2025-04-25T10:24:28-05:00 2024-06-30 410746749 CLIFTONLARSONALLEN LLP 60 SOUTH MARKET STREET SUITE 1550 SAN JOSE CA 95113 990 2023-07-01 330729698 SAGE HILL SCHOOL SAGE 9492191310 20402 NEWPORT COAST DRIVE NEWPORT COAST CA 92657 JILL LIVERMORE CFOO 9492191312 2025-04-23 1 1 SAIDHA SHALINI P01959812 4082941025 2025-04-23 2023 2025-03-06 01:10:19Z PATRICIA MERZ 20402 NEWPORT COAST DRIVE NEWPORT COAST CA 92657 66561162 0 X WWW.SAGEHILLSCHOOL.ORG X 1996 CA A PRIVATE COED HIGH SCHOOL THAT INSPIRES IN THEIR STUDENTS A LOVE OF KNOWLEDGE. 17 16 192 300 0 0 1667615 14083604 27798615 30368455 257832 1862122 1383 -56408 29725445 46257773 2564534 3235384 0 0 16885369 18127901 0 0 1408739 10290512 10547364 29740415 31910649 -14970 14347124 128076766 147702095 35598001 36764261 92478765 110937834 X WE INSPIRE IN OUR STUDENTS A LOVE OF KNOWLEDGE AND THE ABILITY TO USE THAT KNOWLEDGE CREATIVELY, COMPASSIONATELY AND COURAGEOUSLY THROUGHOUT THEIR LIVES.SAGE HILL SCHOOL'S COMMITMENT TO ACADEMIC EXCELLENCE, OUR OUTSTANDING COLLEGE PREPARATION HAVE PROVIDED A TRANSFORMATIVE EXPERIENCE FOR OUR STUDENTS. ACADEMIC EXCELLENCE - SAGE HILL OFFERS A RIGOROUS, COMPREHENSIVE CURRICULUM THAT CHALLENGES AND INSPIRES STUDENTS TO TAKE RISKS, THINK CRITICALLY, AND USE WHAT THEY LEARN IN CLASS IN THE WORLD BEYOND OUR CAMPUS. OUR WORLD-CLASS EDUCATORS TEACH CLASSES THAT AVERAGE SIXTEEN STUDENTS AND FOSTER CURIOSITY, DISCOVERY, AND A PASSION FOR LEARNING. 0 0 24797990 3235384 30368455 SAGE HILL SCHOOL IS AN INDEPENDENT HIGH SCHOOL LOCATED ON 30 ACRES IN NEWPORT COAST, CALIFORNIA. FOUNDED IN 2000, THE SCHOOL PROVIDES MORE THAN 550 STUDENTS WITH SMALL CLASS SIZES THAT AVERAGE 16 STUDENTS PER TEACHER, OUTSTANDING ACADEMIC CURRICULA AND A DEDICATED TEAM OF COLLEGE COUNSELORS. THE SCHOOL OFFERS ITS STUDENTS A RICH AND DYNAMIC CURRICULUM THAT PROMOTES CRITICAL THINKING, COLLABORATION, AND CREATIVITY. OUTSIDE THE CLASSROOM, STUDENTS ARE ENCOURAGED TO PARTICIPATE IN ATHLETICS, EXPLORE THEIR ARTISTIC ABILITIES, AND ENGAGE IN THE WORLD BEYOND THE CAMPUS THROUGH SERVICE TO THE COMMUNITY, INTERNSHIPS AND EDUCATIONAL TRAVEL. 24797990 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 1 64 0 1 192 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 17 16 1 0 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 CA X JILL LIVERMORE 9492191312 20402 NEWPORT COAST DRIVE NEWPORT COAST CA 92657 MIKE BOLEN BOARD CHAIR 1.00 X X 0 0 0 RICK LOWE VICE CHAIR 1.00 X X 0 0 0 SUDESH MARIAPPA TREASURER 1.00 X X 0 0 0 RICHARD LEE SECRETARY 1.00 X X 0 0 0 PRIYAN CHANDRARATNA TRUSTEE 1.00 X 0 0 0 DOUG COLLIER TRUSTEE 1.00 X 0 0 0 CHRISTOPHER CUFF TRUSTEE 1.00 X 0 0 0 MOHIT MITTAL TRUSTEE 1.00 X 0 0 0 SANDY IRANI TRUSTEE 1.00 X 0 0 0 MARK MURRAY TRUSTEE 1.00 X 0 0 0 TOM ORRADRE TRUSTEE 1.00 X 0 0 0 COLLEN RIVERS TRUSTEE 1.00 X 0 0 0 KIM STOBART TRUSTEE 1.00 X 0 0 0 SCOTT WEINER TRUSTEE 1.00 