2022-05-11T12:23:29-05:00 2021-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2020-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 JAY M GROSSMAN TREASURER 7812359300 2022-05-09 1 JAY GROSSMAN 999009999 ROBIN A KATZMAN CPA P01569433 6173386800 2022-05-09 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z EDWARD V PARSONS 333 WINTER STREET WESTON MA 024931040 58814128 0 X WWW.RIVERS.ORG X 1924 MA THE RIVERS SCHOOL IS A COED COLLEGE PREPARATORY DAY SCHOOL FOR GRADES 6 THROUGH 12. RIVERS CHALLENGES STUDENTS TO ATTAIN THEIR HIGHEST LEVELS OF EXCELLENCE IN ACADEMICS, ARTS, AND ATHLETICS. WE SET HIGH STANDARDS AND EXPECT STUDENTS TO PARTICIPATE ACTIVELY IN THEIR LEARNING. WE CULTIVATE A CARING, RESPECTFUL, AND COLLABORATIVE ENVIRONMENT THAT ENCOURAGES STUDENT PERFORMANCE, INCLUDING DEMONSTRATION OF LOGICAL THOUGHT, INFORMED AND ARTICULATE VOICE, CREATIVE VISION, AND INTEGRITY. RIVERS IS DEDICATED TO PREPARING ITS STUDENTS FOR LEADERSHIP IN A WORLD THAT NEEDS THEIR TALENTS, IMAGINATION, INTELLECT, AND COMPASSION. 30 30 358 363 281503 0 8433412 10132140 29297539 30014784 324188 1514968 359447 427729 38414586 42089621 6551913 6558325 0 0 18259775 18746843 0 0 1631095 8834118 10343426 33645806 35648594 4768780 6441027 108581499 120748390 36225811 33643068 72355688 87105322 X THE RIVERS SCHOOL IS A COED COLLEGE PREPARATORY DAY SCHOOL FOR GRADES 6 THROUGH 12. RIVERS CHALLENGES STUDENTS TO ATTAIN THEIR HIGHEST LEVELS OF EXCELLENCE IN ACADEMICS, ARTS, AND ATHLETICS. WE SET HIGH STANDARDS AND EXPECT STUDENTS TO PARTICIPATE ACTIVELY IN THEIR LEARNING. WE CULTIVATE A CARING, RESPECTFUL, AND COLLABORATIVE ENVIRONMENT THAT ENCOURAGES STUDENT PERFORMANCE, INCLUDING DEMONSTRATION OF LOGICAL THOUGHT, INFORMED AND ARTICULATE VOICE, CREATIVE VISION, AND INTEGRITY. RIVERS IS DEDICATED TO PREPARING ITS STUDENTS FOR LEADERSHIP IN A WORLD THAT NEEDS THEIR TALENTS, IMAGINATION, INTELLECT, AND COMPASSION. 0 0 24813158 6378639 27473300 SCHOOL PROGRAM - THE INSTRUCTION OF 514 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2519993 179686 2169954 MUSIC CONSERVATORY - OFFERS PREMIER CLASSICAL AND JAZZ MUSIC EDUCATION AND PERFORMANCE PROGRAMS THAT DEVELOP THE HIGHEST LEVELS OF ARTISTIC AND TECHNICAL ACHIEVEMENT IN STUDENT MUSICIANS OF ALL AGES 64695 0 0 SUMMER CAMP PROGRAM - THE INSTRUCTION AND SUPERVISION OF CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 660228 0 528664 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 660228 0 528664 28058074 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 0 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 86 0 1 358 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 0 1 0 0 0 0 1 1 0 0 0 1 1 1 1 1 1 1 0 MA X X JONATHAN D WASSERMAN 7812359300 THE RIVERS SCHOOL 333 WINTER STREET WESTON MA 02493 