2021-03-17T16:13:03-05:00 2020-06-30 390859910 BAKER TILLY US LLP 1570 FRUITVILLE PIKE SUITE 400 LANCASTER PA 17601 990 2019-07-01 231352646 HAVERFORD SCHOOL HAVE 6106423020 450 LANCASTER AVENUE HAVERFORD PA 19041 DAVID S GOLD CFO 6106423020 2021-03-16 1 KERRI N BOGDA CPA P00760402 7177404863 2019 2022-09-23 18:48:47Z JOHN NAGL 450 LANCASTER AVENUE HAVERFORD PA 19041 50579730 0 X WWW.HAVERFORD.ORG X 1916 PA A NON-SECTARIAN COLLEGE PREP SCHOOL PRE-K-12, EDUCATES QUALIFIED BOYS OF DIFFERING BACKGROUNDS. 30 29 314 40 352588 35065 9590907 6765855 34603348 35304785 1914197 3357367 1783775 1487255 47892227 46915262 6857018 8108477 0 0 21141864 20960621 0 0 3095316 12602516 11433722 40601398 40502820 7290829 6412442 173345857 180014014 38281985 40560116 135063872 139453898 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 32134481 8108477 35304785 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. 32134481 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 1 0 1 0 1 0 0 0 0 0 0 0 0 1 121 0 314 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 619286 0 39124 JAMES THORBURN ASSISTANT HEADMASTER 40.00 X 275571 0 30729 DAVID GOLD CHIEF FINANCIAL OFFICER 40.00 X 245625 0 32511 JEFFERY DAY DIR. OF DEVELOPMENT 40.00 X 216353 0 34045 BRIAN MCBRIDE ASSOCIATE HEAD FOR EXTERNAL AFFAIRS 40.00 X 207618 0 36204 JAMES J GREYTOK JR HEAD OF MIDDLE SCHOOL 40.00 X 195719 0 29437 KARL ANDREN UPPER SCHOOL HEAD 40.00 X 192800 0 31654 MICHAEL MURPHY ATHLETIC DIRECTOR 40.00 X 182625 0 30622 JOHN NOSTRANT ATHLETIC DIRECTOR (RES. JUNE '19) 40.00 X 171231 0 27386 PAM GREENBLATT LOWER SCHOOL HEAD 40.00 X 169463 0 13945 GEORGE WOOD SENIOR DIRECTOR OF MAJOR GIFTS 40.00 X 148929 0 14907 MICHELE TODD DIR. OF HUMAN RESOURCES 40.00 X 126285 0 27947 REBECCA DAVIS DEAN OF FACULTY 40.00 X 125611 0 25364 NEAL COUSINS DIRECTOR OF COLLEGE COUNSELING 40.00 X 124161 0 20179 MARY-HELEN MCCULLOCH DIRECTOR OF PLANNED GIVING 40.00 X 117013 0 27005 WILLIAM C YOH CHAIR 7.00 X X 0 0 0 GEORGE B LEMMON TREASURER 0.50 X X 0 0 0 SHARON MERHIGE SECRETARY 0.50 X X 0 0 0 ALICIA C PAYNE 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 TRUSTEE 0.50 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 JASON INGLE 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 TRUSTEE 0.50 X 0 0 0 JONATHAN R MORGAN TRUSTEE 0.50 X 0 0 0 JOSHUA R LEVINE TRUSTEE 0.50 X 0 0 0 MAURICE D GLAVIN TRUSTEE 0.50 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 3118290 0 421059 32 0 1 0 ADAMS BICKEL ASSOC LLC 341 N 10TH AVENUE SUITE 206 ROYERSFORD PA 19468 CONSTRUCTION 8179103 SODEXO USA PO BOX 360170 PITTSBURGH PA 15261 FOOD/FACILITIES MGT 2660130 ALLIED UNIVERSAL SECURITY SERVICES PO BOX 828854 PHILADELPHIA PA 19182 SECURITY PERSONNEL 311228 WALLACE ROBERTS & TODD LLC 1700 MARKET STREET 28TH FL PHILADELPHIA PA 19103 ARCHITECTS 237300 FAEGRE DRINKER BIDDLE & REATH LLP ONE LOGAN SQUARE SUITE 2000 PHILADELPHIA PA 19103 LEGAL SERVICES 144455 12 94520 143757 6527578 501540 6765855 TUITION & FEES 611710 34815214 34815214 DAY CARE PROGRAM 611710 350922 350922 MUSIC LESSONS 611710 97569 97569 ENRICHMENT PROGRAM 611710 41080 41080 35304785 2116493 79507 2036986 141934 202232 -60298 -60298 -60298 4452060 37917 3140065 109038 1311995 -71121 1240874 1240874 388016 94520 213133 174883 174883 CAFETERIA 611710 909871 41612 868259 SUMMER DAY CAMP 611710 202111 202111 CAFE SALES 611710 97831 97831 162857 29358 133499 1372670 46915262 35304785 352588 4492034 8108477 8108477 2831308 1296032 961478 573798 13070211 10728309 1324205 1017697 1160423 940138 135957 84328 2818119 