X 0 0 0 KATHY WILK TRUSTEE 1.00 X 0 0 0 VAN WILSON TRUSTEE 1.00 X 0 0 0 ALICE XU TRUSTEE 1.00 X 0 0 0 PATRICIA MERZ HEAD OF SCHOOL 40.00 X 754688 0 184944 JILL LIVERMORE CFOO 40.00 X 323373 0 26887 MATTHEW BALOSSI ASSISTANT HEAD OF SCHOOL 40.00 X 235858 0 120452 MATTHEW SAHLIN DIRECTOR OF ADVANCEMENT 40.00 X 219757 0 27282 PETER JORDAN DIRECTOR OF ADMISSIONS 40.00 X 198720 0 46821 SANAN SHIRINIAN DIRECTOR OF SAGE CENTER 40.00 X 195122 0 21272 DOMINIC CAMPEAU DEAN OF SCHOOL LIFE 40.00 X 173640 0 12001 2101158 0 439659 52 0 1 0 INSIGHT GLOBAL EDUCATION 209-225 NEWPORT DRIVE PORT MOODY BC CA EDUCATIONAL TRAVEL PROGRAMS 486590 HARBOR BUILDING MAINTENANCE INC 5011 ARGOSY AVE SUITE 11 HUNTINGTON BEACH CA 92649 CUSTODIAL SERVICES 381774 LOGICALIS INC 2600 WEST BIG BEAVER ROAD SUITE 15 TROY MI 48084 TECHNOLOGY INFRASTRUCTURE, SOFTWARE 312027 ENVOYS INC 1751 PINNACLE DR MCLEAN VA 22102 EDUCATIONAL TRAVEL PROGRAMS 311802 CERTIFIED TRANSPORTATION SERVICES INC 1038 NORTH CLUSTER STREET SANTA ANA CA 92701 TRANSPORTATION SERVICES 267058 18 416175 13667429 5394513 14083604 TUITION AND FEES 611710 29510460 29510460 SUMMER AND ENRICHMENT PROGRAMS 611710 767385 767385 FORFEITED TUITION & DEPOSITS 611710 47110 47110 APPLICATION FEES 611710 43500 43500 30368455 1497540 1497540 63593 0 63593 63593 63593 20436286 19852772 218932 583514 -218932 364582 364582 25415 416175 231685 -206270 -206270 PARENT ASSOCIATION ACTIVITIES 900099 69250 69250 OTHER INCOME 900099 17019 17019 86269 46257773 30368455 0 1805714 3235384 3235384 1305616 379122 736933 189561 13356617 10610646 2047361 698610 815989 685028 96019 34942 1619137 1320188 265181 33768 1030542 616752 407628 6162 174352 174352 69929 69929 69330 69330 93741 10441 75310 7990 527459 527459 355797 137648 137896 80253 381093 344309 34690 2094 629269 592368 33298 3603 80689 28981 51018 690 344257 324069 18217 1971 2756501 2594857 145864 15780 390492 331716 57142 1634 FACILITIES 1352731 1275093 70059 7579 ACADEMIC SUPPORT 601873 601873 SUMMER PROGRAMS 545928 545928 ATHLETICS 480808 480808 1693115 682779 686234 324102 31910649 24797990 5703920 1408739 86667 435338 29289367 38581798 298729 5283680 7213 6265 297355 331230 105321715 37340618 67468435 67981097 29631314 33935205 997686 1147482 128076766 147702095 2950999 4300011 16524975 17052784 16122027 15411466 35598001 36764261 X 79050198 83756262 13428567 27181572 92478765 110937834 128076766 147702095 X 14347124 4361307 -249362 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29635057 0 4664269 363243 33936083 26016421 216171 3402465 29635057 29023353 277806 -3284738 26016421 23091406 587390 5344557 29023353 21055513 305875 1760018 30000 23091406 0.58000 0.23800 0.18200 0 0 20128606 20128606 73969086 30749159 43219927 9576959 6439659 3137300 1647064 151800 1495264 67981097 X 46768438 4361307 -3781312 579995 46188443 69330 69330 46257773 28060007 0 28060007 69330 3781312 3850642 31910649 PART V, LINE 4: THE INTENDED USE OF ENDOWMENT FUNDS ARE FOR FINANCIAL AID AND OPERATIONS. PART X, LINE 2: THE SCHOOL HAS BEEN GRANTED EXEMPTION FROM INCOME TAX UNDER SECTIONS 501(C)(3) OF THE INTERNAL REVENUE CODE AND 23701(D) OF THE CALIFORNIA REVENUE AND TAXATION CODE. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES PROVIDE ACCOUNTING AND DISCLOSURE GUIDANCE ABOUT POSITIONS TAKEN BY AN ORGANIZATION IN ITS TAX RETURNS THAT MIGHT BE UNCERTAIN. MANAGEMENT HAS CONSIDERED ITS TAX POSITIONS AND BELIEVES ALL OF THE POSITIONS TAKEN BY THE SCHOOL ARE MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION. PART XI, LINE 2D - OTHER ADJUSTMENTS: FINANCIAL AID -3,235,384. SUMMER AND ENRICHMENT EXPENSES -545,928. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID 3,235,384. SUMMER AND ENRICHMENT EXPENSES 545,928. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 THE SCHOOL HAS POSTED THE NOTICE ON A PROMINENT SPOT ON IT'S MAIN WEBSITE. SPRING EVENT 441590 416175 25415 104441 85299 41945 441590 416175 25415 104441 85299 41945 231685 -206270 1 STUDENT FINANCIAL AID 79 3235384 N/A FINANCIAL AID AWARDED TO ELIGIBLE STUDENTS PART I, LINE 2: ON A NON-DISCRIMINATORY BASIS, THE FINANCIAL AID COMMITTEE DETERMINES THE ALLOCATION OF THE AWARD BASED ON NEED, UTILIZING DATA FROM A THIRD-PARTY FINANCIAL AID SERVICE. THE LIST OF STUDENTS RECEIVING FINANCIAL AID IS GIVEN TO THE BUSINESS OFFICE WHERE THE TUITION BILLING IS PROCESSED. 1 X X X X 0 1 0 0 0 0 0 1 0 PATRICIA MERZ HEAD OF SCHOOL 556599 0 190000 0 8089 0 178743 0 6201 0 939632 0 0 0 MATTHEW BALOSSI ASSISTANT HEAD OF SCHOOL 227132 0 7000 0 1726 0 17366 0 103086 0 356310 0 0 0 JILL LIVERMORE CFOO 313929 0 7000 0 2444 0 21974 0 4913 0 350260 0 0 0 MATTHEW SAHLIN DIRECTOR OF ADVANCEMENT 211216 0 7000 0 1541 0 14387 0 12895 0 247039 0 0 0 PETER JORDAN DIRECTOR OF ADMISSIONS 189991 0 7000 0 1729 0 14437 0 32384 0 245541 0 0 0 SANAN SHIRINIAN DIRECTOR OF SAGE CENTER 194053 0 0 0 1069 0 13677 0 7595 0 216394 0 0 0 DOMINIC CAMPEAU DEAN OF SCHOOL LIFE 165024 0 7000 0 1616 0 11552 0 449 0 185641 0 0 0 PART I, LINE 4B DEFERRED COMPENSATION PLAN PROVISIONS CERTAIN OFFICERS AND OTHERS LISTED IN PART VII, SECTION A, LINE 1A PARTICIPATE IN A 457F DEFERRED COMPENSATION PLAN. NAME: PATRICIA MERZ, CURRENT YEAR AMOUNT: $178,743. PART I, LINE 7 BONUS PAID TO PATRICIA MERZ OF $190,000. BONUSES OF $7,000 WERE PAID TO THE ADMINISTRATIVE TEAM, INCLUDING JILL LIVERMORE, MATTHEW SAHLIN, MATTHEW BALOSSI, DOMINIC CAMPEAU AND PETER JORDAN. THE BONUSES OF $7,000 WERE DISCRETIONARY BONUSES ASSOCIATED WITH THE MIDDLE SCHOOL PROJECT. SCHEDULE J, PART II, COLUMN (B) FOR CLARIFICATION, THE SCHEDULE J COLUMN B AMOUNTS REFLECT W-2 WAGES FOR THE 2023 CALENDAR YEAR. SCHEDULE J, PART II, COLUMN (D) INCLUDED IN NONTAXABLE BENEFITS ARE: HEALTH INSURANCE PREMIUMS, TUITION REMISSION AND CAFETERIA PLANS. DURING 2023 MATTHEW BALOSSI RECEIVED TUITION REMISSION OF $66,465. A CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY 352273601 2020-12-08 18200000 REFINANACING BOND ISSUED IN 2010. 