TO A WIDE ARRAY OF CURRICULAR AND COCURRICULAR ACTIVITIES, AS WELL AS OUR SIGNATURE PROGRAMS SUCH AS THE GIRLS' LEADERSHIP INSTITUTE, NOW ENTERING ITS 26TH YEAR OF EMPOWERING GIRLS TO DISCOVER THEIR FULL LEADERSHIP POTENTIAL, AND OUR RENOWNED ETHICS INSTITUTE, WHICH PROMOTES THE PROCESS AND PRACTICE OF ETHICAL DECISION-MAKING IN PRIMARY AND SECONDARY SCHOOL COMMUNITIES. KENT PLACE ALSO OFFERS A TRADITIONAL SUMMER DAY CAMP, AFTERSCHOOL PROGRAMS, AND ENRICHMENT CLASSES. 28983680 1 1 0 0 0 0 0 0 0 1 1 1 0 0 0 1 1 0 1 0 0 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 89 0 365 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 29 28 0 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 0 0 X GENEVIEVE MADIGAN 9082730900 42 NORWOOD AVENUE SUMMIT NJ 07901 X CHERYL KAPLUN TRUSTEE/MATH TEACHER 42.00 X 84578 0 5203 ANNE GRISSINGER PRESIDENT 2.00 X X 0 0 0 JENNIFER T GROGAN VICE PRESIDENT 2.00 X X 0 0 0 NANCY H VAN DUYNE VICE PRESIDENT 2.00 X X 0 0 0 RAHUL GOYAL TREASURER 2.00 X X 0 0 0 LAWRENCE D JOHNSON II SECRETARY 2.00 X X 0 0 0 KC ARTEMENKO TRUSTEE 2.00 X 0 0 0 YEMI-BENEDICT VATEL TRUSTEE 2.00 X 0 0 0 MARIA BRUGG TRUSTEE 2.00 X 0 0 0 TODD C BUILIONE TRUSTEE 2.00 X 0 0 0 ELIZABETH CHRYSTAL TRUSTEE 2.00 X 0 0 0 BETSY CROSBY TRUSTEE 2.00 X 0 0 0 KATHLEEN DEOSSIE TRUSTEE 2.00 X 0 0 0 L JOHN DUGHI JR TRUSTEE 2.00 X 0 0 0 NICOLE G EPPS TRUSTEE 2.00 X 0 0 0 PATRICIA GRUSHKIN TRUSTEE 2.00 X 0 0 0 SHANE HARRIS TRUSTEE 2.00 X 0 0 0 CLAUDIA HIRAWAT TRUSTEE 2.00 X 0 0 0 PING JI TRUSTEE 2.00 X 0 0 0 BROOKE LESSINGER TRUSTEE 2.00 X 0 0 0 KATHERINE LYNCH TRUSTEE 2.00 X 0 0 0 KATIE MACHIR TRUSTEE 2.00 X 0 0 0 LYNN MAGRANE TRUSTEE 2.00 X 0 0 0 JOHN MARKELS TRUSTEE, THRU JAN 2023 2.00 X 0 0 0 BEVERLY B MILLS TRUSTEE 2.00 X 0 0 0 ARJUN N MURTI TRUSTEE 2.00 X 0 0 0 NANCY W REYNOLDS TRUSTEE 2.00 X 0 0 0 DANIELLE ROBINSON TRUSTEE 2.00 X 0 0 0 SUNEET VARMA TRUSTEE 2.00 X 0 0 0 ALEXANDRA WALTER TRUSTEE 2.00 X 0 0 0 JENNIFER C GALAMBOS HEAD OF SCHOOL 40.00 X 458341 0 151281 GENEVIEVE MADIGAN CHIEF FINANCIAL & OPERATING OFFICER 40.00 X 273727 0 60577 CORAL BROOKS DIRECTOR OF ADVANCEMENT 40.00 X 210067 0 73097 NICOLE HAGER DIRECTOR OF UPPER SCHOOL 40.00 X 190714 0 54532 JULIA MORGAN ASSISTANT HEAD OF SCHOOL, TEACHING 40.00 X 194610 0 76799 KAREN REZACH DIRECTOR OF THE ETHICS INSTITUTE 40.00 X 209187 0 42638 JENNIFER SIMPSON DIRECTOR OF COLLEGE ADVISING 40.00 X 201611 0 28527 1822835 0 492654 37 0 1 0 AVI FOODSYSTEMS INC 2590 ELM ROAD NE WARREN OH 44483 FOOD SERVICES 722168 MERIWETHER GODSEY 4944 OLD BOONSBORO ROAD LYNCHBURG VA 24503 FOOD SERVICES 609048 DIRECT CLEAN SERVICE SOLUTIONS 36-06 43RD AVENUE 2ND FLOOR LONG ISLAND CITY NY 11101 CLEANING SERVICES 301062 HANNON FLOORS 1119 