2018-03-09T16:04:20-06:00 2017-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2016-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 STEVEN J SNIDER TREASURER 7812359300 2018-02-27 1 MARK J CONKLIN CPA P01454073 6173386800 2018-02-27 50.245.36.121 2018-02-27 10:05:59 ES P F4AB25965AAA82B19472FE50CB4DFE5D12F206EC 7E1133380FF05B29248CA8BB1228A9F1A8CDDEB8 2016 2021-01-29 14:40:06Z EDWARD V PARSONS 333 WINTER STREET WESTON MA 024931040 45848924 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. 29 29 480 433 227862 -67687 10877997 8966689 25628737 26406861 572054 1248890 425688 528893 37504476 37151333 4816273 5229105 0 0 15507225 16330090 61804 19300 1543116 7986356 8271751 28371658 29850246 9132818 7301087 73033191 81458921 26914502 25455621 46118689 56003300 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 20993446 4965183 20957958 SCHOOL PROGRAM - THE INSTRUCTION OF 489 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2732750 263922 2607046 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 785390 1022497 SUMMER CAMP PROGRAMS - THE INSTRUCTION AND SUPERVISION OF 620 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 1109493 1958521 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 1109493 1958521 25621079 1 1 0 0 0 0 1 1 0 1 1 1 0 0 1 1 1 0 1 0 1 0 0 1 1 0 0 0 1 1 1 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 1 95 0 1 480 1 1 1 0 0 0 0 1 1 0 0 0 0 X 29 29 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 CLERK 1.80 X X 0 0 0 ANDREW P SLIFKA TRUSTEE 0.80 X 0 0 0 SCOTT HILINSKI TRUSTEE ELECTED 1/19/17 0.80 X 0 0 0 BEN D FISCHMAN TRUSTEE 0.80 X 0 0 0 BENJAMIN BLOOMSTONE TRUSTEE 0.80 X 0 0 0 DANIEL A KRAFT 1ST VP ELECTED 6/1/17 1.00 X X 0 0 0 DANIEL R REVERS 2ND VP 1.00 X X 0 0 0 DEBORAH H MCANENY 1ST VP TERM EXP. 6/1/17 0.80 X X 0 0 0 DENNIS BALDWIN TRUSTEE 0.80 X 0 0 0 EILEEN SIVOLELLA TRUSTEE 0.80 X 0 0 0 ERIC M WOLF TRUSTEE 1.00 X 0 0 0 HONGMEI LI TRUSTEE 1.50 X 0 0 0 HOWARD G DAVIS TRUSTEE TERM EXP. 6/1/17 0.80 X 0 0 0 JAMES F CARLIN TRUSTEE 0.80 X 0 0 0 JON BAKER JR TRUSTEE PRESIDENT APPOINTEE 6/1/17 1.00 X 0 0 0 WAYNE BLOOM TRUSTEE ELECTED 4/12/17 0.80 X 0 0 0 LAURIE SLIFKA TRUSTEE 0.80 X 0 0 0 LOUISE CUMMINGS TRUSTEE 1.00 X 0 0 0 HARLEY LANK TRUSTEE ELECTED 4/12/17 0.80 X 0 0 0 BALA CUMARESAN TRUSTEE ELECTED 4/12/17 0.80 X 0 0 0 PETER SAPERSTONE TRUSTEE 1.50 X 0 0 0 RICHARD L SMITH TRUSTEE 0.80 X 0 0 0 ROBERT E BUONATO OFFICER TERM EXP 6/1/17 2.50 X X 0 0 0 ROBERT J DAVIS PRESIDENT 3.00 X X 0 0 0 JULIE BRADLEY TRUSTEE ELECTED 4/12/17 0.80 X 0 0 0 STEVEN J SNIDER TREASURER 2.50 X X 0 0 0 STEPHEN M JENNINGS TRUSTEE 0.80 X 0 0 0 TODD A DAGRES RESIGNED FY 2017 TRUSTEE 0.80 X 0 0 0 ALISON MONAGHAN TRUSTEE 0.80 X 0 0 0 HELEN L HOWARD TRUSTEE 0.80 X 0 0 0 JAY M GROSSMAN TRUSTEE 0.80 X 0 0 0 JONATHAN H PAUL TRUSTEE 0.80 X 0 0 0 MATTHEW VETTEL TRUSTEE 0.80 X 0 0 0 EDWARD V PARSONS HEAD OF SCHOOL 60.00 X 308122 0 189562 JONATHAN D WASSERMAN DIR FIN & OPER/ASST TREAS 60.00 X 201250 0 104580 KRISTEN MENSING ASSISTANT CLERK 37.50 X 64818 0 0 KRISTEN KELLEHER DIR. OF ADVANCEMENT 60.00 X 189901 0 46119 DAVID TIERNEY DIR. OF MUSIC CONSERVATORY 