2022-04-05T17:34:52-05:00 2021-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2020-07-01 231352646 HAVERFORD SCHOOL HAVE 6106423020 450 LANCASTER AVENUE HAVERFORD PA 19041 DAVID S GOLD CFO 6106423020 2022-04-05 1 DAVID GOLD XXX-XX-XXXX KERRI N BOGDA CPA P00760402 7177404863 2022-04-05 X 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z JOHN NAGL 450 LANCASTER AVENUE HAVERFORD PA 19041 135875713 0 X WWW.HAVERFORD.ORG X 1916 PA A NON-SECTARIAN COLLEGE PREP SCHOOL PRE-K-12, EDUCATES QUALIFIED BOYS OF DIFFERING BACKGROUNDS. 30 29 303 40 18137 15406 6765855 5736623 35304785 35590064 3357367 21433760 1487255 897817 46915262 63658264 8108477 8950233 0 0 20960621 21361275 0 0 2764566 11433722 12229865 40502820 42541373 6412442 21116891 180014014 200207536 40560116 38930455 139453898 161277081 X THE HAVERFORD SCHOOL, A NON-SECTARIAN COLLEGE PREPARATORY SCHOOL FOR JUNIOR KINDERGARTEN THROUGH GRADE TWELVE, PROVIDES A SUPERIOR LIBERAL ARTS EDUCATION FOR QUALIFIED BOYS OF DIFFERING BACKGROUNDS. WE ARE COMMITTED TO DEVELOPING THE FULL INTELLECTUAL, ARTISTIC, ATHLETIC AND MORAL POTENTIAL IN EACH BOY, AND WE AIM TO GRADUATE YOUNG MEN WITH STRONG CHARACTER WHO POSSESS A PASSION FOR LEARNING AND PROBLEM SOLVING. 0 0 33695473 8950233 35590064 PREPARING YOUNG MEN ACADEMICALLY FOR THE FUTURE IS UNDOUBTEDLY ONE OF THE MOST VALUABLE BENEFITS OF A HAVERFORD EDUCATION. BUT MORE IMPORTANTLY, WE GIVE BOYS A FOUNDATION OF SKILLS THEY NEED TO LEAD A FULFILLING AND MEANINGFUL LIFE. AS OUR STATEMENT OF VISION READS, "THE HAVERFORD FACULTY PREPARES EACH BOY TO BE FUTURE-READY THROUGH DEVELOPING HIS CHARACTER AND HIS EMOTIONAL INTELLIGENCE, AS WELL AS HIS ACADEMIC, ARTISTIC, AND ATHLETIC TALENTS."THE HAVERFORD SCHOOL INCURS DIRECT INSTRUCTIONAL EXPENSES IN PRE-KINDERGARTEN THROUGH GRADE 12, ATHLETIC PROGRAMS, AND OTHER EXTRA-CURRICULAR ACTIVITY EXPENSES FOR APPROXIMATELY 1,000 STUDENTS. 33695473 1 1 0 0 0 0 0 0 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 1 97 0 303 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 29 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA MA NJ NY X DAVID S GOLD CHIEF FINANCIAL OFFICER 4844172722 450 LANCASTER AVENUE HAVERFORD PA 19041 JOHN A NAGL HEADMASTER 40.00 X X 655888 0 39787 GEORGE B LEMMON TREASURER 0.50 X X 0 0 0 SHARON MERHIGE TRUSTEE 0.50 X 0 0 0 AMY C BRIDDELL TRUSTEE 0.50 X 0 0 0 BARBARA KLOCK TRUSTEE 0.50 X 0 0 0 CAROLINE R DE MARCO SECRETARY 0.50 X X 0 0 0 CHRISTOPHER J MAGUIRE TRUSTEE 0.50 X 0 0 0 FITZ DANIEL T TEPPER TRUSTEE 0.50 X 0 0 0 G BART SMITH TRUSTEE 0.50 