SPRINGFIELD ROAD UNION NJ 07083 FLOORING INSTALLATION SERVICES 291339 JCJ ARCHITECTURE PC 120 HUYSHOPE AVENUE SUITE 400 HARTFORD CT 06106 ARCHITECTURAL SERVICES 214418 7 20170 23333 6239908 56886 6283411 TUITION AND FEES 611600 32375462 32375462 AUXILIARY SERVICES 611600 1284537 1284537 33659999 900856 2568 898288 306860 18936 287924 287924 287924 25285948 286569 25871285 140857 -585337 145712 -439625 39 -439664 155165 20170 135807 19358 19358 192675 120961 71714 71714 OTHER REVENUE 900099 133479 133479 133479 40917116 33731713 2607 899385 4045942 4045942 994811 62286 932525 17918321 13127266 3589269 1201786 1232896 816631 333011 83254 2320615 1539578 626752 154285 1510287 1051009 362393 96885 126762 126762 132805 132805 84663 84663 86016 86016 425414 110778 249173 65463 138046 6254 87151 44641 1343952 555116 461471 327365 669054 447922 148042 73090 504523 445298 59225 475905 398959 34202 42744 2552648 2215596 337052 EDUCATIONAL PROGRAM 1688583 1561009 59307 68267 REPAIRS AND MAINTENANCE 1485864 1262765 223099 DINING SERVICE FEES 1115904 1115904 OTHER OPERATING EXPENSE 579814 64339 295361 220114 336163 157028 171342 7793 39768988 28983680 8314958 2470350 4397727 2420133 1354307 3080969 1349017 3378554 75403 128159 113020 92369 1580116 1767333 71053720 30182448 42096792 40871272 20123210 20133362 2765775 4764007 14400 103164 73869767 76739322 2917145 2872405 3886465 4390651 3822009 3643831 10625619 10906887 X 42634116 41033830 20610032 24798605 63244148 65832435 73869767 76739322 X 1148128 1726019 -285860 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 21565445 489780 1699889 473612 288661 22992841 20129143 4214977 -2032651 447640 298384 21565445 19368498 413746 4131437 445246 363990 23104445 18781126 1282290 -11550 426011 257357 19368498 20422370 211628 713949 419541 2147280 18781126 0.26707 0.66320 0.06973 0 0 368323 368323 60176634 23381629 36795005 9020370 6502385 2517985 1488393 298434 1189959 40871272 PRIVATE EQUITY 1604048 F ABSOLUTE RETURN 3159959 F 4764007 X 38839491 1726019 275704 2001723 36837768 86016 3993332 4079348 40917116 35965344 275704 275704 35689640 86016 3993332 4079348 39768988 PART V, LINE 4: THE ENDOWMENT SUPPORTS STUDENT FINANCIAL AID AND OTHER EDUCATIONAL PURPOSES SUCH AS PROFESSIONAL DEVELOPMENT FOR FACULTY AND STAFF. THE BEGINNING OF YEAR BALANCE OF THE ENDOWMENT FUNDS IN COLUMN (B) DIFFERS FROM THE END OF YEAR BALANCE IN COLUMN (C) DUE TO A REVIEW OF THE FUNDS CLASSIFIED AS PART OF THE ENDOWMENT, WHICH RESTATED THE PRESENTATION OF UNRESTRICTED BOARD DESIGNATED FUNDS. PART X, LINE 2: THE SCHOOL RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE SCHOOL HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION OR DISCLOSURE. THE SCHOOL IS NO LONGER SUBJECT TO EXAMINATION BY THE APPLICABLE TAXING JURISDICTIONS FOR TAX YEARS PRIOR TO JUNE 30, 2020. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD INCLUDED ON PART VIII, LINE 10B 120,961. SPECIAL EVENTS EXPENSE INCLUDED ON PART VIII, LINE 8B 135,807. RENT EXPENSES INCLUDED ON PART VIII, LINE 6B 18,936. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID INCLUDED ON PART IX, LINE 2 3,993,332. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD INCLUDED ON PART VIII, LINE 10B 120,961. SPECIAL EVENTS EXPENSE INCLUDED ON PART VIII, LINE 8B 135,807. RENT EXPENSES INCLUDED ON PART VIII, LINE 6B 18,936. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID INCLUDED ON PART IX, LINE 2 3,993,332. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 A STATEMENT OF POLICY IS PUBLISHED IN THE LEGAL ADVERTISEMENT SECTION OF LOCAL NEWSPAPERS. A GENERAL STATEMENT OF NON-DISCRIMINATION IS ALSO PUBLICIZED ON THE SCHOOL'S WEBSITE. SCHEDULE E, PART I, LINE 6 THE ORGANIZATION RECIEVED GRANTS FROM THE U.S. DEPARTMENT OF TREASURY. X X X X X X 1 MARTS & LUNDY 160 CHUBB AVENUE SUITE 303 LYNDHURST NJ 07071 CAMPAIGN MANAGEMENT/COMMUNICATION 0 0 84663 -84663 84663 -84663 NJ SPRING FETE 175335 20170 155165 48800 4029 82978 175335 20170 155165 48800 4029 82978 135807 19358 SCHEDULE G, PART I, LINE 2B, COLUMN (V) MARTS & LUNDY WAS RETAINED FOR CAMPAIGN MANAGEMENT AND CAMPAIGN COMMUNICATION PLAN. THE AGREEMENT PROVIDES FOR THE PAYMENT FOR SERVICES OF 1) $3,000 PER MONTH FOR CAMPAIGN MANAGEMENT COUNSEL AND HOURLY RATE OF $500 IN EXCESS OF EIGHT HOURS PER MONTH; 2) FEE OF $14,500 FOR CAMPAIGN COMMUNICATION PLAN AND HOURLY RATE OF $550 FOR ADDITIONAL WRITING/COMMUNICATION. 1 FINANCIAL AID 125 3993332 WELSH SCHOLARSHIP 2 31210 CONLEY TRAVEL AWARD 3 21400 PART I, LINE 2: FINANCIAL AID IS PROVIDED TO STUDENTS IN NEED IN ACCORDANCE WITH A SPECIFIC APPLICATION PROCESS THAT INVOLVES THE USE OF FINANCIAL AID ASSESSMENT SOFTWARE AND FILE REVIEW BY THE ADMISSIONS OFFICE AND OTHER SELECTED INDIVIDUALS INCLUDING THE CHIEF FINANCIAL AND OPERATING OFFICER. GRANTS ARE PROVIDED IN THE FORM OF FINANCIAL AID AND CAN ONLY BE USED TO REDUCE THE COST OF TUITION AND APPLICABLE STUDENT FEES ON A STUDENT'S ENROLLMENT CONTRACT FOR THE SCHOOL YEAR. THE WELSH SCHOLARSHIP IS PROVIDED TO YOUNG WOMEN WHO DEMONSTRATE FINANCIAL NEED, WHO ARE PERMANENT RESIDENTS OF SUMMIT, NJ, AND WHO CURRENTLY ATTEND OR HAVE GRADUATED FROM ONE OF THESE SUMMIT HIGH SCHOOLS. THE WELSH SCHOLARSHIP IS AWARDED THROUGH AN APPLICATION PROCESS OVERSEEN BY THE DIRECTOR OF COLLEGE ADMISSIONS. AWARDS ARE PROCESSED BY THE BUSINESS OFFICE AND SENT DIRECTLY TO THE STUDENT'S APPLICABLE COLLEGE AS INSTRUCTED BY THE DIRECTOR