50.00 X 144209 0 12648 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 50.00 X 144235 0 120311 ERMELINDA RYAN DEAN OF ACEDEMIC AFFAIRS 50.00 X 121458 0 12294 SUSAN MCGEE HEAD OF MIDDLE SCHOOL 50.00 X 124821 0 29833 KRISTIN HARDER FACULTY 50.00 X 118645 0 53696 1417459 0 569043 14 0 1 0 CHARTWELLS (COMPASS GROUP USA INC) 2400 YORKMONT ROAD CHARLOTTE NC 28217 FOOD SERVICE PROVIDER 1052683 RAD CORPORATION 171 VFW DRIVE ROCKLAND MA 02370 FIELD CONSTRUCTION 912589 LOCAL MOTION OF BOSTON 66B ROCSAM PARK ROAD BRAINTREE MA 02184 TRANSPORTATION 403888 STANTEC PLANNING & LANDSCAPE ARCHITECTUR 13980 COLLECTIONS CENTER DRIVE CHICAGO IL 60693 ENGINEERING/ARCHITECTURE 171751 AMPM FACILITY SERVICES 295 WESTON STREET WALTHAM MA 02453 CLEANING SERVICES 138082 6 104351 8862338 1210279 8966689 TUITION INCOME 900099 20957958 20957958 RIVERS SCHOOL CONSERVATORY 900099 2607046 2607046 SCHOOL ACTIVITIES 900099 1819360 1819360 SUMMER CAMPS 900099 1022497 1022497 26406861 399066 399066 77028 88722 -11694 -11694 -11694 9269191 8419367 849824 849824 849824 267497 104351 102751 164746 164746 9645 827 8818 8818 116428 85924 30504 30504 ATHLETIC FACILITY RENTS 713990 227862 227862 MISC. INCOME 900099 82124 82124 NEXTEL RENTAL 900002 26533 26533 336519 37151333 26546022 227862 1410760 5229105 5229105 852643 649038 203605 12531159 10723519 1054765 752875 805842 604382 120876 80584 1183154 887365 177473 118316 957292 717969 143594 95729 45604 45604 60225 60225 19300 19300 641 641 24519 24519 32352 32352 251127 188345 37669 25113 79040 79040 582090 582090 2107790 2002400 105390 203174 193015 10159 LUNCH PROGRAM 815974 815974 REPAIRS & MAINTENANCE 759895 721901 37994 OTHER SCHOOL ACTIVITIES 361370 361370 ELECTRICITY 344073 326869 17204 2603877 2234423 121860 247594 29850246 25621079 2686051 1543116 6063224 9107376 1105944 1498293 6133128 7333066 210341 96757 52230 120263 581437 544883 59928022 28265661 30899359 31662361 21180796 23715857 6321919 6940092 484813 439973 73033191 81458921 1572948 1654102 8090316 8138959 11605000 11360000 1767557 1725523 3878681 2577037 26914502 25455621 X 29873244 37674898 9799460 11627377 6445985 6701025 46118689 56003300 73033191 81458921 X 7301087 1689853 893671 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 1 1 0 0 1 0 358540 X 0 20884199 1213975 2250345 1035690 23312829 22092524 1004103 -1143300 1069128 20884199 22328209 410167 467694 1113546 22092524 19800710 768140 2710656 951297 22328209 18389441 152101 2110389 851221 19800710 0.59240 0.28740 0.12020 0 0 2355682 2355682 51965127 24298050 27667077 3594968 2815135 779833 2012245 1152476 859769 31662361 MONEY MARKET FUNDS 2872367 F FUND OF FUNDS 3525467 F PRIVATE EQUITY FUND 26413 F CERTIFICATES OF DEPOSIT 515845 F 6940092 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 2433849 OTHER LIABILITIES 70749 CAPITAL LEASE OBLIGATION 72439 2577037 X 34087220 1689853 4986 233224 1928063 32159157 641 4991535 4992176 37151333 25096280 4986 233224 238210 24858070 641 4991535 4992176 29850246 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. 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 88,722. COGS REPORTED ON PART VIII LINE 10B 85,924. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 58,578. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,964,008. PARENT LEAGUE EXPENSES 27,527. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 88,722. COGS REPORTED ON PART VIII LINE 10B 85,924. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 58,578. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,964,008. PARENT LEAGUE EXPENSES 27,527. 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 NON-DISCRIMINATION POLICY AS TO STUDENTS APPEARED IN THE BOSTON SUNDAY GLOBE ON DECEMBER 4, 2016. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A GRANT FOR $15,140 FROM THE MASSACHUSETTS CULTURAL COUNCIL TO SUPPORT THE RIVERS SCHOOL CONSERVATORY. THE SCHOOL RECEIVED A GRANT FOR $1,000 FROM THE COMMONWEALTH OF MASSACHUSETTS ON BEHALF OF THE MASSACHUSETTS STATE HISTORICAL RECORDS ADVISORY BOARD AND THE NATIONAL HISTORICAL PUBLICATIONS AND RECORDS COMMISSION FOR SCHOOL ARCHIVING PROCESS. CAYMAN ISLANDS 0 0 INVESTMENTS 2274094 0 0 0 0 0 0 2274094 0 2274094 0 0 0 0 0 0 X X X X X X X 1 MARTS & LUNDY 1200 WALL STREET WEST 5TH FLOOR LYNDHURST NJ 07071 CAMPAIGN FEASIBILITY STUDY & CONSULTING 0 3768844 19300 3749544 3768844 19300 3749544 MA PARENT LEAGUE AUCTION 220956 22516 198440 18077 26922 GOLF TOURNAMENT 87745 40000 47745 7702 11588 3546 2 58963 40910 18053 6608 4461 367664 103426 264238 7702 36273 34929 78904 185334 1 FINANCIAL AID 119 3810663 TUITION REMISSION 27 1154520 RIVERS CONSERVATORY FINANCIAL AID 170 263922 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 291190 0 0 0 16932 0 21053 0 169006 0 498181 0 0 0 JONATHAN D WASSERMAN DIR FIN & OPER/ASST TREAS 200958 0 0 0 292 0 20167 0 84748 0 306165 0 0 0 KRISTEN KELLEHER DIR. OF ADVANCEMENT 189733 0 0 0 168 0 4433 0 41979 0 236313 0 0 0 DAVID TIERNEY DIR. OF MUSIC CONSERVATORY 143733 0 0 0 476 0 12648 0 260 0 157117 0 0 0 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 143680 0 0 0 555 0 14705 0 105865 0 264805 0 0 0 SUSAN MCGEE HEAD OF MIDDLE SCHOOL 122670 0 0 0 2151 0 12612 0 17579 0 155012 0 0 0 KRISTIN HARDER FACULTY 118457 0 0 0 188 0 12010 0 41890 0 172545 0 0 0 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 1125000 12485000 2003 1 0 1 1 A 0 0 0 1 1 1 CITIZENS FINANCIAL GROUP 30.000000000000 1 0 0 0 1 PART IV-LINE 2C COMPUTATION DATE - 8/3/19 REFLECTING ACTIVITY THROUGH 7/31/17 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. 171040 TUITION REMISSION EDUCATION ASSISTANCE 40680 FINANCIAL AID EDUCATION ASSISTANCE TRUSTEE TRUSTEE 1750000 THE SCHOOL RECEIVED REDEMPTION PROCEEDS FROM AN INVESTMENT OF WHICH A TRUSTEE IS A CO-FOUNDER. 0 X 20 255579 VALUE AT DONATION DATE X 1 925000 APPRAISED VALUE X EQUIPMENT-INSTRUMENTS 1 9950 FAIR MARKET VALUE 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 COMMITTEE ON TRUSTEES 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 1,175,468. LOSS ON DISPOSAL OF EQUIPMENT -281,797. FORM 990, PART XII, LINE 2C THE BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE THAT IS COMPRISED OF 5 MEMBERS, FOUR 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.