2209452 422441 186226 1080560 827217 153104 100239 135603 135603 91630 91630 523250 523250 1855740 1840157 15583 159225 159225 1607997 1383373 174947 49677 244526 244526 1456852 706146 441930 308776 138993 110147 28846 48773 28698 11791 8284 3387905 2565292 484260 338353 328426 280512 28206 19708 INSTRUCTIONAL EXPENSES 638521 511783 126738 ATHLETIC DEPARTMENT 300350 300350 COMMUNICATION 165014 165014 DUES & SUBSCRIPTIONS 133726 53872 63421 16433 217191 178479 38712 40502820 32134481 5273023 3095316 X 59272 97090 11578824 6681697 6231587 4907002 20831 13455 622943 597095 132225183 51545027 70766262 80680156 43106932 45721042 40313629 40695310 645577 621167 173345857 180014014 2726523 4564094 4996299 4390529 26960490 31000992 444444 393519 3154229 210982 38281985 40560116 X 102688573 106771136 32375299 32682762 135063872 139453898 173345857 180014014 X 6412442 -1335085 -687331 X 0 1 X 1 0 X 8442787 4798613 5929618 9590907 6765855 35527780 8442787 4798613 5929618 9590907 6765855 35527780 261811 35265969 1503949 1526415 1266172 1487225 2178920 7962681 12454 35065 47519 1345101 1288205 1279346 1289857 1487605 6690114 50228094 171340602 0.70210 0.68620 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: CAFETERIA - 2015 AMOUNT: $ 1,021,747. 2016 AMOUNT: $ 993,344. 2017 AMOUNT: $ 1,008,891. 2018 AMOUNT: $ 1,011,714. 2019 AMOUNT: $ 868,259. OTHER - 2015 AMOUNT: $ 16,957. 2016 AMOUNT: $ 4,953. 2017 AMOUNT: $ 33,187. 2018 AMOUNT: $ 54,277. 2019 AMOUNT: $ 52,222. ATHLETICS - 2015 AMOUNT: $ 100,775. 2016 AMOUNT: $ 88,669. 2017 AMOUNT: $ 75,255. 2018 AMOUNT: $ 87,900. 2019 AMOUNT: $ 38,492. THEATER PRODUCTIONS - 2015 AMOUNT: $ 13,680. 2016 AMOUNT: $ 13,292. 2017 AMOUNT: $ 16,598. 2018 AMOUNT: $ 12,208. 2019 AMOUNT: $ 8,128. CAFE SALES - 2015 AMOUNT: $ 123,422. 2016 AMOUNT: $ 115,900. 2017 AMOUNT: $ 108,292. 2018 AMOUNT: $ 103,731. 2019 AMOUNT: $ 97,831. HALL OF FAME DINNER - 2015 AMOUNT: $ 18,048. 2017 AMOUNT: $ 10,790. 2019 AMOUNT: $ 16,550. YEARBOOK SALES - 2015 AMOUNT: $ 1,631. 2016 AMOUNT: $ 2,779. 2017 AMOUNT: $ 650. 2018 AMOUNT: $ 961. SCHOOL STORE - 2015 AMOUNT: $ 4,291. 2016 AMOUNT: $ 1,537. 2017 AMOUNT: $ 2,253. 2018 AMOUNT: $ 4,066. 2019 AMOUNT: $ 5,957. SODEXO SUBSIDY - 2015 AMOUNT: $ 19,050. 2016 AMOUNT: $ 19,050. 2017 AMOUNT: $ 18,900. SCHOOL PICTURE COMMISSION - 2016 AMOUNT: $ 4,044. 2017 AMOUNT: $ 4,530. HUDSON FARM SHOOT - 2015 AMOUNT: $ 25,500. 2016 AMOUNT: $ 44,637. APPLICATION FEES - 2018 AMOUNT: $ 15,000. 2019 AMOUNT: $ 12,150. NON-CHARITABLE FUNDRAISING RECEIPTS - 2019 AMOUNT: $ 388,016. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 83420561 1528695 1937238 470142 86416352 76923595 2555870 3941096 83420561 71516670 2627135 2779790 76923595 67547651 6092005 2122986 71516670 68448481 2133149 -3033979 67547651 0.62780 0.32450 0.04770 0 0 521496 521496 102702135 45599529 57102606 13390825 5945498 7445327 15610727 15610727 80680156 ALTERNATIVE INVESTMENTS 40695310 F 40695310 ACCRUED POSTRETIREMENT HEALTH COSTS 210982 210982 X 36660936 -1335085 -9319058 -10654143 47315079 -399817 -399817 46915262 32270910 399817 399817 31871093 8631727 8631727 40502820 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 IS A NOT-FOR-PROFIT EDUCATIONAL ORGANIZATION WHICH HAS BEEN DETERMINED BY THE INTERNAL REVENUE SERVICE (IRS) TO BE EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE (IRC). THE SCHOOL IS SUBJECT TO FEDERAL INCOME TAXES ON ANY NET UNRELATED BUSINESS TAXABLE INCOME, AS DEFINED BY THE IRC. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. 