OF COLLEGE ADMISSIONS. THE CONLEY TRAVEL AWARD IS PROVIDED TO SENIOR FACULTY FOR THE SUMMER SABBATICAL PROGRAMS. THE CONLEY TRAVEL AWARDED IS AWARDED THROUGH AN APPLICATION PROCESS OVERSEEN BY THE ASSISTANT HEAD OF SCHOOL FOR TEACHING AND LEARNING. RECIPIENTS ARE REIMBURSED BY THE BUSINESS OFFICE FOR TRAVEL EXPENSES THAT ARE SUBMITTED TO THE ASSISTANT HEAD OF SCHOOL FOR TEACHING AND LEARNING FOR APPROVAL. X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 JENNIFER C GALAMBOS HEAD OF SCHOOL 428341 0 30000 0 0 0 47600 0 103681 0 609622 0 0 0 GENEVIEVE MADIGAN CHIEF FINANCIAL & OPERATING OFFICER 273727 0 0 0 0 0 23600 0 36977 0 334304 0 0 0 CORAL BROOKS DIRECTOR OF ADVANCEMENT 210067 0 0 0 0 0 19200 0 53897 0 283164 0 0 0 JULIA MORGAN ASSISTANT HEAD OF SCHOOL, TEACHING 194610 0 0 0 0 0 25891 0 50908 0 271409 0 0 0 KAREN REZACH DIRECTOR OF THE ETHICS INSTITUTE 205587 0 0 0 3600 0 26125 0 16513 0 251825 0 0 0 NICOLE HAGER DIRECTOR OF UPPER SCHOOL 190714 0 0 0 0 0 10201 0 44331 0 245246 0 0 0 JENNIFER SIMPSON DIRECTOR OF COLLEGE ADVISING 201611 0 0 0 0 0 24775 0 3752 0 230138 0 0 0 PART I, LINE 1A AS OUTLINED IN THE EMPLOYMENT AGREEMENTS WITH THE SCHOOL, THE HEAD OF SCHOOL IS REQUIRED TO RESIDE ON CAMPUS TO MEET THE ONGOING NEEDS OF THE SCHOOL COMMUNITY UNDER SECTION 119. THE SCHOOL PROVIDED THE HEAD OF SCHOOL WITH A HOUSING ALLOWANCE IN THE AMOUNT OF $82,866. THE HOUSING ALLOWANCE WAS TREATED AS NONTAXABLE COMPENSATION AND REPORTED ON SCHEDULE J, PART II, COLUMN D. PART I, LINE 7 THE HEAD OF SCHOOL RECEIVED BOARD APPROVED DISCRETIONARY BONUS DURING CALENDAR YEAR 2022 WHICH WAS INCLUDED IN COLUMN B(II) HEREIN AND IN HER 2022 FORM W-2, BOX 5, AS TAXABLE MEDICARE WAGES. A NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY 222045817 000000000 2016-10-25 10000000 REFINANCING 2013 BOND & RENOVATION 0 0 0 A 1203704 5022087 106000 1090000 3826087 2016 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 0 A 0 0 1 0 0 0 0 0 0 A 0 X 6 56886 SALES PRICE 0 0 1 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTORS IN PART I, COLUMN (B). FORM 990, PART VI, SECTION A, LINE 4 THE AMENDED BY-LAWS WERE APPROVED AND ADOPTED BY THE BOARD IN FY2023. THE FOLLOWING SIGNIFICANT CHANGES WERE MADE TO THE AMENDED BY-LAWS: - TERM LIMIT OF 9 CONSECUTIVE YEARS WERE ADDED FOR ALL BOARD OF TRUSTEES - THE ALUMNAE BOARD PRESIDENT, FACULTY REPRESENTATIVE, AND PARENTS ASSOCIATION PRESIDENTS WILL NO LONGER SIT AS VOTING MEMBERS OF THE BOARD OF TRUSTEES - THE HEAD OF SCHOOL WILL BE A TRUSTEE EX-OFFICIO, OR A NON-VOTING BOARD MEMBER - THE EXECUTIVE COMMITTEE WILL BE COMPRISED OF OFFICERS OF THE BOARD FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION HAS ITS FORM 990 PREPARED BY