0 0 0 A 2604105 18200000 349236 17850764 0 1 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 0 0 0 0 0 0 0 1 A 1 BOARD MEMBER 39430 FINANCIAL AID X 8 5394513 FAIR MARKET VALUE 0 0 1 1 PART I, LINE 32B: ALL STOCK GIFTS DONATED TO THE SCHOOL ARE SENT DIRECTLY TO THE BANK. THE SCHOOL SELLS STOCK AS SOON AS PRACTICAL UPON RECEIPT. SCHEDULE M, PART I, COLUMN (B): REPRESENTS THE NUMBER OF CONTRIBUTIONS RECEIVED DURING THE FISCAL YEAR 2024. FORM 990, PART VI, SECTION A, LINE 1A THE BOARD OF TRUSTEES MAY APPOINT ONE OR MORE COMMITTEES, EACH CONSISTING OF AT LEAST TWO TRUSTEES AND DELEGATE TO SUCH COMMITTEES ANY AUTHORITY OF THE BOARD; PROVIDED, HOWEVER, THAT NO COMMITTEE SHALL HAVE THE AUTHORITY TO TAKE ANY OF THE FOLLOWING ACTIONS: A. THE FILLING OF VACANCIES ON THE BOARD OF TRUSTEES OR IN ANY COMMITTEE, WHICH HAS THE AUTHORITY OF THE BOARD; B. THE SETTING OF THE NUMBER OF TRUSTEES WITHIN A RANGE SPECIFIED WITHIN THESE BYLAWS OR THE ELECTION OR REMOVAL OF TRUSTEES; C. THE AMENDMENT OR REPEAL OF BYLAWS OR THE ADOPTION OF NEW BYLAWS; D. THE AMENDMENT OR REPEAL OF ANY RESOLUTION OF THE BOARD OF TRUSTEES, WHICH BY ITS EXPRESS TERMS IS NOT SO AMENDABLE OR REPEATABLE; E. THE APPOINTMENT OF COMMITTEES OR THE MEMBERS OF SUCH COMMITTEES; F. THE EXPENDITURE OF CORPORATE FUNDS TO SUPPORT A NOMINEE FOR TRUSTEE AFTER THERE ARE MORE PERSONS NOMINATED FOR TRUSTEE THAN CAN BE ELECTED; G. THE APPROVAL OF ANY SELF-DEALING TRANSACTION, EXCEPT AS PROVIDED IN CALIFORNIA CORPORATIONS CODE SECTION 5233{D){3); H. THE APPROVAL OF ANY ACTION FOR WHICH THE CALIFORNIA NONPROFIT BENEFIT CORPORATION LAW ALSO REQUIRES APPROVAL OF THE MEMBERS OR APPROVAL OF A MAJORITY OF ALL MEMBERS EVEN THOUGH THE CORPORATION HAS NO MEMBERS; I. THE FIXING OF COMPENSATION OF THE TRUSTEES FOR SERVING ON THE BOARD OR ON ANY COMMITTEE. FORM 990, PART VI, SECTION A, LINE 2 RICK LOWE'S FINANCIAL ADVISORY FIRM HAS BUSINESS RELATIONSHIPS WITH SEVERAL BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF THE 990, WITHOUT SCHEDULE B, IS REVIEWED WITH THE MEMBERS OF THE AUDIT COMMITTEE AND ALL TRUSTEES PRIOR TO FILING. ADDITIONALLY, THE CHAIR AND VICE CHAIR OF THE BOARD ARE GIVEN A COMPLETE COPY OF THE FORM 990 TO REVIEW, INCLUDING SCHEDULE B, PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY APPLIES TO ANY DIRECTOR, TRUSTEE, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST. ON AN ANNUAL BASIS, ALL BOARD MEMBERS, OFFICERS AND KEY EMPLOYEES SIGN THE CONFLICT OF INTEREST POLICY AGREEING THAT THEY HAVE RECEIVED AND UNDERSTAND THE POLICY. THEY ALSO SIGN THE SUPPLEMENT TO THE CONFLICT OF INTEREST POLICY THAT ADDRESSES AND DISCLOSES ISSUES OF RELATED PARTY TRANSACTIONS. THIS IS