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 2020. THE SCHOOL'S FEDERAL RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) FOR THE YEARS ENDED JUNE 30, 2019, 2018 AND 2017 ARE SUBJECT TO EXAMINATION BY THE IRS, GENERALLY FOR THREE YEARS AFTER THE DATE THE RETURN WAS FILED. PART XI, LINE 2D - OTHER ADJUSTMENTS: LOSS ON INTEREST RATE SWAP -659,815. GRANTS TO INDIVIDUALS -8,108,477. INVESTMENT FEES -523,250. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -27,516. PART XI, LINE 4B - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES -197,585. RENTAL EXPENSES -202,232. PART XII, LINE 2D - OTHER ADJUSTMENTS: FUNDRAISING EXPENSES 197,585. RENTAL EXPENSES 202,232. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS 8,108,477. INVESTMENT FEES 523,250. 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 89509 SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 0 0 PROGRAM SERVICES EDUCATIONAL TRIPS FOR STUDENTS 3420 0 0 0 0 0 0 92929 0 92929 1 0 1 1 1 0 PART III ACCOUNTING METHOD: SCHEDULE F, PART IV, LINE 1: THE ORGANIZATION HAS INTERESTS IN FOREIGN CORPORATIONS AND PARTNERSHIPS. THE ORGANIZATION HAS REPORTED TRANSFERS ON FORMS 926 FOR TRANSFERS THAT EXCEED THE REPORTING THRESHOLD. 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 261664 55333 206331 44050 430 48609 ALUMNI GOLF OUTING 57195 33452 23743 18358 6 89062 5735 83327 5030 62148 407921 94520 313401 49080 430 129115 178625 134776 1 SCHOLARSHIPS & FINANCIAL AID 376 8108477 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 1 0 0 0 0 0 0 1 0 JOHN A NAGL HEADMASTER 479231 0 100000 0 40055 0 28000 0 11124 0 658410 0 0 0 JAMES THORBURN ASSISTANT HEADMASTER 228071 0 0 0 47500 0 22807 0 7922 0 306300 0 0 0 DAVID GOLD CHIEF FINANCIAL OFFICER 245625 0 0 0 0 0 24563 0 7948 0 278136 0 0 0 JEFFERY DAY DIR. OF DEVELOPMENT 186353 0 0 0 30000 0 18635 0 15410 0 250398 0 0 0 BRIAN MCBRIDE ASSOCIATE HEAD FOR EXTERNAL AFFAIRS 207618 0 0 0 0 0 20762 0 15442 0 243822 0 0 0 JAMES J GREYTOK JR HEAD OF MIDDLE SCHOOL 165719 0 0 0 30000 0 16572 0 12865 0 225156 0 0 0 KARL ANDREN UPPER SCHOOL HEAD 162800 0 0 0 30000 0 16280 0 15374 0 224454 0 0 0 MICHAEL MURPHY ATHLETIC DIRECTOR 152625 0 0 0 30000 0 15263 0 15359 0 213247 0 0 0 JOHN NOSTRANT ATHLETIC DIRECTOR (RES. JUNE '19) 72803 0 0 0 98428 0 7280 0 20106 0 198617 0 0 0 PAM GREENBLATT LOWER SCHOOL HEAD 137363 0 0 0 32100 0 13736 0 209 0 183408 0 0 0 GEORGE WOOD SENIOR DIRECTOR OF MAJOR GIFTS 146829 0 0 0 2100 0 14683 0 224 0 163836 0 0 0 MICHELE TODD DIR. OF HUMAN RESOURCES 126285 0 0 0 0 0 12629 0 15318 0 154232 0 0 0 REBECCA DAVIS DEAN OF FACULTY 125611 0 0 0 0 0 12561 0 12803 0 150975 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 2019 WAS $36,000. THE FAIR MARKET VALUE OF HIS CAR ALLOWANCE FOR 2019 WAS $4,055. 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, MICHAEL MURPHY, JOHN NOSTRANT AND KARL ANDREN. JAMES THORBURN AND JOHN NOSTRANT ALSO RECEIVED TAX GROSS-UP PAYMENTS RELATED TO THEIR TAXABLE HOUSING ALLOWANCES. PART I, LINE 4A JOHN NOSTRANT, ATHLETIC DIRECTOR, RECEIVED A SEVERANCE PAYMENT UPON HIS DEPARTURE. THE AMOUNT OF HIS SEVERANCE WAS $72,803. 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 1407800 DISCOUNTED TUITION EMPLOYEE FINANCIAL ASSISTANCE KATHERINE THORBURN KATHERINE THORBURN IS THE SPOUSE OF JAMES THORBURN, A KEY EMPLOYEE 124125 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 143757 PURCHASE PRICE X 27 357783 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: NET GAIN/LOSS ON INTEREST RATE SWAP -659,815. CHANGE IN VALUE OF BENEFICIAL INTEREST IN PERPETUAL TRUST -27,516.