2021-04-23T16:20:12-05:00 2020-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2019-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 JAY M GROSSMAN TREASURER 7812359300 2021-03-03 1 ROBIN A KATZMAN P01569433 6173386800 2021-03-02 2019 2022-09-23 18:48:47Z EDWARD V PARSONS 333 WINTER STREET WESTON MA 024931040 62402312 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 30 415 309 255145 -65461 9124208 8433412 28020445 29297539 880387 324188 619328 359447 38644368 38414586 6115021 6551913 0 0 17711441 18259775 12500 0 1857332 9022478 8834118 32861440 33645806 5782928 4768780 95327408 108581499 25770340 36225811 69557068 72355688 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 23275418 6328626 24346050 SCHOOL PROGRAM - THE INSTRUCTION OF 505 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2649625 223286 2589190 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 270192 337919 SUMMER CAMP PROGRAM - THE INSTRUCTION AND SUPERVISION OF 202 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 723120 2148015 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 723120 2148015 26918355 1 1 0 0 0 0 1 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 1 0 0 0 1 0 0 0 0 0 0 0 0 1 119 0 1 415 1 1 1 0 0 0 0 1 1 0 0 0 0 0 0 X 30 30 0 0 0 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 1.80 X X 0 0 0 ANDREW P SLIFKA TRUSTEE TERMED 6/3/20 0.80 X 0 0 0 BEN D FISCHMAN TRUSTEE 0.80 X 0 0 0 DANIEL KRAFT 1ST VP TERMED 6/3/20 1.80 X X 0 0 0 DANIEL R REVERS 2ND VP 1.00 X X 0 0 0 DENNIS BALDWIN TRUSTEE 0.80 X 0 0 0 EILEEN SIVOLELLA TRUSTEE TERMED 6/3/20 0.80 X 0 0 0 JAMES F CARLIN III TRUSTEE 0.80 X 0 0 0 JON BAKER JR TRUSTEE PRESIDENT APPOINTE 1.00 X X 0 0 0 WAYNE BLOOM TRUSTEE TERMED 6/3/20 0.80 X 0 0 0 LOUISE CUMMINGS TRUSTEE TERMED 6/3/20 0.80 X 0 0 0 HARLEY LANK PRESIDENT 2.50 X X 0 0 0 BALA CUMARESAN TRUSTEE 1.50 X 0 0 0 RICHARD L SMITH TRUSTEE TERMED 6/3/20 0.80 X 0 0 0 STEPHEN M JENNINGS TRUSTEE 1.00 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 1ST VP 2.30 X X 0 0 0 MATTHEW VETTEL TRUSTEE 0.80 X 0 0 0 TIMOTHY D MANN TRUSTEE 0.80 X 0 0 0 HEIDI C PEARLSON CLERK 0.80 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 ELECTED 6/3/20 0.80 X 0 0 0 MATTHEW FRUHAN TRUSTEE ELECTED 6/3/20 0.80 X 0 0 0 ALISON HALL TRUSTEE ELECTED 6/3/20 0.80 X 0 0 0 MICHAEL LONDON TRUSTEE ELECTED 6/3/20 0.80 X 0 0 0 SUSAN RAPPLE TRUSTEE ELECTED 6/3/20 0.80 X 0 0 0 EDWARD V PARSONS HEAD OF SCHOOL 60.00 X 328740 0 155987 JONATHAN D WASSERMAN DIR FIN & OPER/ASST TREAS 60.00 X 216783 0 68753 KRISTEN MENSING ASSISTANT CLERK 37.50 X 74003 0 5169 KRISTEN KELLEHER DIRECTOR OF ADVANCEMENT 60.00 X 218555 0 62378 MICHAEL KRIS HEAD OF MIDDLE SCHOOL 50.00 X 126439 0 37407 JAMES M LONG ASSISTANT HEAD OF SCHOOL 50.00 X 148088 0 119213 MICHAEL EBNER SENIOR ASSOC. DIR. OF ADVA 50.00 X 131879 0 29064 ERMELINDA RYAN FACULTY 50.00 X 127861 0 12592 GABRIELLA SANNA DIRECTOR OF RSC 60.00 X 137788 0 8741 1510136 0 499304 23 0 1 0 BOWDOIN CONSTRUCTION CORPORATION 220-1 RESERVOIR STREET NEEDHAM MA 02494 CONSTRUCTION OF SCHOOL BUILDING 12237399 RAD CORPORATION 171 VFW DR ROCKLAND MA 02370 FIELD CONSTRUCTION 3614307 FLIK COMPASS GROUP USA BOSTON MA 02241 FOOD SERVICE PROVIDER 1174162 DARIO DESIGNS INC 318 MAIN STREET SUITE 210 NORTHBOROUGH MA 01532 ARCHITECT 493141 LOCAL MOTION 66B ROCSAM PARK RD BRAINTREE MA 02184 TRANSPORTATION 449747 13 50957 8382455 1710756 8433412 TUITION INCOME 900099 24346050 24346050 RIVERS SCHOOL CONSERVATORY 900099 2589190 2589190 SCHOOL ACTIVITIES 900099 2024380 2024380 SUMMER CAMPS 900099 337919 337919 29297539 280554 280554 75206 73073 2133 2133 2133 23851440 23807806 43634 43634 43634 19034 50957 42746 -23712 -23712 3450 1204 2246 2246 65494 62897 2597 2597 ATHLETIC FACILITY RENTS 713990 255145 255145 MISC. INCOME 900099 90323 90323 NEXTEL RENTAL 900002 30715 30715 376183 38414586 29421174 255145 304855 6551913 6551913 947336 38814 631332 277190 13775886 