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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE 990 FORMS WILL BE PRESENTED TO THE BOARD OF DIRECTORS PRIOR TO THE FILING DUE DATE AT AN OFFICIAL MEETING. ANY QUESTIONS/CONCERNS WILL BE ADDRESSED. SUBSEQUENT TO THIS REVIEW, THE 990 WILL BE SUBMITTED TO THE ENTIRE BOARD FOR THEIR REVIEW PRIOR TO THE FILING DATE. IF ANY CHANGES ARE MADE TO THE 990, THE AUDIT COMMITTEE WILL CONVENE AGAIN FOR A FINAL REVIEW.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD MEMBERS, OFFICERS, AND EMPLOYEES ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST. FAILURE TO DISCLOSE A POTENTIAL CONFLICT OF INTEREST OR ENGAGING IN A PRACTICE DETERMINED TO BE A CONFLICT OF INTEREST MAY RESULT IN DISCIPLINARY ACTION UP TO AND INCLUDING TERMINATION. IN THE CASE OF A CONFLICT OF INTEREST, THE COMPLIANCE OFFICER AND/OR OTHER DESIGNATED INDIVIDUAL OR COMMITTEE WILL INVESTIGATE ALTERNATIVES TO THE ACTIONS OR ARRANGEMENTS IN WHICH THE CONFLICT EXISTS. THE COMPLIANCE OFFICER OR DESIGNATED INDIVIDUAL OR COMMITTEE SHALL ASCERTAIN WHETHER A MORE ADVANTAGEOUS ACTIVITY, TRANSACTION OR ARRANGEMENT EXISTS WHICH WOULD AVOID A CONFLICT OF INTEREST AND PROCEED ACCORDINGLY. ANY VIOLATION OF CONFLICT OF INTEREST POLICY SHALL BE SUBJECT TO DISCIPLINARY AND CORRECTIVE ACTION.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE COMPENSATION OF THE EXECUTIVE DIRECTOR IS FIXED BY THE REIMBURSABLE COST MANUAL AND STATE REGULATIONS GOVERNING SPSFC'S ACTIVITIES. THE ACTUAL COMPENSATION IS TAKEN FORM A COMPENSATION CHART PUBLISHED BY THE NYS DEPARTMENT OF EDUCATION. THIS PROCESS WAS LAST CONDUCTED IN JUNE 2016.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>UPON REQUEST, THE PUBLIC MAY VIEW THE ORGANIZATION'S GOVERNING AND RELATED DOCUMENTS AT THE ADDRESS LOCATED ON PAGE 1 OF FORM 990.</ExplanationTxt>
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</Return>