2023-05-11T06:49:18-05:00 2022-06-30 410746749 CLIFTONLARSONALLEN 29 SOUTH MAIN STREET 4TH FLOOR WEST HARTFORD CT 06107 990 2021-07-01 042103573 THE FAY SCHOOL INC FAYS 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 DIANE BYRNE ASS'T HEAD FOR FINANCE AND OPS 5084850100 2023-05-08 1 DIANE BYRNE 999009999 JOHN TOSCANO P00358542 8605614000 2023-05-08 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ROBERT GUSTAVSON 48 MAIN STREET SOUTHBOROUGH MA 017721595 33484139 0 X WWW.FAYSCHOOL.ORG X 1866 MA TO NURTURE EACH CHILD'S POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES THE FOUNDATION FOR A MEANINGFUL LIFE. 21 21 273 100 7131 0 5380351 3703264 24075245 25815824 3132275 3099321 56219 161274 32644090 32779683 3677819 3558017 0 0 14630782 15545559 0 0 665972 10128309 10657503 28436910 29761079 4207180 3018604 132674309 128787216 63914883 67184452 68759426 61602764 X TO NURTURE EACH CHILD'S POTENTIAL THROUGH A BROAD, BALANCED, AND CHALLENGING PROGRAM THAT ESTABLISHES THE FOUNDATION FOR A MEANINGFUL LIFE. 0 0 23475999 3543666 25037659 INSTRUCTION AND EDUCATION: FORMAL EDUCATION OF 484 STUDENTS GRADES K-9 IN CO-ED DAY & BOARDING SETTING. AS A DAY AND BOARDING SCHOOL FOR STUDENTS IN KINDERGARTEN THROUGH GRADE NINE AND AN EARLY LEARNING CENTER FROM AGES 2.9 TO 5, FAY SCHOOL IS A COMMUNITY BUILT ON FIVE CORE VALUES: ACADEMIC EXCELLENCE; HONORABLE CONDUCT; DEDICATED SERVICE; EARNEST EFFORT; AND WELLNESS OF MIND, BODY, AND SPIRIT. WHILE THE SCHOOL HAS GROWN AND EVOLVED SINCE ITS FOUNDING IN 1866, OUR CENTRAL PURPOSE HAS REMAINED CONSTANT. FAY PROVIDES A BROAD AND CHALLENGING PROGRAM THAT EMPOWERS STUDENTS TO DISCOVER THEIR TALENTS, DEVELOP THEIR INTELLECTUAL ABILITIES, ESTABLISH ESSENTIAL ACADEMIC SKILLS AND KNOWLEDGE, AND DEFINE THEIR MORAL CHARACTER. EARNEST EFFORT HAS BEEN EMPHASIZED THROUGHOUT THE SCHOOL'S HISTORY, AS ENSHRINED IN OUR MOTTO, POTERIS MODO VELIS ("YOU CAN IF YOU WILL"). FAY IS DEDICATED TO EDUCATING CHILDREN TO THEIR FULL POTENTIAL IN THE EARLY CHILDHOOD, ELEMENTARY, AND MIDDLE SCHOOL YEARS BY HELPING THEM RECOGNIZE AND DEVELOP THEIR INTELLECTUAL, AESTHETIC, PHYSICAL, SOCIAL, AND EMOTIONAL CAPABILITIES. WE TEACH OUR STUDENTS ESSENTIAL, ENDURING SKILLS: TO READ WELL, TO WRITE AND SPEAK CLEARLY AND COHERENTLY, TO REASON SOUNDLY, TO QUESTION THOUGHTFULLY, AND TO STUDY EFFECTIVELY. THESE SKILLS SUPPORT THEIR ABILITY TO LEAD, TO COLLABORATE, TO CREATE, AND TO SOLVE PROBLEMS. LOVE OF LEARNING BRINGS US TOGETHER, AND WE ENCOURAGE OUR STUDENTS TO BE CURIOUS, CREATIVE, AND OPEN TO