X 0 0 0 G NASH WATERMAN TRUSTEE 0.50 X 0 0 0 H LADDIE MONTAGUE TRUSTEE 0.50 X 0 0 0 JEFFERY F LEE TRUSTEE 0.50 X 0 0 0 JENNIFER N PECHET TRUSTEE 0.50 X 0 0 0 JENNIFER PARADIS TRUSTEE 0.50 X 0 0 0 JOHN F HOLLWAY TRUSTEE 0.50 X 0 0 0 JOHN J LYNCH III VICE CHAIR 0.50 X 0 0 0 JONATHAN R MORGAN TRUSTEE 0.50 X 0 0 0 MAURICE D GLAVIN CHAIR 7.00 X X 0 0 0 ORAY B BOSTON TRUSTEE 0.50 X 0 0 0 RANDALL DRAIN TRUSTEE 0.50 X 0 0 0 RAVINDRA REDDY TRUSTEE 0.50 X 0 0 0 ROLAND YANG TRUSTEE 0.50 X 0 0 0 THADDEUS J FORTIN TRUSTEE 0.50 X 0 0 0 WADE L MCDEVITT TRUSTEE 0.50 X 0 0 0 WILLIAM HAMBLETON TRUSTEE 0.50 X 0 0 0 WILLIAM T HARRINGTON TRUSTEE 0.50 X 0 0 0 JACK H KIRKPATRICK JR TURSTEE 0.50 X 0 0 0 MARTHA E ORTIZ TRUSTEE 0.50 X 0 0 0 NAFIS T SMITH TRUSTEE 0.50 X 0 0 0 KRISTIN N VOLLMER TRUSTEE 0.50 X 0 0 0 JAMES THORBURN ASSISTANT HEADMASTER 40.00 X 298879 0 33116 DAVID GOLD CHIEF FINANCIAL OFFICER 40.00 X 264547 0 34453 JEFFREY DAY DIR. OF DEVELOPMENT 40.00 X 222742 0 34581 BRIAN MCBRIDE ASSOCIATE HEAD FOR EXTERNAL AFFAIRS 40.00 X 214681 0 36808 JAMES J GREYTOK JR HEAD OF MIDDLE SCHOOL 40.00 X 201844 0 29963 MICHAEL MURPHY ATHLETIC DIRECTOR 40.00 X 188292 0 31083 PAM GREENBLATT LOWER SCHOOL HEAD 40.00 X 175643 0 16886 GEORGE WOOD SENIOR DIRECTOR OF MAJOR GIFTS 40.00 X 151496 0 17481 MICHELE TODD DIR. OF HUMAN RESOURCES 40.00 X 131030 0 15403 REBECCA DAVIS DEAN OF FACULTY 40.00 X 130333 0 25749 NEAL COUSINS DIRECTOR OF COLLEGE COUNSELING 40.00 X 128526 0 20644 CHRISTOPHER FOX ART DEPARTMENT CHAIR 40.00 X 120636 0 24765 2884537 0 360719 28 0 1 0 ADAMS BICKEL ASSOC LLC 341 N 10TH AVENUE SUITE 206 ROYERSFORD PA 19468 CONSTRUCTION 3859425 SODEXO USA PO BOX 360170 PITTSBURGH PA 15261 FOOD/FACILITIES MGT 2503861 WATTS RESTORATION CO INC 1704 BUSTLETON PIKE FEASTERVILLE PA 19053 GENERAL CONTRACTOR/ STONE RESTORATION 546386 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 19182 SECURITY PERSONNEL 330620 CARNEY SANDOE & ASSOCIATES 5070 NORTH HIGHWAY A1A SUITE 260 VERO BEACH FL 32963 TALENT RECRUITMENT 185943 14 50843 339151 5346629 564833 5736623 TUITION & FEES 611710 35048903 35048903 DAY CARE PROGRAM 611710 475092 475092 MUSIC LESSONS 611710 66069 66069 35590064 1647066 16965 1630101 50104 69180 -19076 -19076 -19076 91780702 1800 71995808 0 19784894 1800 19786694 19786694 338710 50843 152461 186249 186249 CAFETERIA 611710 487930 487930 CAFE SALES 611710 97216 97216 ATHLETICS 611710 56300 56300 89198 1172 88026 730644 63658264 35590064 18137 22313440 8950233 8950233 2933741 995776 1422018 515947 13204808 11302232 971513 931063 