10935407 2007771 832708 948449 734173 146857 67419 1530781 1149562 259006 122213 1057323 793926 186052 77345 30922 30922 66760 66760 89581 89581 41210 41210 19347 662 18452 233 260833 195624 52167 13042 75067 17062 58005 609011 558741 50270 2642514 2316114 300008 26392 242081 174233 62156 5692 LUNCH PROGRAM 815846 693469 81585 40792 REPAIRS & MAINTENANCE 660493 469651 174831 16011 UTILITIES 533869 432933 92468 8468 DEVELOPMENT OFFICE 348035 348035 2398549 1856071 520686 21792 33645806 26918355 4870119 1857332 11716900 14693953 1610020 1608318 6413083 5030650 61383 294428 60906 127483 566132 522104 86115749 35020798 39983545 51094951 23427080 13506697 10962142 21150317 526217 552598 95327408 108581499 1481405 1429418 9187173 9892992 10840000 10560000 1668432 10448564 2593330 3894837 25770340 36225811 X 47604986 52380574 21952082 19975114 69557068 72355688 95327408 108581499 X 4768780 -774401 -1195759 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 26940396 837781 -584594 -280811 27474394 25246751 2059767 669821 1035943 26940396 23312829 1934645 998201 998924 25246751 20884199 1213975 2250345 1035690 23312829 22092524 1004103 -1143300 1069128 20884199 0.49970 0.39050 0.10980 0 0 2355682 2355682 76614684 30048907 46565777 4808079 3536284 1271795 2337304 1435607 901697 51094951 MONEY MARKET FUNDS 254313 F FUND OF FUNDS 2563354 F LIMITED PARTNERSHIPS 17794513 F CERTIFICATES OF DEPOSIT 538137 F 21150317 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 3666714 OTHER LIABILITIES 149058 CAPITAL LEASE OBLIGATION 79065 3894837 X 31369416 -774401 1538 173716 -599147 31968563 89580 6356443 6446023 38414586 27375035 1538 173716 175254 27199781 89582 6356443 6446025 33645806 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 73,073. COGS REPORTED ON PART VIII LINE 10B 62,897. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 37,746. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 6,324,271. PARENT LEAGUE EXPENSES 32,172. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 73,073. COGS REPORTED ON PART VIII LINE 10B 62,897. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 37,746. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 6,324,271. PARENT LEAGUE EXPENSES 32,172. 1 1 0 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 3 NOTICE OF NON-DISCRIMINATION POLICY AS TO STUDENTS APPEARS ON THE HOMEPAGE OF OUR WEBSITE HOMEPAGE SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A GRANT FOR $17,250 FROM THE MASSACHUSETTS CULTURAL COUNCIL TO SUPPORT THE RIVERS SCHOOL CONSERVATORY. WASSAIL 48208 33879 14329 14 6605 4596 LATIN MUSIC FESTIVAL 19080 15500 3580 617 8200 4398 67288 49379 17909 14 7222 8200 8994 24430 -6521 1 FINANCIAL AID 127 4785906 TUITION REMISSION 32 1542720 RIVERS CONSERVATORY FINANCIAL AID 131 223287 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 310022 0 0 0 18718 0 23081 0 133403 0 485224 0 0 0 JONATHAN D WASSERMAN DIR FIN & OPER/ASST TREAS 216466 0 0 0 317 0 21611 0 47498 0 285892 0 0 0 KRISTEN KELLEHER DIRECTOR OF ADVANCEMENT 218342 0 0 0 213 0 15236 0 47496 0 281287 0 0 0 MICHAEL KRIS HEAD OF MIDDLE SCHOOL 126180 0 0 0 259 0 9359 0 28287 0 164085 0 0 0 JAMES M LONG ASSISTANT HEAD OF SCHOOL 147479 0 0 0 609 0 15758 0 103756 0 267602 0 0 0 MICHAEL EBNER SENIOR ASSOC. DIR. OF ADVA 130401 0 0 0 1478 0 9560 0 19877 0 161316 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 1925000 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 - 8/3/19 REFLECTING ACTIVITY THROUGH 8/3/19 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 MARK TO MARKET VALUE OF THE INTEREST RATE SWAP VALUE DECLINES BELOW A SPECIFIED LEVEL. 96420 TUITION REMISSION EDUCATION ASSISTANCE 74897 FINANCIAL AID EDUCATION ASSISTANCE X 1054 FAIR MARKET VALUE X 20 1709702 VALUE AT DONATION DATE 0 1 0 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 -1,196,059. GAIN ON DISPOSAL OF PROPERTY 300. 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.