NEW IDEAS. FAY'S SAFE AND SUPPORTIVE ENVIRONMENT ALLOWS STUDENTS TO TAKE RISKS AND ENCOURAGES THEM TO LEARN FROM MISTAKES, WITHIN THE CONTEXT OF HIGH EXPECTATIONS REGARDING ACADEMIC PERFORMANCE AND ETHICAL CONDUCT. OUR TEACHERS KNOW THEIR STUDENTS AS INDIVIDUALS AND HELP THEM COME TO KNOW THEMSELVES. AS FAY STUDENTS GROW, THEY DEVELOP AN UNDERSTANDING AND ACCEPTANCE OF THEIR OWN CHALLENGES AND STRENGTHS AS LEARNERS. HONESTY, RESPECT, RESPONSIBILITY, EMPATHY, AND KINDNESS INFORM OUR CONDUCT. THE DEVELOPMENT OF MANNERS, CIVILITY, AND INTEGRITY ARE HALLMARKS OF OUR SCHOOL. AT EVERY GRADE LEVEL, WE EMPHASIZE AN OBLIGATION TO HELP ENSURE THE WELL-BEING OF OTHERS. AS A HOME FOR BOARDING STUDENTS FROM MANY CULTURES AND BACKGROUNDS THROUGHOUT THE UNITED STATES AND AROUND THE WORLD, FAY IS AN INCLUSIVE COMMUNITY THAT RECOGNIZES, RESPECTS, AND CELEBRATES THE FULL RANGE OF HUMAN DIVERSITY. IN ALL OF THESE WAYS, FAY PREPARES OUR STUDENTS TO LEAD PRODUCTIVE AND FULFILLING LIVES THAT MAKE A POSITIVE DIFFERENCE IN THE WORLD. 424613 14351 840021 SUMMER PROGRAMS INCLUDE SUMMER DAY CAMP AND A VIRTUAL INTERNATIONAL ENGLISH LANGUAGE PROGRAM. SUMMER CAMP IS A DYNAMIC, HANDS-ON PROGRAM FOR CHILDREN ENTERING KINDERGARTEN THROUGH GRADE NINE. OUR PROGRAM PROVIDES CAMPERS AND STUDENTS WITH AN ENGAGING AND NURTURING ATMOSPHERE THAT ENCOURAGES EXPLORATION, CREATIVITY, AND LASTING CONNECTIONS AMONGCHILDREN AND ADULTS. THE VIRTUAL INTERNATIONAL ENGLISH LANGUAGE PROGRAM MAKES IT POSSIBLE FOR INTERNATIONAL STUDENTS AGED 10-15 TO PARTICIPATE IN THE FAY EXPERIENCE REGARDLESS OF THEIR LEVEL OF ENGLISH PROFICENCY. IT PROVIDES A MEANINGFUL INTRODUCTION TO FAY FOR STUDENTS ENROLLING FULL TIME IN THE UPCOMING ACADEMIC YEAR AS WELL AS A STAND-ALONE PROGRAM FOR INTERNATIONAL STUDENTS WHO WISH TO FOCUS ON DEVELOPING THEIR ENGLISH SKILLS DURING THE SUMMER MONTHS, WITH THE APPROPRIATE LEVEL OF CHALLENGE AND SUPPORT. 23900612 1 1 0 0 0 0 0 1 0 1 1 1 0 0 1 1 1 0 1 0 0 0 0 0 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 1 122 0 1 273 1 1 1 0 0 0 0 0 0 0 0 0 X 21 21 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X FAY SCHOOL BUSINESS OFFICE 5084850100 48 MAIN STREET SOUTHBOROUGH MA 017721595 PETER BAUER TRUSTEE 2.00 X 0 0 0 MELISSA BOIS TREASURER 2.00 X X 0 0 0 ELEANOR BROWN TRUSTEE 2.00 X 0 0 0 ALEX CURTIS TRUSTEE 2.00 X 0 0 0 BRENDON GIBLIN TRUSTEE 2.00 X 0 0 0 HEATHER R GIROLAMO TRUSTEE 2.00 X 0 0 0 NOREEN HARRINGTON TRUSTEE 2.00 X 0 0 0 DAVID HARRIS TRUSTEE 2.00 X 0 0 0 JAE HOON KIM TRUSTEE 2.00 X 0 0 0 ANN LAQUERRE VICE