ALAN D ROSE JR 2ND VP TERMED 6/2/21 1.80 X X 0 0 0 BEN D FISCHMAN TRUSTEE 0.80 X 0 0 0 DANIEL R REVERS 2ND VP (UNTIL 6/2/21), THEN STANDARD TRUSTEE 0.80 X X 0 0 0 DENNIS BALDWIN TRUSTEE 0.80 X 0 0 0 JAMES F CARLIN III TRUSTEE 0.80 X 0 0 0 JON BAKER JR PRESIDENT APPOINTE (UNTIL 6/2/21), THEN TRUSTEE 1.00 X X 0 0 0 HARLEY LANK PRESIDENT 2.50 X X 0 0 0 BALA CUMARESAN TRUSTEE TERMED 6/2/21 1.50 X 0 0 0 STEPHEN M JENNINGS TRUSTEE 0.80 X 0 0 0 ALISON MONAGHAN TRUSTEE 0.80 X 0 0 0 HELEN L HOWARD TRUSTEE 1.00 X 0 0 0 JAY M GROSSMAN TREASURER 1.80 X X 0 0 0 JONATHAN H PAUL VICE PRESIDENT 2.30 X X 0 0 0 MATTHEW VETTEL TRUSTEE TERMED 6/2/21 0.80 X 0 0 0 TIMOTHY D MANN TRUSTEE 1.50 X 0 0 0 HEIDI C PEARLSON CLERK 1.00 X X 0 0 0 JANET A CORREIA TRUSTEE 0.80 X 0 0 0 ANDREW C DELINSKY TRUSTEE 0.80 X 0 0 0 JEMEA GOSO TRUSTEE 0.80 X 0 0 0 ROGER RANDALL TRUSTEE 0.80 X 0 0 0 JOHN FOLEY TRUSTEE 0.80 X 0 0 0 SHEILA HIATT TRUSTEE 0.80 X 0 0 0 SUSAN JANOSKY TRUSTEE 0.80 X 0 0 0 AMARIS PENA-RAMOS TRUSTEE 0.80 X 0 0 0 PETER WALTER TRUSTEE 0.80 X 0 0 0 RACHEL HUNTER TRUSTEE 0.80 X 0 0 0 MATTHEW FRUHAN TRUSTEE 0.80 X 0 0 0 ALISON HALL TRUSTEE 0.80 X 0 0 0 MICHAEL LONDON TRUSTEE 0.80 X 0 0 0 SUSAN RAPPLE TRUSTEE 0.80 X 0 0 0 LOUISE CUMMINGS TRUSTEE - ELECTED 6/2/21 1.50 X 0 0 0 JANICE MORRIS TRUSTEE - ELECTED 6/2/21 0.80 X 0 0 0 KENNETH STILLWELL TRUSTEE - ELECTED 6/2/21 0.80 X 0 0 0 EDWARD V PARSONS HEAD OF SCHOOL 60.00 X 365545 0 160977 JONATHAN D WASSERMAN CHIEF FINANCIAL OFFICER 60.00 X 225392 0 71266 KRISTEN MENSING ASSISTANT CLERK 37.50 X 77389 0 5383 KRISTEN KELLEHER DIRECTOR OF ADVANCEMENT 60.00 X 228868 0 67178 JAMES M LONG ASSISTANT HEAD OF SCHOOL 50.00 X 154082 0 94749 GABRIELLA SANNA DIRECTOR OF RSC 60.00 X 142829 0 9760 LESLIE FRASER UPPER SCHOOL DEAN OF FACULTY 50.00 X 134284 0 45560 DENNIS MARASCA CONTROLLER 50.00 X 126624 0 12621 GILLIAN LLOYD DIRECTOR OF ADMISSIONS 50.00 X 126470 0 43489 1581483 0 510983 24 0 1 0 FLIK INDEPENDENT SCHOOL DINING 2 INTERNATIONAL DRIVE RYE BROOK NY 10573 FOOD SERVICE PROVIDER 860860 BOWDOIN CONSTRUCTION CORPORATION 220-1 RESERVOIR STREET NEEDHAM MA 02494 CONSTRUCTION OF SCHOOL BUILDING 811517 ARDENT GROUP 590 SUMMER STREET ROCKLAND MA 02370 ENVIRONMENTAL CONSULTANTS 363779 LOCAL MOTION 66B ROCSAM PARK RD BRAINTREE MA 02184 TRANSPORTATION 315191 DARIO DESIGNS INC 318 MAIN STREET SUITE 210 NORTHBOROUGH MA 01532 ARCHITECT 250657 11 375 10131765 964107 10132140 TUITION INCOME 900099 27473300 27473300 RIVERS SCHOOL CONSERVATORY 900099 2169954 2169954 SCHOOL ACTIVITIES 900099 371530 371530 30014784 364651 364651 77040 76717 323 323 323 17741960 16591643 1150317 1150317 1150317 826 375 10953 -10127 -10127 1104 -1104 -1104 45707 44090 1617 1617 ATHLETIC FACILITY RENTS 713990 281503 281503 MISC. INCOME 900099 123266 123266 NEXTEL RENTAL 