2021-12-01T16:03:52-06:00 2021-06-30 135565207 KPMG LLP 550 SOUTH HOPE STREET SUITE 1500 LOS ANGELES CA 90071 990 2020-07-01 510255746 TAIPEI AMERICAN SCHOOL FOUNDATION TAIP 3102013584 1900 AVE OF THE STARS 7FL LOS ANGELES CA 90067 GRACE SHANG CHENG HEAD OF SCHOOL 3102013584 2021-12-01 1 GRACE SHANG CHENG 999009999 JONATHAN LIST P01679255 2139724000 2021-11-30 0 AAL1 IAL1 2020 2022-09-23 18:48:47Z TAIPEI AMERICAN SCHOOL GRACE SHANG CHENG 1900 AVE OF THE STARS 7FL LOS ANGELES CA 90067 92398703 0 X WWW.TAS.EDU.TW X 1971 DE TAIPEI AMERICAN SCHOOL'S ("TAS") MISSION IS TO CULTIVATE AN ENDURING COMMITMENT TO LEARNING, PERSONAL WELL-BEING, AND SERVICE. TAS SERVES STUDENTS FROM PRE-KINDERGARTEN THROUGH GRADE 12 AND PROVIDES A BROAD AMERICAN-BASED EDUCATION WITH A GLOBAL PERSPECTIVE. 13 13 632 200 0 0 2865716 2042851 75411587 85872364 585034 457792 3437219 3822617 82299556 92195624 112476 185778 0 0 57601503 65966601 0 0 941683 18983122 21047517 76697101 87199896 5602455 4995728 188977446 206209383 57971057 61884175 131006389 144325208 TAIPEI AMERICAN SCHOOL'S ("TAS") MISSION IS TO CULTIVATE AN ENDURING COMMITMENT TO LEARNING, PERSONAL WELL-BEING, AND SERVICE. TAS SERVES STUDENTS FROM PRE-KINDERGARTEN THROUGH GRADE 12 AND PROVIDES A BROAD AMERICAN-BASED EDUCATION WITH A GLOBAL PERSPECTIVE. 0 0 76442364 185778 85872364 TAIPEI AMERICAN SCHOOL PROVIDES A FULL EDUCATION PROGRAM (KA- GRADE 12) TO 2,424 STUDENTS FROM 34 COUNTRIES. TAS IS KNOWN FOR ITS RIGOROUS ACADEMIC PROGRAM, DYNAMIC INTEGRATION OF TECHNOLOGY ACROSS THE CURRICULUM, EXTENSIVE CO-CURRICULAR ACTIVITIES, RICH HISTORY OF COMMUNITY SERVICE IN TAIWAN AND ASIA, AND SIGNATURE FINE ARTS PROGRAMS WHERE OVER EIGHTY PERCENT OF THE STUDENTS ARE INVOLVED IN CREATING ART, MUSIC, DANCE, OR THEATRE. 76442364 1 1 0 0 0 0 0 0 0 1 1 0 0 0 1 1 1 0 1 1 1 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 30 0 1 632 1 0 1 TW 0 0 0 0 0 0 0 0 1 0 X 13 13 0 0 1 0 1 1 0 1 1 0 0 1 1 0 1 0 0 1 0 0 X CATHY C HSU 8862775099 800 ZHONGSHAN N RD SECTION 6 TAIPEI TW 11152 SHARON HENNESSY HEAD OF SCHOOL - UNTIL 9/2020 40.00 0.00 X 1414720 0 113293 KATHRYN LOUISE LIMMER DIRECTOR OF ADVANCEMENT 40.00 0.00 X 361057 0 92078 ANDREW LOWMAN US PRINCIPAL 40.00 0.00 X 234329 0 120746 LARRY KRAUT CHIEF OPERATING OFFICER 40.00 0.00 X 318556 0 35859 GRACE SHANG CHENG INTERIM HEAD OF SCHOOL- FROM 9/2020 40.00 0.00 X 285486 0 41307 NATHANIEL SMITH DEAN OF FACULTY 40.00 0.00 X 221977 0 92674 JOSH BUDDE MS PRINCIPAL 40.00 0.00 X 222628 0 71931 TARA SIMEONIDIS LS PRINCIPAL 40.00 0.00 X 259536 0 31959 CATHY HSU CONTROLLER 40.00 0.00 X 248653 0 33545 SAMUEL QUEK IT ASSOCIATE DIRECTOR 40.00 0.00 X 219934 0 57169 DAN