PRESIDENT 2.00 X X 0 0 0 WARREN LEE TRUSTEE 2.00 X 0 0 0 HELEN LIN TRUSTEE 2.00 X 0 0 0 DOUG LOUD TRUSTEE 2.00 X 0 0 0 SEAN LU TRUSTEE 2.00 X 0 0 0 SARA R MARS SECRETARY 2.00 X X 0 0 0 JESSICA MOORAJ TRUSTEE 2.00 X 0 0 0 WILLIAM PICARDI TRUSTEE 2.00 X 0 0 0 JAMES P SHAY PRESIDENT 2.00 X X 0 0 0 JOHN SIMON TRUSTEE 2.00 X 0 0 0 ARTHUR TING TRUSTEE 2.00 X 0 0 0 FAITH WALLACE-GADSDEN TRUSTEE 2.00 X 0 0 0 ROBERT GUSTAVSON HEAD OF SCHOOL 37.50 X 545704 0 182929 DIANE BYRNE ASS'T HEAD OF SCHOOL FOR F 37.50 X 268775 0 71395 ROBERT CRAWFORD DIRECTOR OF ADVANCEMENT 37.50 X 205637 0 113883 SARAH REMSBERG HEAD OF UPPER SCHOOL 37.50 X 138257 0 41235 ELIZABETH WHITNEY DIRECTOR OF ADMISSION 37.50 X 162743 0 97343 STEVEN JENSEN DIRECTOR OF INNOVATION 37.50 X 147089 0 54050 KATHERINE KNUPPEL HEAD OF PRIMARY SCHOOL & DIR OF ELC 37.50 X 135376 0 47353 1603581 0 608188 13 0 1 0 DELLBROOK CONSTRUCTION LLC ONE ADAMS PLACE 859 WILLARD ST QUINCY MA 02169 CONSTRUCTION 4703159 SAGE DINING SERVICES INC 1402 YORK ROAD SUITE 100 LUTHERVILLE MD 21093 DINING 1295786 UNICLEAN SERVICE CORPORATION - AKA HOGLA PO BOX 497 REVERE MA 02151 JANITORIAL 532406 ECK MACNEELY ARCHITECTS INC 580 HARRISON AVENUE SUITE 3N BOSTON MA 02118 ARCHITECTURE 423064 CIC HEALTH TESTING SERVICES LLC ONE BROADWAY 14TH FLOOR CAMBRIDGE MA 02142 COVID TESTING 258687 9 29514 300776 3372974 138840 3703264 TUITION AND FEES 611710 24678612 24678612 SUMMER PROGRAMS 611710 840021 840021 STUDENT SERVICE INCOME 611710 297191 297191 25815824 741868 136 741732 103544 0 103544 103544 103544 2062432 912000 616577 402 1445855 911598 2357453 6995 2350458 0 29514 4126 -4126 -4126 123439 83351 40088 40088 MISCELLANEOUS INCOME 900099 21768 21768 21768 32779683 25877680 7131 3191608 3558017 3558017 1085934 271483 814451 10683424 8564111 1738594 380719 636652 572402 38023 26227 2290596 1701285 493327 95984 848953 663844 155671 29438 17380 17380 54225 54225 151800 151800 475098 448571 16072 10455 319630 38157 275147 6326 36241 19895 607 15739 621220 604623 13683 2914 49878 992 44338 4548 772544 772544 2630447 2544360 80018 6069 269543 255343 14073 127 CONTRACTED SERVICES 2439456 2412257 22454 4745 OTHER DEPARTMENTAL EXPE 1601890 805311 735071 61508 EQUIPMENT, SUPPLIES AND 640026 599561 31227 9238 DUES AND SUBSCRIPTIONS 509673 27562 476342 5769 68452 40294 21992 6166 29761079 23900612 5194495 665972 41415 36719 7632445 8412148 1454045 928712 7083108 7370614 138831 147422 812204 751273 108306998 53847487 49038560 54459511 49893821 41580784 16323459 14885438 256421 214595 132674309 