NORMALLY DOCUMENTED AT THE FIRST BOARD MEETING OF THE YEAR. AFTER DISCLOSURE OF THE CONFLICT AND DISCLOSURE OF ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL LEAVE THE GOVERNING BOARD OR COMMITTEE MEETING WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. THE REMAINING BOARD OR COMMITTEE MEMBERS SHALL DECIDE IF A CONFLICT OF INTEREST EXISTS. WHERE A POTENTIAL CONFLICT OF INTEREST EXISTS, IT SHALL BE THE RESPONSIBILITY OF THE PERSON INVOLVED OR ANY OTHER PERSON WITH KNOWLEDGE TO NOTIFY THE BOARD OF TRUSTEES OF THE POTENTIAL CONFLICT, SO THAT THE BOARD OF TRUSTEES CAN PROVIDE SUCH GUIDANCE AND TAKE SUCH ACTION AS IT SHALL DEEM APPROPRIATE. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE GOVERNING BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIRPERSON OF THE GOVERNING BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE WHETHER THE ORGANIZATION CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE GOVERNING BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY - IF THE GOVERNING BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE A MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF, AFTER HEARING THE MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE GOVERNING BOARD OR COMMITTEE DETERMINES THE MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION INCLUDING BUT NOT LIMITED TO ABSTAIN FROM VOTE, REMEDY OF THE CONFLICT AND BOARD RESIGNATION. THE INDIVIDUAL WOULD NOT BE PRESENT IN THESE MEETINGS. FORM 990, PART VI, SECTION B, LINE 15 THE ANNUAL PROCESS FOR DETERMINING COMPENSATION OF THE ORGANIZATIONS TOP MANAGEMENT OFFICIALS AS WELLS AS OTHER OFFICERS AND KEY EMPLOYEES INCLUDES REVIEW AND APPROVAL BY THE COMPENSATION COMMITTEE, USE OF COMPARABILITY DATA AND CONTEMPORANEOUS DOCUMENTATION OF THE DELIBERATION AND DECISION. THE SCHOOL HAS A COMPENSATION COMMITTEE COMPOSED OF TRUSTEES AND EMERITI. THE COMPENSATION COMMITTEE MEETS AS NEEDED TO DISCUSS AND APPROVE THE COMPENSATION PACKAGE OF THE HEAD OF SCHOOL. OTHER SCHOOL OFFICERS AND KEY EMPLOYEES COMPENSATION IS REVIEWED BY THE COMPENSATION COMMITTEE BUT THE HEAD OF SCHOOL APPROVES THEIR COMPENSATION PACKAGES. COMPARABILITY DATA FROM THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOL'S DATABASE IS CIRCULATED TO THE COMMITTEE PRIOR TO THE REVIEW MEETING AND IS DISCUSSED AT THE MEETING. COMPARATIVE DATA GROUPS INCLUDE SIMILAR TYPE SCHOOLS ( I.E., INDEPENDENT, NON-PROFIT, COED, DAY ONLY) AND SCHOOLS WITH SIMILAR NUMBERS OF STUDENTS AND OPERATING EXPENSES. MINUTES OF THE MEETING ARE KEPT IN THE BUSINESS OFFICE. THE PROCESS DESCRIBED HERE WAS LAST COMPLETED IN 2024. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: LOSS ON UNCOLLECTIBLE PLEDGES -249,362. FORM 990, PART XII, LINE 2C THE SCHOOL HAS AN AUDIT COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT AND TAX RETURNS. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.