HUDKINS CHIEF INFORMATION OFFICER 40.00 0.00 X 235086 0 30019 ADAM NELSON INTERIM DEPUTY HEAD OF SCHOOL 40.00 0.00 X 231899 0 31689 MATT FAGEN DIR. OF TECHCUBE 40.00 0.00 X 170747 0 83476 JUDE CLAPPER US DIR. SCIENTIFIC RESEARCH 40.00 0.00 X 170742 0 78222 BECKY KLAR LS ASSOCIATE PRINCIPAL 40.00 0.00 X 157095 0 85810 ALLAN BAYNTUN TEACHER 40.00 0.00 X 162123 0 78552 DANIEL LONG US DEAN OF STUDENTS 40.00 0.00 X 181245 0 53718 BRANDON MAGUIRE TEACHER 40.00 0.00 X 169561 0 55689 GARY PETTIGREW MS ASSOCIATE PRINCIPAL 40.00 0.00 X 182925 0 41145 CAROL CHEN HUMAN RESOURCES DIRECTOR 40.00 0.00 X 179285 0 22722 KIM KAWAMOTO ATHLETIC DIRECTOR 40.00 0.00 X 174785 0 17463 RICK RABON LS ASSOCIATE PRINCIPAL 40.00 0.00 X 155372 0 19953 JOHN VANDENBOOM US ASSOCIATE PRINCIPAL 40.00 0.00 X 150340 0 22947 JULIANA FINUCANE BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 TIM MORTON BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 GAYLE TSIEN BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 CHARLOTTE ACKERT BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 VERA WU BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 CARL WEGNER BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 JAY CHENG BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 EDMOND NG BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 TK CHIANG BOARD OF DIRECTORS 4.00 0.00 X 0 0 0 JOSEPH HEI SECRETARY, BOD 4.00 0.00 X X 0 0 0 ELIZABETH WANG M&R CHAIR, BOD 4.00 0.00 X X 0 0 0 ALEX HSU VICE CHAIR, BOD 4.00 0.00 X X 0 0 0 TINA KOO CHAIRMAN, BOD 4.00 0.00 X X 0 0 0 6108081 0 1311966 201 0 1 0 MCLANE MIDDLETON 900 ELM STREET PO BOX 326 MANCHES NH 03105 LEGAL SERVICES 101619 1 12922 2029929 2042851 INSTRUCTIONAL PROGRAMS 900099 85753446 85753446 USE OF SCHOOL FACILITY 900099 118918 118918 85872364 496232 496232 29777 68217 -38440 -38440 -38440 215338 134862 80476 80476 CAFETERIA SERVICE 900099 1887250 1887250 STUDENT BUS 480000 1771591 1771591 SWIMMING POOL 900099 17918 17918 65382 65382 3742141 92195624 85872364 0 4280409 185778 185778 6142757 2035161 3673007 434589 38324757 36398250 1646279 280228 3565535 3357118 182693 25724 15757186 15200064 512711 44411 2176366 2023872 146452 6042 602205 602205 81515 81515 689086 689086 75478 21415 54063 1011820 536702 455915 19203 1182743 1182743 3977517 3777576 170858 29083 238972 234356 4616 175670 124250 51420 94176 94176 6611158 6278829 283989 48340 185937 185937 CO-CURRICULAR ACT. 1300661 1300661 TEXTBOOKS/TEACHING MAT. 1264485 1264485 CAFETERIA SERVICE COST 1048527 1048527 STUDENT BUS RENTAL 1021873 1021873 1485694 286182 1199512 87199896 76442364 9815849 941683 2275 3222 120865658 131023234 4068337 