1175433 962375 138038 75020 2961924 2348061 376607 237256 1085369 836285 155198 93886 106825 106825 77564 77564 522410 522410 2191995 1992480 199515 75998 75998 1500814 1249553 180030 71231 329058 329058 2428994 1136658 981531 310805 54930 52717 2213 32329 18245 9951 4133 3576900 2696185 577945 302770 213642 161038 34520 18084 INSTRUCTIONAL EXPENSES 411943 362771 49172 ATHLETIC DEPARTMENT 258794 258794 DUES & SUBSCRIPTIONS 130103 43012 57399 29692 BOARD EXPENSES 83936 83936 233630 137162 96468 42541373 33695473 6081334 2764566 X 97090 25836 6681697 4373436 4907002 3577716 13455 2359 597095 1249715 136214688 55258264 80680156 80956424 45721042 92970118 40695310 16222340 621167 829592 180014014 200207536 4564094 2478374 4390529 4944299 31000992 30969548 393519 347222 210982 191012 40560116 38930455 X 106771136 123101882 32682762 38175199 139453898 161277081 180014014 200207536 X 21116891 607050 99242 X 0 1 X 1 0 X 4798613 5929618 9590907 6765855 5736623 32821616 4798613 5929618 9590907 6765855 5736623 32821616 392741 32428875 1526415 1266172 1487225 2178920 1697170 8155902 12454 35065 16610 64129 1288205 1279346 1289857 1487605 1068182 6413195 47454842 173656136 0.68340 0.70210 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: CAFETERIA - 2016 AMOUNT: $ 993,344. 2017 AMOUNT: $ 1,008,891. 2018 AMOUNT: $ 1,011,714. 2019 AMOUNT: $ 868,259. 2020 AMOUNT: $ 487,930. OTHER - 2016 AMOUNT: $ 4,953. 2017 AMOUNT: $ 33,187. 2018 AMOUNT: $ 54,277. 2019 AMOUNT: $ 52,222. 2020 AMOUNT: $ 37,724. ATHLETICS - 2016 AMOUNT: $ 88,669. 2017 AMOUNT: $ 75,255. 2018 AMOUNT: $ 87,900. 2019 AMOUNT: $ 38,492. 2020 AMOUNT: $ 56,300. THEATER PRODUCTIONS - 2016 AMOUNT: $ 13,292. 2017 AMOUNT: $ 16,598. 2018 AMOUNT: $ 12,208. 2019 AMOUNT: $ 8,128. 2020 AMOUNT: $ 1,740. CAFE SALES - 2016 AMOUNT: $ 115,900. 2017 AMOUNT: $ 108,292. 2018 AMOUNT: $ 103,731. 2019 AMOUNT: $ 97,831. 2020 AMOUNT: $ 97,216. HALL OF FAME DINNER - 2017 AMOUNT: $ 10,790. 2019 AMOUNT: $ 16,550. YEARBOOK SALES - 2016 AMOUNT: $ 2,779. 2017 AMOUNT: $ 650. 2018 AMOUNT: $ 961. 2020 AMOUNT: $ 3,274. SCHOOL STORE - 2016 AMOUNT: $ 1,537. 2017 AMOUNT: $ 2,253. 2018 AMOUNT: $ 4,066. 2019 AMOUNT: $ 5,957. 2020 AMOUNT: $ 2,053. SODEXO SUBSIDY - 2016 AMOUNT: $ 19,050. 2017 AMOUNT: $ 18,900. SCHOOL PICTURE COMMISSION - 2016 AMOUNT: $ 4,044. 2017 AMOUNT: $ 4,530. HUDSON FARM SHOOT - 2016 AMOUNT: $ 44,637. APPLICATION FEES - 2018 AMOUNT: $ 15,000. 2019 AMOUNT: $ 12,150. 2020 AMOUNT: $ 27,860. NON-CHARITABLE FUNDRAISING RECEIPTS - 2019 AMOUNT: $ 388,016. 