900002 32251 32251 437020 42089621 30171918 281503 1504060 6558325 6558325 1070651 45655 715163 309833 14057727 11354479 2025069 678179 891961 701069 149951 40941 1651841 1266754 277314 107773 1074663 816083 190958 67622 28271 28271 66225 66225 134601 134601 25940 25940 11454 5842 3367 2245 273605 205211 54716 13678 102940 102940 600531 554607 45924 3056634 2679083 347023 30528 257582 185389 66136 6057 COVID RELATED 1275570 252436 1023134 0 LUNCH PROGRAM 944083 802470 94409 47204 REPAIRS & MAINTENANCE 790592 562820 208691 19081 UTILITIES 666733 535830 120308 10595 2108665 1429081 382225 297359 35648594 28058074 5959425 1631095 14693953 18725789 1608318 1625665 5030650 6209733 294428 184409 127483 70667 522104 556158 86281398 36357933 51094951 49923465 13506697 12799328 21150317 30042764 552598 610412 108581499 120748390 1429418 2063503 9892992 10998715 10560000 10270000 10448564 7395928 3894837 2914922 36225811 33643068 X 52380574 61931682 19975114 25173640 72355688 87105322 108581499 120748390 X 6441027 7470834 837773 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1 0 0 1 0 0 403540 X 0 27474394 1355409 8836560 714794 36951569 26940396 837781 -584594 -280811 27474394 25246751 2059767 669821 1035943 26940396 23312829 1934645 998201 998924 25246751 20884199 1213975 2250345 1035690 23312829 0.50290 0.39870 0.09840 0 0 2355682 2355682 76019963 31932390 44087573 4968256 3809325 1158931 2937497 616218 2321279 49923465 MONEY MARKET FUNDS 550925 F NAV MEASURED INVESTMENTS 386097 F LIMITED PARTNERSHIPS 28558569 F CERTIFICATES OF DEPOSIT 547173 F 30042764 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 2668182 OTHER LIABILITIES 206872 CAPITAL LEASE OBLIGATION 39868 2914922 X 43182583 7470834 670 132864 7604368 35578215 134601 6376805 6511406 42089621 29270722 670 132864 133534 29137188 134601 6376805 6511406 35648594 PART II, LINE 9: THE SCHOOL HAS INCLUDED IN ITS BALANCE SHEET AS PART OF LAND AND BUILDINGS THE CAPITALIZATION OF CERTIFIED HISTORIC STRUCTURES. PART III, LINE 4: THE SCHOOL'S RECORDING COLLECTION CONTAINS ONE OF THE MOST EXTENSIVE COLLECTIONS OF OPERA RECORDINGS IN THE UNITED STATES. THESE RECORDINGS, COMBINED WITH THOUSANDS OF OTHER INSTRUMENTAL AND VOCAL RECORDINGS WILL PROVIDE A HISTORICAL AND EDUCATIONAL LISTENING RESOURCE FOR STUDENTS AND FACULTY AT THE RIVERS SCHOOL CONSERVATORY AND THE SCHOOL. THE SCHOOL'S DINOSAUR FOSSIL COLLECTION WILL SERVE AS A HISTORICAL AND SCIENTIFIC RESOURCE AND AS AN EDUCATIONAL EXHIBIT FOR STUDENTS AND FACULTY. THE SCHOOL MAINTAINS A COLLECTION OF HISTORICALLY SIGNIFICANT PHOTOGRAPHS THAT WILL BE DISPLAYED BY THE SCHOOL AND USED BY STUDENTS AND FACULTY AS AN EDUCATIONAL RESOURCE. PART V, LINE 4: THE ENDOWMENT SUPPORTS THE EDUCATIONAL MISSION OF THE SCHOOL BY PROVIDING SUPPORT FOR FINANCIAL AID FOR STUDENTS, FACULTY RELATED EXPENSES, SCHOOL PROGRAMS, SCHOOL FACILITIES, AS WELL AS GENERAL SUPPORT FOR SCHOOL OPERATIONS. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR THE EFFECT OF ANY UNCERTAIN TAX POSITIONS BASED ON A "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION OF THE TAX POSITIONS BEING SUSTAINED BASED ON THE TECHNICAL MERITS OF THE POSITION UNDER SCRUTINY BY THE APPLICABLE TAXING AUTHORITY. IF A TAX POSITION OR POSITIONS ARE DEEMED TO RESULT IN UNCERTAINTIES OF THOSE POSITIONS, THE UNRECOGNIZED TAX BENEFIT IS ESTIMATED BASED ON A "CUMULATIVE PROBABILITY ASSESSMENT" THAT AGGREGATES THE ESTIMATED TAX LIABILITY FOR ALL UNCERTAIN TAX POSITIONS. THE SCHOOL HAS IDENTIFIED ITS TAX STATUS AS A TAX-EXEMPT ENTITY AND THE UNRELATED BUSINESS INCOME GENERATED FROM THE RENTAL OF THE SCHOOL'S CAMPUS FACILITIES AS TAX POSITIONS. HOWEVER, THE SCHOOL HAS DETERMINED THAT SUCH TAX POSITIONS DO NOT RESULT IN AN UNCERTAINTY REQUIRING RECOGNITION. THE SCHOOL IS NOT CURRENTLY UNDER EXAMINATION BY ANY TAXING JURISDICTION. THE SCHOOL'S FEDERAL AND STATE TAX RETURNS ARE GENERALLY OPEN FOR EXAMINATION FOR THREE YEARS FOLLOWING THE DATE FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 76,717. COGS REPORTED ON PART VIII LINE 10B 44,090. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 12,057. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 6,376,805. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 76,717. COGS REPORTED ON PART VIII LINE 10B 44,090. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 12,057. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 6,376,805. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICE OF NONDISCRIMINATION POLICY AS TO STUDENTS APPEARS ON THE HOMEPAGE OF OUR WEBSITE SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A GRANT FOR $15,000 FROM THE MASSACHUSETTS CULTURAL COUNCIL TO SUPPORT THE RIVERS SCHOOL CONSERVATORY. CAYMAN ISLANDS 0 0 INVESTMENTS 185436 0 0 0 0 0 0 185436 0 185436 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 FINANCIAL AID 128 4874439 TUITION REMISSION 30 1504200 RIVERS CONSERVATORY FINANCIAL AID 124 179686 PART I, LINE 2: THE SCHOOL AWARDS FINANCIAL AID BASED UPON FINANCIAL NEED IN AN OBJECTIVE AND NON-DISCRIMINATORY MANNER. THE SCHOOL MAINTAINS FILES ON EACH SUCCESSFUL CANDIDATE FOR NEED BASED FINANCIAL AID WHICH INCLUDES A COMPLETED "PARENT FINANCIAL STATEMENT"(PFS) PROVIDED BY THE SCHOOL AND STUDENT SERVICES FOR FINANCIAL AID (SSS) FORMS AND COPIES OF THE MOST RECENT FILING OF THE PARENTS' 1040 FEDERAL TAX RETURN. THE SCHOOL USES THE INFORMATION PROVIDED BY THE ANALYSIS OF THE PFS BY SSS TO HELP MAKE AWARD DETERMINATIONS. AWARDS ARE ALSO ADJUSTED, AS NECESSARY, TO REFLECT SUPPLEMENTAL INFORMATION PROVIDED BY THE