4718580 236247 125051 149921 166032 2594917 1747757 123453472 57217543 59431261 66235929 1586230 811199 42600 1378379 188977446 206209383 6637270 8304127 42143813 42975625 7634759 7555837 1555215 3048586 57971057 61884175 X 121017909 132252920 9988480 12072288 131006389 144325208 188977446 206209383 X 4995728 8323091 X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 48998556 1494422 227758 -358938 -2947117 54026791 35091823 11564382 311257 -337496 -1693598 48998556 34028982 1117603 280633 -321957 657352 35091823 31124350 2371899 245306 -328299 40872 34028982 28672737 117035 252682 -328731 -1753165 31124350 0.97220 0.02780 0 0 57916149 19959689 37956460 54492361 32173547 22318814 11044962 5084307 5960655 66235929 STUDENT CLUBS PAYABLES 1448830 ASSET RETIREMENT OBLIGATIONS 1599756 3048586 X 92398728 203104 203104 92195624 0 92195624 87403000 203104 203104 87199896 0 87199896 PART V, LINE 4: ENDOWMENT FUNDS INCLUDE QUASI-ENDOWMENT FUND AND EMERGENCY RESERVE FUND. QUASI-ENDOWMENT FUND IS A RESERVE THAT PROTECTS THE SCHOOL AGAINST UNEXPECTED EVENTS, AND PROVIDES FUNDING FOR THE CURRENT OPERATION, IF NEEDED. EMERGENCY RESERVE FUND IS A RESERVE SET ASIDE FOR EMERGENCY SUPPORT OF OPERATIONS SHOULD THE SCHOOL BE TEMPORARILY OR PERMANENTLY CLOSED BY ORDER OF R.O.C. GOVERNMENT OR THE BOARD OF DIRECTORS AS A RESULT OF A FORCE MAJEURE SITUATION, NATURAL DISASTERS THAT HAVE A MAJOR IMPACT ON THE SCHOOL OR ANY OTHER EMERGENCIES ISSUES RESULTING IN ECONOMIC DISTRESS. PART X, LINE 2: THE SCHOOL BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN AFFECTING ITS ANNUAL FILING REQUIREMENTS IN THE U.S.A, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: COST OF ASSETS SOLD 68,217. STUDENT STORE COST OF GOODS SOLD 134,887. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF ASSETS SOLD 68,217. STUDENT STORE COST OF GOODS SOLD 134,887. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 1 0 1 SCHEDULE E, PART I, LINE 6 AMERICAN INSTITUTE IN TAIWAN HAS PROVIDED SPECIAL GRANTS IN THE AMOUNT OF $12,922 IN 2020 TO SUPPORT ADMINISTRATORS AND FACULTY PROFESSIONAL DEVELOPMENT. 1 EAST ASIA AND THE PACIFIC 1 632 PROGRAM SERVICES K-12 EDUCATION 87014118 EAST ASIA AND THE PACIFIC GRANT MAKING 185778 1 632 0 0 1 632 87199896 0 87199896 SCHOLARSHIPS EAST ASIA AND THE PACIFIC 10 185778 BANK TRANSFER 0 0 0 0 0 0 PART I, LINE 2: THE SCHOOL HAS WRITTEN PROCEDURES FOR AWARDING SCHOLARSHIP GRANTS. THIS PROCEDURE CLEARLY OUTLINES THE SCHOLARSHIP COMMITTEE MEMBERS' AUTHORITY AND SELECTION PROCESS OF COMMITTEE MEMBERS. PART I, LINE 3: THE SCHOOL HAS USED ACCRUAL METHOD OF ACCOUNTING FOR EXPENDITURES. PART III ACCOUNTING METHOD: PART III: THE SCHOOL