2020 AMOUNT: $ 338,710. SUMMER CAMP - 2020 AMOUNT: $ 15,375. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 86416352 1188696 22008899 421489 109192458 83420561 1528695 1937238 470142 86416352 76923595 2555870 3941096 83420561 71516670 2627135 2779790 76923595 67547651 6092005 2122986 71516670 0.65610 0.26450 0.07940 0 0 521496 521496 120422160 49293758 71128402 14570985 5964506 8606479 700047 700047 80956424 ALTERNATIVE INVESTMENTS 16222340 F 16222340 ACCRUED POSTRETIREMENT HEALTH COSTS 191012 191012 X 55103384 607050 -9373401 -8766351 63869735 -211471 -211471 63658264 33280201 211471 211471 33068730 9472643 9472643 42541373 PART V, LINE 4: THE ENDOWMENT FUND SUPPORTS THE MISSION OF THE SCHOOL THROUGH SCHOLARSHIPS, PROGRAM SUPPORT, AND FACULTY SUPPORT. PART X, LINE 2: THE SCHOOL ACCOUNTS FOR UNCERTAINTIES IN INCOME TAXES IN ACCORDANCE WITH AUTHORITATIVE GUIDANCE, WHICH PRESCRIBES A RECOGNITION THRESHOLD OF MORE-LIKELY-THAN-NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPROPRIATE TAXING AUTHORITY. MEASUREMENT OF THE TAX UNCERTAINTY OCCURS IF THE RECOGNITION THRESHOLD HAS BEEN MET. THE SCHOOL'S POLICY IS TO RECOGNIZE INTEREST RELATED TO UNRECOGNIZED TAX BENEFITS IN INTEREST EXPENSE AND PENALTIES IN OPERATING EXPENSES. NO INTEREST OR PENALTIES WERE RECOGNIZED IN 2021. THE SCHOOL'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR THE YEARS ENDED JUNE 30, 2020, 2019 AND 2018 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THE DATE THE RETURN WAS FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS -8,950,233. INVESTMENT FEES -522,410. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 99,242. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -142,291. RENTAL EXPENSES -69,180. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 142,291. RENTAL EXPENSES 69,180. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS 8,950,233. INVESTMENT FEES 522,410. 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 HAVERFORD SCHOOL IS A MEMBER OF A LOCAL CONSORTIUM CALLED "ADVIS" THAT PUBLISHES A NONDISCRIMINATORY STATEMENT IN NEWSPAPERS. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVES BOOKS FROM THE PENNSYLVANIA DEPARTMENT OF EDUCATION. CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 72815 0 0 0 0 0 0 72815 0 72815 1 0 1 1 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV, LINE 1: THE ORGANIZATION HAD TRANSFERS TO FOREIGN CORPORATIONS DURING THE YEAR. THE ORGANIZATION WILL FILE FORMS 926 WHERE TRANSFERS EXCEED THE THRESHOLD REQUIREMENT. SCHEDULE F, PART IV, LINES 3, 4 AND 5: THE ORGANIZATION HAS INTERESTS