PARENTS. X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 EDWARD V PARSONS HEAD OF SCHOOL 346160 0 0 0 19385 0 28500 0 132874 0 526919 0 0 0 JONATHAN D WASSERMAN CHIEF FINANCIAL OFFICER 224888 0 0 0 504 0 22284 0 49268 0 296944 0 0 0 KRISTEN KELLEHER DIRECTOR OF ADVANCEMENT 228532 0 0 0 336 0 18196 0 49265 0 296329 0 0 0 JAMES M LONG ASSISTANT HEAD OF SCHOOL 153448 0 0 0 634 0 16285 0 78710 0 249077 0 0 0 LESLIE FRASER UPPER SCHOOL DEAN OF FACULTY 133481 0 0 0 803 0 14254 0 31542 0 180080 0 0 0 GILLIAN LLOYD DIRECTOR OF ADMISSIONS 124975 0 0 0 1495 0 13762 0 29994 0 170226 0 0 0 GABRIELLA SANNA DIRECTOR OF RSC 142554 0 0 0 275 0 9760 0 194 0 152783 0 0 0 SCHEDULE J, PART I LINE 1A-HOUSING ALLOWANCE OR RESIDENCE FOR PERSONAL USE: AS PART OF HIS DUTIES AS HEAD OF SCHOOL, EDWARD PARSONS IS REQUIRED TO STAY ON CAMPUS IN A SCHOOL OWNED HOUSE. INCLUDED IN MR. PARSONS' SCHEDULE J PART II COLUMN (D) NONTAXABLE BENEFITS IS AN AMOUNT FOR 5% OF THE VALUE OF THE HOUSE. A MASSACHUSETTS DEVELOPMENT FINANCE AGENCY 043431814 2012-03-06 12485000 REFUNDING OF BONDS ORIGINALLY ISSUED 5/12/02 AND REFUNDED 8/3/09 0 0 0 A 2215000 12485000 2003 1 0 1 1 A 0 0 0 1 1 1 CITIZENS FINANCIAL GROUP 30.000000000000 1 0 0 0 1 A 0 PART IV-LINE 2C COMPUTATION DATE - 8/3/24 REFLECTING ACTIVITY THROUGH 7/31/21 PART IV-LINE 7 THE SCHOOL HAS WRITTEN PROCEDURES TO MONITOR AND ENSURE COMPLIANCE WITH THE REQUIREMENTS OF SECTION 148. PART IV-LINE 3 HEDGE ON MARCH 6, 2012 THE SCHOOL ENTERED INTO AN INTEREST RATE SWAP AGREEMENT WITH CITIZENS FINANCIAL GROUP FOR THE BONDS LISTED IN PART I TO MANAGE THE INTEREST COST AND VARIABLE RATE RISK ASSOCIATED WITH ITS OUTSTANDING DEBT. THE INTEREST RATE SWAP AGREEMENT WAS NOT ENTERED INTO FOR TRADING OR SPECULATIVE PURPOSES. UNDER THE TERMS OF THE AGREEMENT THE SCHOOL PAYS A FIXED RATE, DETERMINED AT INCEPTION TO A THIRD PARTY. THE SCHOOL OPENED AN INVESTMENT ACCOUNT WITH THE BROKERAGE DIVISION OF THE ISSUING BANK. THE INVESTMENT ACCOUNT SERVES AS COLLATERAL IN THE EVENT THE MARKET VALUE OF THE INTEREST RATE SWAP VALUE DECLINES BELOW A SPECIFIED LEVEL. 100280 TUITION REMISSION EDUCATION ASSISTANCE 69210 FINANCIAL AID EDUCATION ASSISTANCE X 12591 FAIR MARKET VALUE X 29 951516 VALUE AT DONATION DATE 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION REVISED THE STRUCTURAL ASPECT OF ITS OFFICERS AND EXECUTIVE COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990, ABSENT SCHEDULE B, IS ELECTRONICALLY DISTRIBUTED TO ALL TRUSTEES PRIOR TO THE BOARD OF TRUSTEES MEETING. DUE TO THE CONFIDENTIAL NATURE OF DONOR INFORMATION PROVIDED ON SCHEDULE B, AND SINCE SCHEDULE B IS NOT OPEN TO PUBLIC INSPECTION, THE SCHOOL HAS DECIDED THAT IT WILL NOT DISCLOSE THE DETAILED DONOR INFORMATION PROVIDED ON SCHEDULE B TO MEMBERS OF THE BOARD OF TRUSTEES BEFORE FILING THE RETURN WITH THE