HAS USED ACCRUAL METHOD OF ACCOUNTING FOR FOREIGN GRANTS TO INDIVIDUALS. X X X X 1 1 X X X X X 1 0 0 0 0 0 0 1 0 SHARON HENNESSY HEAD OF SCHOOL - UNTIL 9/2020 366475 0 120000 0 928245 0 30483 0 82810 0 1528013 0 240000 0 KATHRYN LOUISE LIMMER DIRECTOR OF ADVANCEMENT 298954 0 2500 0 59603 0 48469 0 43609 0 453135 0 0 0 ANDREW LOWMAN US PRINCIPAL 188090 0 2500 0 43739 0 18809 0 101937 0 355075 0 0 0 LARRY KRAUT CHIEF OPERATING OFFICER 207066 0 17500 0 93990 0 20932 0 14927 0 354415 0 0 0 GRACE SHANG CHENG INTERIM HEAD OF SCHOOL- FROM 9/2020 244870 0 5000 0 35616 0 24627 0 16680 0 326793 0 0 0 NATHANIEL SMITH DEAN OF FACULTY 173863 0 0 0 48114 0 17386 0 75288 0 314651 0 0 0 JOSH BUDDE MS PRINCIPAL 183509 0 0 0 39119 0 18553 0 53378 0 294559 0 0 0 TARA SIMEONIDIS LS PRINCIPAL 183509 0 2500 0 73527 0 18553 0 13406 0 291495 0 0 0 CATHY HSU CONTROLLER 192164 0 7000 0 49489 0 19295 0 14250 0 282198 0 0 0 SAMUEL QUEK IT ASSOCIATE DIRECTOR 153623 0 10000 0 56311 0 15362 0 41807 0 277103 0 0 0 DAN HUDKINS CHIEF INFORMATION OFFICER 169619 0 2500 0 62967 0 17078 0 12941 0 265105 0 0 0 ADAM NELSON INTERIM DEPUTY HEAD OF SCHOOL 187916 0 0 0 43983 0 18792 0 12897 0 263588 0 0 0 MATT FAGEN DIR. OF TECHCUBE 91470 0 0 0 79277 0 9147 0 74329 0 254223 0 0 0 JUDE CLAPPER US DIR. SCIENTIFIC RESEARCH 98410 0 0 0 72332 0 9841 0 68381 0 248964 0 0 0 BECKY KLAR LS ASSOCIATE PRINCIPAL 116580 0 0 0 40515 0 11658 0 74152 0 242905 0 0 0 ALLAN BAYNTUN TEACHER 98411 0 0 0 63712 0 9841 0 68711 0 240675 0 0 0 DANIEL LONG US DEAN OF STUDENTS 98518 0 0 0 82727 0 9852 0 43866 0 234963 0 0 0 BRANDON MAGUIRE TEACHER 118222 0 0 0 51339 0 11822 0 43867 0 225250 0 0 0 GARY PETTIGREW MS ASSOCIATE PRINCIPAL 142498 0 0 0 40427 0 14250 0 26895 0 224070 0 0 0 CAROL CHEN HUMAN RESOURCES DIRECTOR 163676 0 2300 0 13309 0 16436 0 6286 0 202007 0 0 0 KIM KAWAMOTO ATHLETIC DIRECTOR 91571 0 0 0 83214 0 9157 0 8306 0 192248 0 0 0 RICK RABON LS ASSOCIATE PRINCIPAL 121404 0 0 0 33968 0 12190 0 7763 0 175325 0 0 0 JOHN VANDENBOOM US ASSOCIATE PRINCIPAL 115001 0 0 0 35339 0 11500 0 11447 0 173287 0 0 0 PART I, LINE 1A THE SCHOOL PROVIDES LIVELIHOOD SUPPLEMENTS WHICH INCLUDE HOUSING ALLOWANCES TO OVERSEAS HIRED FACULTY AND ADMINISTRATORS TO SUPPLEMENT A PORTION OF HIS OR HER LIVING EXPENSES IN TAIWAN. NINETEEN PERSONS, INCLUDING FOURTEEN KEY EMPLOYEES AND FIVE HIGHEST COMPENSATED EMPLOYEES LISTED ON PART II RECEIVED THE LIVELIHOOD SUPPLEMENTS DURING THE YEAR. THE LIVELIHOOD SUPPLEMENTS ARE REPORTED AS TAXABLE COMPENSATION. THE HEAD/INTERIM HEAD OF SCHOOL'S MONTHLY DUES OF AMERICAN CLUB IN TAIPEI ARE REIMBURSED BY THE SCHOOL. THE SCHOOL ALSO REIMBURSES THE INITIATION FEE FOR THREE