128787216 4318648 3811570 20182433 20347885 32360456 42946212 7053346 78785 63914883 67184452 X 37912199 33554542 30847227 28048222 68759426 61602764 132674309 128787216 X 3018604 -9795378 -379888 X X 0 1 X 1 0 X 2654726 3010515 2854138 5380351 3703264 17602994 2654726 3010515 2854138 5380351 3703264 17602994 808796 16794198 1104295 1394439 854106 915203 845276 5113319 2445 7131 9576 22725889 123841990 0.73900 0.71560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 34492206 95595 -4150104 290507 896182 29251008 26932540 721810 9038642 331305 1869481 34492206 27550678 187060 -234492 240456 330250 26932540 26825573 173609 2284209 403295 1329418 27550678 23624372 2090800 3237387 533423 1593563 26825573 0.19720 0.80280 0 0 3181707 3181707 73242864 40640878 32601986 10431163 5848956 4582207 21451264 7357653 14093611 54459511 FUND OF FUNDS 153021 C REAL ASSETS 10037922 C DOMESTIC EQUITY 2474797 C INTERNATIONAL EQUITY 2219698 C 14885438 OTHER LIABILITIES 78785 78785 X 18898726 -9795378 -3933779 -13729157 32627883 151800 151800 32779683 26055388 4126 4126 26051262 151800 3558017 3709817 29761079 PART III, LINE 1A: SINCE THE LATE 1900'S THE SCHOOL HAS ACQUIRED A COMPLETE SET OF PRESIDENTIAL AUTOGRAPHS AND DISPLAYS THEM FOR THE COMMUNITY. THE SCHOOL OWNED ONE OF A SMALL NUMBER OF ST. GAUDEN STATUES OF PRESIDENT LINCOLN CAST IN THE EARLY 1900'S. THE SCHOOL SOLD THE STATUE AT AUCTION IN FEBRUARY 2022. PART V, LINE 4: THE ENDOWMENT SUPPORTS THE EDUCATIONAL MISSION OF THE SCHOOL BY PROVIDING SUPPORT FOR FINANCIAL AID FOR STUDENTS, FACULTY COMPENSATION AND CONTINUING EDUCATION, SCHOOL PROGRAMS AND FACILITIES AS WELL AS GENERAL SUPPORT FOR SCHOOL OPERATIONS. DURING THE YEAR, THE ORGANIZATION REASSESSED AMOUNTS PREVIOUSLY CLASSIFIED AS ENDOWMENTS. AS A RESULT, CERTAIN AMOUNTS WERE RECLASSIFIED AND PRESENTED IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. PART X, LINE 2: THE SCHOOL HAS NO UNRECOGNIZED TAX BENEFITS AT JUNE 30, 2022. THE SCHOOL'S FEDERAL INFORMATION RETURNS PRIOR TO FISCAL YEAR 2019 ARE CLOSED, AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF THE SCHOOL HAD UNRELATED BUSINESS INCOME TAXES, IT WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH ANY TAX MATTERS AS PART OF THE INCOME TAX PROVISION AND INCLUDE ACCRUED INTEREST AND PENALTIES WITH THE RELATED TAX LIABILITY IN THE STATEMENTS OF FINANCIAL POSITION. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENT -162,630. FUNDRAISING EXPENSES 4,126. FINANCIAL AID -3,558,017. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -41,826. LOSS ON BOND REFUNDING -175,432. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 4,126. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,558,017. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 THE FAY SCHOOL IS INCLUDED IN THE GROUP LISTING OF INDEPENDENT SCHOOLS, WHOSE RACIALLY NONDISCRIMINATORY POLICY IS DISCLOSED IN THE BOSTON GLOBE EACH FALL. SCHEDULE E, PART I, LINE 6 ON APRIL 20, 2020, THE SCHOOL RECEIVED A PAYCHECK PROTECTION PROGRAM (PPP) LOAN IN THE AMOUNT OF $2,106,018, GRANTED BY THE SMALL BUSINESS ADMINISTRATION (SBA) UNDER THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT). ON MAY 15, 2020, $300,776 WAS PAID DOWN TO THE LENDER, RESULTING IN A LOAN PAYABLE BALANCE OF $1,805,242. ON JUNE 21, 2021, THE SCHOOL WAS NOTIFIED BY THE LENDER THAT THE PPP LOAN OF $1,805,242 WAS FORGIVEN. THE SCHOOL DOES NOT OTHERWISE RECEIVE AND FEDERAL AID OR ASSISTANCE FROM A GOVERNMENT AGENCY. DURING THE YEAR ENDED JUNE 30, 2022, THE SCHOOL WAS REFUNDED THE $300,776 BY THE LENDER. PA FUNDRAISER 29514 29514 800 3326 29514 29514 800 3326 4126 -4126 1 FINANCIAL AID 132 3543666 FMV TUITION ASSISTANCE FINANCIAL AID FOR SUMMER CAMP 21 14351 FMV TUITION ASSISTANCE PART I, LINE 2: THE FAY SCHOOL OFFERS FINANCIAL AID OR SCHOLARSHIP ASSISTANCE TO FAMILIES WITH A DEMONSTRATED FINANCIAL NEED. TO APPLY, PARENTS MUST COMPLETE THE PARENTS' FINANCIAL STATEMENTS (PFS) AND SUBMIT THAT TO THE SCHOOL AND STUDENT SERVICE FOR FINANCIAL AID IN PRINCETON, N.J. X X X X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 ROBERT GUSTAVSON HEAD OF SCHOOL 530250 0 0 0 15454 0 130043 0 52886 0 728633 0 0 0 DIANE BYRNE ASS'T HEAD OF SCHOOL FOR F 268001 0 0 0 774 0 39050 0 32345 0 340170 0 0 0 ROBERT CRAWFORD DIRECTOR OF ADVANCEMENT 205223 0 0 0 414 0 32051 0 81832 0 319520 0 0 0 ELIZABETH WHITNEY DIRECTOR OF ADMISSION 162473 0 0 0 270 0 26551 0 70792 0 260086 0 0 0 STEVEN JENSEN DIRECTOR OF INNOVATION 146819 0 0 0 270 0 22894 0 31156 0 201139 0 0 0 KATHERINE KNUPPEL HEAD OF PRIMARY SCHOOL & DIR OF ELC 135106 0 0 0 270 0 20594 0 26759 0 182729 0 0 0 SARAH REMSBERG HEAD OF UPPER SCHOOL 137987 0 0 0 270 0 21017 0 20218 0 179492 0 0 0 PART I, LINE 1A ON OCCASION, THE SPOUSE OF THE HEAD OF SCHOOL MAY TRAVEL TO EVENTS REPRESENTING THE SCHOOL. PART I, LINE 1B THE HEAD OF SCHOOL HAS A DISCRETIONARY SPENDING ALLOWANCE TO BE USED FOR SCHOOL EXPENSES NOT INDENTIFIED IN THE BUDGET PROCESS. PART I, LINE 3 AS A CONDITION OF EMPLOYMENT AND IN ORDER TO PERFORM HIS DUTIES THE HEAD OF SCHOOL IS REQUIRED TO LIVE ON CAMPUS IN A SCHOOL OWNED PROPERTY. THIS BUILDING IS CLEANED AND MAINTAINED BY SCHOOL PERSONNEL AND OUTSIDE CONTRACTORS. INCLUDED IN ROBERT GUSTAVSON'S COLUMN D IS AN AMOUNT FOR 5% OF THE VALUE OF THE PROPERTY INCLUDING UTILITIES TOTALING $52,536. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2021-07-30 45025000 REFUNDING OF PRIOR BOND ISSUE, CONSTRUCTION & ISSUE COSTS, SWAP SETTLEMENT 0 0 0 A 1706730 45025000 32464897 250060 5000000 7310043 2021 1 0 1 1 A 0 0 0 0 0 0 1 A 0 0 0 0 1 0 0 0 0 A 1 X 17 138840 FMV 0 1 0 PART I, COLUMN (B): THE AMOUNT REPORTED IN PART I, COLUMN (B) REPRESENTS THE TOTAL NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B THE FULL BOARD OF TRUSTEES REVIEWS THE ENTIRE FORM 990 WITH THE EXCEPTION OF SCHEDULE B WHICH IS NOT REVIEWED BY THE BOARD DUE TO ITS SENSITIVE NATURE. SCHEDULE B OF FORM 990 IS REVIEWED BY THE HEAD OF SCHOOL AND THE ASSISTANT HEAD OF SCHOOL FOR FINANCE AND OPERATIONS. FORM 990, PART VI, SECTION B, LINE 12C AT THE FIRST BOARD MEETING EACH YEAR (OCT/NOV) EACH TRUSTEE COMPLETES A CONFLICT OF INTEREST STATEMENT THAT IS HELD IN THE HEAD OF THE SCHOOL'S OFFICE FOR THE YEAR. THE POLICY GETS REVIEWED PRIOR TO AUDIT AND UPDATED ANNUALLY. FAY SCHOOL CURRENTLY FOLLOWS NAIS GUIDELINES FOR ITS WHISTLE BLOWER AND DOCUMENT RETENTION AND DESTRUCTION POLICIES. THE SCHOOL HAS FORMALIZED ITS OWN POLICIES AND WILL INCLUDE THEM IN THEIR EMPLOYEE HANDBOOK. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES DETERMINES THE COMPENSATION FOR THE HEAD OF SCHOOL. THE HEAD OF SCHOOL HAS A WRITTEN CONTRACT. THE INFORMATION INCLUDED FOR THIS COMPENSATION REVIEW INCLUDES A REBUTTABLE PRESUMPTION CHECKLIST AMONG OTHER PROCEDURES. ALL OTHER PERSONNEL SALARIES ARE DETERMINED BY THE HEAD OF SCHOOL WITH INPUT FROM THE ASSISTANT HEAD OF SCHOOL FOR FINANCE AND OPERATIONS. FORM 990, PART VI, SECTION C, LINE 18 THE ORGANIZATION'S TAX FILINGS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S TAX FILINGS ARE AVAILABLE ONLINE FOR VIEWING AT WWW.GUIDESTAR.ORG, A WEBSITE USED TO RATE NON-PROFITS FOR POTENTIAL DONORS. THE TAX FILINGS AND FINANCIAL STATEMENTS ARE ALSO AVAILABLE AT THE MASSACHUSETTS ATTORNEY GENERAL'S DIVISION FOR PUBLIC CHARITIES WEBSITE AND AT THE SCHOOL. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF INTEREST RATE SWAP AGREEMENT -162,630. CHANGE IN VALUE OF SPLIT-INTEREST AGREEMENTS -41,826. LOSS ON BOND REFUNDING -175,432. FORM 990, PART XII, LINE 2C THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT PROCESS OR SELECTION PROCESS DURING THE TAX YEAR.