IRS. ALL OTHER FORMS AND SCHEDULES THAT ARE ULTIMATELY FILED WITH THE IRS ARE PROVIDED TO THE BOARD OF TRUSTEES FOR REVIEW IN ADVANCE OF FILING. THE FORM 990 IS APPROVED BY THE BOARD OF TRUSTEES OR RETURNED FOR ADDITIONAL PREPARATION AND THEN APPROVED PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE SCHOOL ANNUALLY DISTRIBUTES TO ALL TRUSTEES, KEY EMPLOYEES AND OTHER COMMITTEE MEMBERS AN ELECTRONIC CONFLICT OF INTEREST SURVEY/QUESTIONNAIRE. THE RETURNED QUESTIONNAIRES ARE REVIEWED AND COMPILED BY THE SCHOOL'S FINANCIAL OFFICE AND THE RESULTS ARE PRESENTED TO THE SCHOOL'S AUDIT COMMITTEE. ANY ISSUES FOUND THAT THE AUDIT COMMITTEE BELIEVES ARE OF A CONCERN ARE FORWARDED TO THE SCHOOL'S GOVERNANCE COMMITTEE FOR FURTHER ACTION. THE COMPLETED QUESTIONNAIRES ARE MAINTAINED AS PART OF THE SCHOOL'S CORPORATE RECORDS BY THE ASSISTANT CLERK. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES, COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD, MAKES UP THE SCHOOL'S COMPENSATION COMMITTEE. THE COMMITTEE RELIES ON COMPARATIVE DATA FROM SURVEYS CONDUCTED BY THE NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS AND COMPARABLE DATA PROVIDED BY OTHER SCHOOLS ON THEIR IRS FORM 990 IN SETTING THE SALARY FOR THE HEAD OF SCHOOL. DOCUMENTATION OF THE BASIS OF DETERMINATION OF THE SALARY IS KEPT IN MINUTES PREPARED BY THE FIRST VICE PRESIDENT OF THE BOARD OF TRUSTEES. THE EXECUTIVE COMMITTEE HAS DELEGATED THE AUTHORIZATION OF THE SALARIES OF ALL EMPLOYEES, INCLUDING KEY EMPLOYEES, TO THE HEAD OF SCHOOL AND IS BASED ON COMPARABLE INFORMATION OBTAINED FROM SOURCES SUCH AS THE IRS FORM 990 OF OTHER SCHOOLS. FORM 990, PART VI, SECTION C, LINE 19 THE SCHOOL RELIES ON THE WEBSITE OF THE MASSACHUSETTS' ATTORNEY GENERAL'S OFFICE OF PUBLIC CHARITIES DIVISION IN ORDER FOR THE PUBLIC TO ACCESS A COPY OF THE SCHOOL'S AUDITED FINANCIAL STATEMENTS AND FORM 990. THE SCHOOL RELIES ON GUIDESTAR TO POST THE FORM 990. THE SCHOOL RELIES ON THE WEBSITE OF THE MASSACHUSETTS' SECRETARY OF STATE'S OFFICE FOR PUBLIC ACCESS TO THE SCHOOL'S GOVERNING DOCUMENTS. THE SCHOOL'S CONFLICT OF INTEREST POLICY IS NOT MADE AVAILABLE TO THE PUBLIC. THE SCHOOL'S BY-LAWS ARE MADE AVAILABLE ON THE MASSACHUSETTS' ATTORNEY GENERAL'S OFFICE OF PUBLIC CHARITIES DIVISION WEBSITE. FORM 990, PART XI, LINE 9: CHANGE IN FAIR VALUE OF INTEREST RATE SWAP AGREEMENT 998,532. LOSS ON DISPOSAL OF PROPERTY -160,759. FORM 990, PART XII, LINE 2C THE BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE THAT IS COMPRISED OF 4 MEMBERS, THREE OF WHICH ARE TRUSTEES, THAT IS RESPONSIBLE FOR THE SELECTION OF AN INDEPENDENT ACCOUNTING FIRM TO CONDUCT THE ANNUAL AUDIT, FOR MEETING WITH THE SELECTED AUDITORS PRIOR TO AND AT THE COMPLETION OF THE AUDIT, AND FOR REVIEWING ACCOUNTING POLICIES AND PROCEDURES.