ADMINISTRATORS TO JOIN THE AMERICAN CLUB IN TAIPEI. THE CLUB DUES AND INITIATION FEE ARE CONSIDERED REASONABLE BUSINESS EXPENSES AND THUS NOT REPORTED AS TAXABLE COMPENSATION. AS A CONDITION OF EMPLOYMENT, THE HEAD/INTERIM HEAD OF SCHOOL IS PROVIDED AN APARTMENT NEARBY CAMPUS. THE APARTMENT IS AVAILABLE FOR SCHOOL SPONSORED EVENTS AND TO CONDUCT SCHOOL BUSINESS OUTSIDE NORMAL BUSINESS HOURS. THE HOUSEKEEPING SERVICES AND UTILITIES ALLOCABLE TO BUSINESS PORTION ARE REPORTED AS BUSINESS EXPENSES. THE PORTION OF THE HOUSEKEEPING EXPENSES AND UTILITIES ALLOCABLE TO THE HEAD/INTERIM HEAD OF SCHOOL'S PERSONAL QUARTERS IS A TAXABLE BENEFIT. THE VALUE OF THE HOUSING AND BUSINESS PORTION OF HOUSEKEEPING SERVICES AND UTILITIES IS TREATED AS NON-TAXABLE COMPENSATION UNDER SECTION 119 (A) AND IS REPORTED ON SCHEDULE J, PART II, AND COLUMN (D). AS STIPULATED IN THE HEAD/INTERIM HEAD OF SCHOOL'S EMPLOYMENT CONTRACT, CERTAIN TRAVEL OF A FAMILY MEMBER ARE BORNE BY THE SCHOOL AND APPROPRIATELY REPORTED AS TAXABLE COMPENSATION TO THE INDIVIDUAL. PART I, LINE 4A THE DEFERRED COMPENSATION FOR SHARON HENNESSY, HEAD OF SCHOOL, IN THE AMOUNT OF $240,000 WAS VESTED ON JUNE 30, 2020, AND REPORTED IN SCHEDULE J, PART II, AND COLUMN (C) LAST YEAR. THIS TAXABLE COMPENSATION WAS SUBSEQUENTLY PAID DURING THIS TAX YEAR AND REPORTED IN SCHEDULE J, PART II, AND COLUMN (B)III THIS TAX YEAR. ANOTHER DEFERRED COMPENSATION OF $60,000 FOR THEHEAD OF SCHOOL, SHARON HENNESSY, WAS FULLY VESTED AND BE PAID SHORTLY THEREAFTER DURING THIS TAX YEAR. IT WAS ALSO REPORTED IN SCHEDULE J, PART II, AND COLUMN (B)III. A RETIREMENT PROVISION BENEFIT OF $531,792 FOR THE HEAD OF SCHOOL, SHARON HENNESSY, WAS PAID DURING THIS TAX YEAR. THIS IS REPORTED WITHIN SCHEDULE J, PART II, AND COLUMN (B)III. PART I, LINE 7 THE HEAD OF SCHOOL AND EIGHT ADMINISTRATORS RECEIVED DISCRETIONARY BONUSES DURING THIS TAX YEAR. THE BONUSES HAVE BEEN REPORTED ON SCHEDULE J, PART II, COLUMN II FORM 990, PART VI, SECTION A, LINE 4 THE SCHOOL'S BYLAWS WERE AMENDED IN MAY 2021 TO ADD AN APPOINTED BOARD SEAT DESIGNATED FOR A REPRESENTATIVE FROM AMERICAN INSTITUTE IN TAIWAN ("AIT") IN RECOGNITION OF THE UNIQUE RELATIONSHIP BETWEEN TAS AND AIT. TAS MISSION STATEMENT WAS UPDATED AND REVISED TO REFLECT CURRENT THINKING, PRACTICES, AND ASPIRATIONS IN LINE WITH WHAT IS BEING ARTICULATED IN THE RECENT STRATEGIC PLAN. THE NEW MISSION STATEMENT INCORPORATES ALL ELEMENTS OF THE OLD MISSION STATEMENT WITH A SHARPER FOCUS I) TO INSTILL LIFELONG LOVE OF LEARNING, DEDICATION TO PERSONAL WELLNESS AND SERVICE TO OTHERS II) TAS'S ASPIRATION THAT ITS GRADUATES WILL BE ADAPTABLE, RESILIENT, MORAL AND HAPPY IN THEIR