AN OUTSIDE ACCOUNTING FIRM. THE FORM 990 IS REVIEWED AND APPROVED BY THE AUDIT AND RISK MANAGEMENT COMMITTEE. ONCE APPROVED, A REDACTED COPY OF THE RETURN WITH SCHEDULE B REMOVED IS THEN MADE AVAILABLE TO THE BOARD ELECTRONICALLY FOR FINAL APPROVAL AT A SCHEDULED BOARD MEETING. THE FORM IS ALSO MADE AVAILABLE TO BOARD MEMBERS FOR 7 DAYS PRIOR TO FILING SHOULD THERE BE ANY ADDITIONAL QUESTIONS. FORM 990, PART VI, SECTION B, LINE 12C KENT PLACE SCHOOL HAS A CONFLICT OF INTEREST POLICY THAT APPLIES TO BOARD MEMBERS AND OFFICERS. EACH BOARD MEMBER AND OFFICER MUST ANNUALLY SIGN AND SUBMIT THE CONFLICT OF INTEREST STATEMENT TO THE COMMITTEE ON TRUSTEESHIP CHAIR DISCLOSING THEIR AWARENESS OF THE POLICY AND DISCLOSING ANY POTENTIAL CONFLICTS OF INTEREST. IF A POTENTIAL OR ACTUAL CONFLICT IS DISCLOSED AT ANY TIME, THE BOARD PRESIDENT WILL REVIEWS THE MATERIAL FACTS AND CIRCUMSTANCES AND FOLLOW-UP ON THE NON-COMPLIANCE. IF IT IS ESTABLISHED THAT AN ACTUAL CONFLICT EXISTS, THE INDIVIDUAL WILL BE NOTIFIED IMMEDIATELY AND WILL NOT BE ALLOWED TO VOTE OR BE A PART OF ANY DISCUSSIONS ABOUT ANY SUCH TRANSACTIONS THAT HAVE TO DO WITH THE CONFLICT UNTIL THE CONFLICT IS RESOLVED. ANY DISCUSSION REGARDING THE CONFLICT OF INTEREST TRANSACTION IS DOCUMENTED IN THE MINUTES OF THE BOARD MEETINGS, REFLECTING THE CONFLICT OF INTEREST THAT WAS DISCLOSED, THE NAME OF THE INTERESTED PERSON, AND THE FINAL DETERMINATION AND DECISION. FORM 990, PART VI, SECTION B, LINE 15A THE COMPENSATION COMMITTEE, CONSISTING OF BOARD OF TRUSTEE MEMBERS, REVIEWS THE PERFORMANCE OF THE HEAD OF SCHOOL AND COMPARES COMPENSATION TO ITS PEERS BASED ON SURVEYS PERFORMED BY SCHOOL ASSOCIATIONS AND INDEPENDENT COMPENSATION CONSULTANT. THE COMMITTEE REVIEWS THE KEY DATA AND PROVIDES A RECOMMENDATION TO THE PRESIDENT OF THE BOARD OF TRUSTEES. THE COMPENSATION DECISION DOCUMENTED IN THE RECORDS OF THE ORGANIZATION. THIS PROCESS WAS LAST COMPLETED IN FISCAL YEAR 2023. FOR OTHER OFFICER, THE HEAD OF SCHOOL DETERMINES COMPENSATION BASED ON AN ANNUAL PERFORMANCE REVIEW AND PERIODICALLY COMPARES COMPENSATION TO THAT OF THEIR PEERS BASED ON SURVEYS PERFORMED BY SCHOOL ASSOCIATIONS. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990, GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE BY WRITTEN REQUEST. FORM 990, PART VII: CHERYL KAPLUN DOES NOT RECEIVE COMPENSATION AS A TRUSTEE OF THE BOARD. SHE RECEIVES COMPENSATION FOR SERVICES PERFORMED AS THE MATH TEACHER. FORM 990, PART XI, LINE 9: WRITE-OFF OF PLEDGE RECEIVABLES -285,860. FORM 990, PART XII, LINE 2C: THE AUDIT AND RISK MANAGEMENT COMMITTEE IS RESPONSIBLE FOR THE OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT OR SELECTION PROCESS DURING THE TAX YEAR.