IN FOREIGN CORPORATIONS AND PARTNERSHIPS, HOWEVER, ITS PERCENTAGE OWNERSHIP DOES NOT EXCEED THE THRESHOLD FOR REPORTING ON THESE FOREIGN FORMS. PARENTS GALA 293622 40255 253367 37640 51852 EA DAY 12784 12784 7589 3 22291 10588 11703 7300 7708 328697 50843 277854 44940 67149 112089 165765 1 SCHOLARSHIPS & FINANCIAL AID 398 8950233 PART I, LINE 2: GRANT FUNDS ARE DETERMINED USING AN OUTSIDE SERVICE WHICH CALCULATS NEED FOR TUITION ASSISTANCE. THE FUNDS OR TUITION DISCOUNT IS THEN APPLIED AGAINST THE TUITION OBLIGATION AT THE SCHOOL. FAMILIES ARE ASKED TO NOTIFY THE SCHOOL IF THEIR FINANCIAL SITUATION CHANGES. X X 1 1 X X X X 0 0 0 0 0 0 0 1 0 JOHN A NAGL HEADMASTER 500557 0 115000 0 40331 0 28500 0 11287 0 695675 0 0 0 JAMES THORBURN ASSISTANT HEADMASTER 251379 0 0 0 47500 0 25138 0 7978 0 331995 0 0 0 DAVID GOLD CHIEF FINANCIAL OFFICER 264547 0 0 0 0 0 26455 0 7998 0 299000 0 0 0 JEFFREY DAY DIR. OF DEVELOPMENT 192742 0 0 0 30000 0 19274 0 15307 0 257323 0 0 0 BRIAN MCBRIDE ASSOCIATE HEAD FOR EXTERNAL AFFAIRS 214681 0 0 0 0 0 21468 0 15340 0 251489 0 0 0 JAMES J GREYTOK JR HEAD OF MIDDLE SCHOOL 171844 0 0 0 30000 0 17184 0 12779 0 231807 0 0 0 MICHAEL MURPHY ATHLETIC DIRECTOR 158292 0 0 0 30000 0 15829 0 15254 0 219375 0 0 0 PAM GREENBLATT LOWER SCHOOL HEAD 145643 0 0 0 30000 0 14564 0 2322 0 192529 0 0 0 GEORGE WOOD SENIOR DIRECTOR OF MAJOR GIFTS 151496 0 0 0 0 0 15150 0 2331 0 168977 0 0 0 REBECCA DAVIS DEAN OF FACULTY 130333 0 0 0 0 0 13033 0 12716 0 156082 0 0 0 PART I, LINE 1A HEADMASTER JOHN NAGL RECEIVES A HOUSING ALLOWANCE THAT IS INCLUDED IN HIS TAXABLE WAGES. THE FAIR MARKET VALUE OF HIS HOUSING ALLOWANCE FOR 2020 WAS $36,000. THE FAIR MARKET VALUE OF HIS CAR ALLOWANCE FOR 2020 WAS $4,331. THE FOLLOWING PERSONNEL ARE REQUIRED TO RESIDE ON CAMPUS AND THEIR HOUSING ALLOWANCES ARE LIKEWISE INCLUDED IN THEIR TAXABLE WAGES: JAMES THORBURN, PAM GREENBLATT, JAMES GREYTOK, JEFFREY DAY AND MICHAEL MURPHY. JAMES THORBURN ALSO RECEIVED A TAX GROSS-UP PAYMENT RELATED TO HIS TAXABLE HOUSING ALLOWANCES. PART I, LINE 7 THE HEADMASTER RECEIVED A BONUS BASED ON GOALS AND CRITERIA DETERMINED BY THE BOARD ON A DISCRETIONARY BASIS. THE CRITERIA WERE NOT BASED ON EITHER REVENUE OR NET EARNINGS. A MONTGOMERY COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY 232245125 613609K70 2019-08-29 31346737 REFINANCING PREVIOUS DEBT AND ADDITIONAL FUNDS FOR NEW CONSTRUCTION 0 0 0 A 766737 31346737 280927 4065810 27000000 2020 1 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 KATHERINE THORBURN KATHERINE THORBURN IS THE SPOUSE OF JAMES THORBURN, A KEY EMPLOYEE 127662 KATHERINE THORBURN IS AN EMPLOYEE AS IS HER SPOUSE, JAMES THORBURN. HER SALARY AND BENEFITS ARE BEING REPORTED. KATHERINE DOES NOT REPORT TO JAMES NOR DOES JAMES PARTICIPATE IN SALARY DISCUSSIONS. 