PURSUITS, ACADEMIC OR OTHERWISE. FORM 990, PART VI, SECTION A, LINE 6 THE SCHOOL SHALL HAVE TWO CLASSES OF MEMBERSHIP, GENERAL MEMBERS AND SPECIAL MEMBERS. EACH PARENT OF A STUDENT AT ANY TIME THEN CURRENTLY ENROLLED IN THE SCHOOL SHALL AUTOMATICALLY BECOME A GENERAL MEMBER. EACH PERSON ELECTED OR APPOINTED TO SCHOOL'S BOARD OF DIRECTORS (INCLUDING BOTH ELECTED DIRECTORS AND APPOINTED DIRECTORS) SHALL AUTOMATICALLY BE A SPECIAL MEMBER, UNTIL SUCH STATUS IS TERMINATED. STATUS AS A SPECIAL MEMBER SHALL NOT AFFECT AN INDIVIDUAL'S STATUS AS A GENERAL MEMBER, IF ANY. AT ANY MEETING OF THE GENERAL MEMBERS OR SPECIAL MEMBERS, EACH MEMBER PRESENT, IN PERSON OR BY PROXY, WILL BE ENTITLED TO ONE (1) VOTE. THE GENERAL MEMBERS SHALL HAVE NO VOTING RIGHTS IN THEIR CAPACITY AS MEMBERS OTHER THAN THE RIGHT TO ELECT THE ELECTED DIRECTORS AS PROVIDED IN ARTICLE III, SECTION 3. FORM 990, PART VI, SECTION A, LINE 7A AT ALL TIMES THE BOARD OF DIRECTORS SHALL BE COMPRISED OF A MINIMUM OF NINE (9) AND A MAXIMUM OF FOURTEEN (14) INDIVIDUALS AS FOLLOWS:(A) A MINIMUM OF SEVEN (7) AND A MAXIMUM OF NINE (9) INDIVIDUALS ELECTED BY THE GENERAL MEMBERS (B) A MINIMUM OF TWO (2) AND A MAXIMUM OF FIVE (5) INDIVIDUALS APPOINTED BY THE SPECIAL MEMBERS. ONE (1) OF SUCH APPOINTED DIRECTOR SEATS SHALL BE RESERVED FOR AN EMPLOYEE OF THE AIT. THE ELECTED DIRECTORS SHALL BE ELECTED FROM TIME TO TIME BY A MAJORITY VOTE OF THE GENERAL MEMBERS OF THE SCHOOL, FOLLOWING THE NOMINATION PROCEDURES PROVIDED IN SECTION 5 OF THE ARTICLE. EACH FULL TERM OF AN ELECTED DIRECTOR SHALL BE THIRTY-SIX (36) MONTHS. THE APPOINTED DIRECTORS SHALL BE APPOINTED FROM TIME TO TIME BY A TWO-THIRDS (2/3) VOTE OF THE SPECIAL MEMBERS. EACH FULL TERM OF AN APPOINTED DIRECTOR SHALL BE FORTY-EIGHT (48) MONTHS. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS REVIEWED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM BEFORE SENDING IT TO THE HEAD OF SCHOOL AND CHAIRPERSON OF THE BOARD. SUBSEQUENT TO THE HEAD OF SCHOOL'S AND CHAIR'S REVIEW, ALL BOARD MEMBERS WERE PROVIDED A COMPLETE COPY OF THE FORM 990. THE FORM 990 WAS THEN FILED WITH THE INTERNAL REVENUE SERVICE FOLLOWING THE VOTING BOARD MEMBERS' REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS IS THE AUTHORIZED BODY EMPOWERED TO REVIEW AND APPROVE CONFLICT OF INTEREST TRANSACTIONS. COVERED PERSONS (ANY BOARD MEMBERS AND WITH THEIR FAMILY MEMBERS OR THEIR BUSINESSES) INTERESTED IN A TRANSACTION WITH TAS SHALL PROMPTLY ADVISE AND DISCLOSE ALL MATERIAL FACTS TO THE AUTHORIZED BODY, WHICH SHALL DETERMINE (A) WHETHER A CONFLICT EXISTS AND, IF SO (B) WHETHER IT IS PROPER LEGALLY AND ETHICALLY TO ENTER INTO THE TRANSACTION. EACH COVERED PERSON SHALL ANNUALLY SIGN A STATEMENT THAT (A) THE PERSON HAS RECEIVED A COPY OF THIS POLICY, HAS READ AND UNDERSTOOD IT, AND HAS AGREED TO COMPLY WITH IT; AND (B) IF REQUIRED, DISCLOSES THE PERSON'S FINANCIAL INTERESTS AND FAMILY RELATIONSHIPS THAT COULD GIVE RISE TO CONFLICTS OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS, NONE OF WHOM HAD A CONFLICT OF INTEREST WITH RESPECT TO THE COMPENSATION ARRANGEMENT, EVALUATED THE HEAD OF SCHOOL'S COMPENSATION DURING THE TAX YEAR. THE SALARY ADJUSTMENT, IF ANY, WAS REVIEWED BY THE COMPENSATION COMMITTEE WHICH CONSISTS OF THE BOARD CHAIR, VICE CHAIR, SECRETARY, THE GOVERNANCE COMMITTEE CHAIR AND THE M&R (MANAGEMENT & RESOURCES) COMMITTEE CHAIR. IT WAS THEN APPROVED BY THE FULL BOARD OF DIRECTORS BEFORE BECOMING PART OF THE BUDGET. THE BOARD SOUGHT FEEDBACK FROM AN INDEPENDENT COMPENSATION & BENEFIT FIRM, GATHERED BENCHMARKING DATA FROM COMPARABLE SCHOOLS IN THE EARCOS REGION AND REVIEWED THE HEAD OF SCHOOL'S COMPENSATION AS DISCLOSED IN FORM 990S OF SIMILARLY SIZED PRIVATE SCHOOLS. THE COMMITTEE'S DISCUSSIONS AND DELIBERATIONS WERE CONTEMPORANEOUSLY DOCUMENTED. FORM 990, PART VI, SECTION B, LINE 15B: THE ADMINISTRATORS' COMPENSATION IS DETERMINED BY THE HEAD OF SCHOOL UPON INITIAL HIRE USING BENCHMARK COMPENSATION OF SIMILAR SIZE OVERSEAS SCHOOLS. PERIODIC SALARY ADJUSTMENTS ARE APPROVED BY THE HEAD OF SCHOOL AND ARE PROVIDED TO HUMAN RESOURCES AND CONTROLLER OFFICES FOR INCLUSION IN THE ANNUAL BUDGET CYCLE FOR BOARD OF DIRECTORS' APPROVAL. FORM 990, PART VI, SECTION C, LINE 19 TAS POLICY MANUAL INCLUDING GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY IS AVAILABLE AT SECURED SCHOOL PORTALS. THE AUDITED FINANCIAL STATEMENTS ARE NOT OPEN TO THE PUBLIC EXCEPT THE DATA CONTAINED IN FORM 990. FORM 990, PART XI, LINE 9: CURRENCY EXCHANGE GAIN 8,323,091. GENERAL EXPLANATION ATTACHMENT: STATE OF LEGAL DOMICILE (ITEM M), THE SCHOOL IS LOCATED IN 800 ZHONGSHAN N. RD., SEC. 6, TAIPEI, TAIWAN ROC 11152 (TW). TOTAL NUMBER OF EMPLOYEES (PART I, LINE 5), 634 EMPLOYEES INCLUDED 253 U.S. EMPLOYEES AND 381 NON-U.S. EMPLOYEES AS OF DECEMBER 31, 2020. THE STATES WITH WHICH A COPY OF THIS FORM 990 IS REQUIRED TO BE FILED (PART VI, LINE 17), THE SCHOOL IS NOT REQUIRED TO FILE FORM 990 IN ANY STATE. STATE THE NAME, PHYSICAL ADDRESS, AND TELEPHONE NUMBER OF THE PERSON WHO POSSESSES THE BOOKS AND RECORDS OF THE ORGANIZATION (PART VI, LINE 20), CATHY C HSU, CONTROLLER, TAIPEI AMERICAN SCHOOL FOUNDATION, 800 ZHONGSHAN N. RD., SEC. 6, TAIPEI, TAIWAN ROC 11152, +886-2-7750-9900 EXT. 332. DUE TO SOFTWARE LIMITATIONS, THE TAIWAN TELEPHONE NUMBER DOES NOT APPEAR ON PART VI, LINE 20.