0 X 152051 PURCHASE PRICE X 21 412782 NYSE PRICE 0 0 1 0 PART I, COLUMN (B): THE NUMBERS IN COLUMN B REPRESENT THE NUMBER OF CONTRIBUTORS. FORM 990, PART VI, SECTION A, LINE 1 SOMETIMES THE BROADER BOARD WILL VOTE TO GIVE AUTHORITY TO THE EXECUTIVE COMMITTEE, COMPOSED OF THE CHAIR, THE VICE CHAIR, SECRETARY, TREASURER, THREE OTHER MEMBERS AND THE HEADMASTER. THE SCOPE IS ON A CASE BY CASE BASIS. FORM 990, PART VI, SECTION B, LINE 11B THE INITIAL REVIEW IS UNDERTAKEN BY THE CHIEF FINANCIAL OFFICER. ONCE THE CFO APPROVES, THE SCHOOL WILL THEN CIRCULATE THE RETURN IN ITS ENTIRETY TO THE FULL BOARD FOR COMMENTS OR QUESTIONS BEFORE THE RETURN IS TRANSMITTED TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ANNUALLY THE BOARD OF TRUSTEES IS REQUIRED TO COMPLETE A QUESTIONNAIRE TO HIGHLIGHT ANY CONFLICTS. BUSINESS AND PERSONAL RELATIONSHIPS ARE SPECIFICALLY MENTIONED IN THE POLICY AS HAVING POTENTIAL FOR CONFLICTS OF INTEREST. THE CHIEF FINANCIAL OFFICER REVIEWS THE FORMS ANNUALLY TO DETERMINE IF ANY CONFLICTS EXIST. IF A POTENTIAL CONFLICT ARISES, THE BOARD MEMBER, OFFICER, OR KEY EMPLOYEE IN QUESTION RECUSES HIMSELF OR HERSELF FROM ANY VOTES OR DECISIONS RELATED TO THE CONFLICT. OFFICERS AND KEY EMPLOYEES ARE HELD RESPONSIBLE FOR ANY POTENTIAL CONFLICTS UNDER THE SCHOOL'S "CODE OF CONDUCT" POLICY. FORM 990, PART VI, SECTION B, LINE 15 THE HEADMASTER'S COMPENSATION IS DETERMINED BY THE CHAIRMAN OF THE BOARD OF TRUSTEES AND THE EXECUTIVE COMMITTEE. THEY ENGAGE AN OUTSIDE CONSULTANT (HUGH MALLON OF EXECUTIVE COMPENSATION CONCEPTS) FOR ASSISTANCE IN DETERMINING THE HEADMASTER'S CONTRACT. THE CONSULTANT BENCHMARKS/SAFE HARBORS AGAINST OTHER HEADMASTERS IN THE INDUSTRY TO ENSURE THE HEADMASTER'S COMPENSATION IS WITHIN FAIR MARKET RANGE. IN 2016, THE HEADMASTER'S CONTRACT WAS EXTENDED THROUGH 2021. CHANGES SUCH AS THE EXTENSION OF THE HEADMASTER'S EMPLOYMENT CONTRACT ARE DOCUMENTED IN THE BOARD MINUTES. THE BOARD OF DIRECTORS IS INFORMED ON A HISTORICAL BASIS OF THE HEADMASTER'S COMPENSATION. OTHER KEY EMPLOYEES' SALARIES ARE DETERMINED BY THE HEADMASTER, WHO BENCHMARKS SALARIES WITH OTHER SCHOOLS IN THE AREA ON AN ANNUAL BASIS AND REVIEWS THE SALARIES WITH THE BOARD CHAIR IN CHARGE OF THE FACULTY AND STAFF COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST 99,242.