2017-02-28T08:25:41-06:00 2016-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2015-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 STEVEN J SNIDER TREASURER 7812359300 2017-02-17 1 MARK J CONKLIN CPA P01454073 6173386800 2017-02-17 2015 2021-01-29 14:40:06Z EDWARD V PARSONS 333 WINTER STREET WESTON MA 024931040 45083327 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. 28 28 499 458 218891 -51942 2339157 10877997 24577924 25628737 1089128 572054 404814 425688 28411023 37504476 4578329 4816273 0 0 15288006 15507225 10933 61804 1341054 7929668 7986356 27806936 28371658 604087 9132818 66594428 73033191 26446924 26914502 40147504 46118689 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 19784609 4499112 20075300 SCHOOL PROGRAM - THE INSTRUCTION OF 490 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2682319 255008 2686336 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 819166 0 1054473 SUMMER CAMP PROGRAMS - THE INSTRUCTION AND SUPERVISION OF 681 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 1056841 62153 1899065 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 1056841 62153 1899065 24342935 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 0 1 0 0 0 0 0 0 0 0 1 88 0 1 499 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 28 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 BARBARA V LIGON TRUSTEE TERM EXPIRED 6/2/16 1.50 X 0 0 0 BEN D FISCHMAN TRUSTEE 0.80 X 0 0 0 BENJAMIN BLOOMSTONE TRUSTEE 1.50 X 0 0 0 DANIEL A KRAFT OFFICER 1.80 X X 0 0 0 DANIEL R REVERS 2ND VP ELECTED 1.00 X X 0 0 0 DEBORAH H MCANENY 1ST VP 1.00 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 0.80 X 0 0 0 JAMES F CARLIN TRUSTEE 0.80 X 0 0 0 JON BAKER TRUSTEE 0.80 X 0 0 0 LAURIE SCHOEN TRUSTEE TERM EXPIRED 6/2/16 0.80 X 0 0 0 LAURIE SLIFKA TRUSTEE 0.80 X 0 0 0 LOUISE CUMMINGS TRUSTEE 1.00 X 0 0 0 MARK R FLORENCE TRUSTEE TERM EXPIRED 6/2/16 0.80 X 0 0 0 MICHAEL P STANSKY TRUSTEE TERM EXPIRED 6/2/16 1.50 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 2.50 X X 0 0 0 ROBERT J DAVIS PRESIDENT 3.00 X X 0 0 0 SOLOMON B ROTH TRUSTEE TERM EXPIRED 6/2/16 0.80 X 0 0 0 STEVEN J SNIDER TREASURER 2.50 X X 0 0 0 STEPHEN M JENNINGS TRUSTEE 1.50 X 0 0 0 TODD A DAGRES TRUSTEE 0.80 X 0 0 0 ALISON MONAGHAN TRUSTEE ELECTED 6/2/16 0.80 X 0 0 0 HELEN L HOWARD TRUSTEE ELECTED 6/2/16 0.80 X 0 0 0 JAY M GROSSMAN TRUSTEE ELECTED 11/13/15 0.80 X 0 0 0 JONATHAN H PAUL TRUSTEE ELECTED 11/13/15 0.80 X 0 0 0 MATTHEW VETTEL TRUSTEE ELECTED 11/13/15 0.80 X 0 0 0 EDWARD V PARSONS HEAD OF SCHOOL 60.00 X 362719 0 172215 JONATHAN D WASSERMAN DIR FIN & OPER/ASST TREAS 50.00 X 167716 0 99115 KALI BRINK ASSIST CLERK THRU 12/30/15 37.50 X 62926 0 5380 KRISTEN MENSING ASSISTANT CLERK ELECTED 1/19/16 37.50 X 0 0 0 JANICE H HICINBOTHEM DIRECTOR OF DEVELOPMENT THRU 6/30/15 55.00 X 161641 0 32316 DAVID TIERNEY DIR. OF MUSIC CONSERVATORY 50.00 X 118418 0 12191 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 50.00 X 131503 0 114836 ERMELINDA RYAN DEAN OF ACEDEMIC AFFAIRS 50.00 X 123618 0 10426 SUSAN MCGEE HEAD OF MIDDLE SCHOOL 50.00 X 122770 0 28291 KRISTIN HARDER FACULTY 37.50 X 117336 0 26920 BRUCE T AMSBARY FORMER DIR OF FIN & OPERATIONS 60.00 X 164933 0 35148 1533580 0 536838 14 1 1 0 CHARTWELLS (COMPASS GROUP USA INC) 2400 YORKMONT ROAD CHARLOTTE NC 28217 FOOD SERVICE PROVIDER 1007603 LOCAL MOTION OF BOSTON 66B ROCSAM PARK ROAD BRAINTREE MA 02184 TRANSPORTATION 401998 WELLESLEY BUILDING COMPANY LLC 12 CLOCK TOWER PLACE SUITE 200 MAYNARD MA 01754 GENERAL CONTRACTOR 146403 AMPM FACILITY SERVICES 295 WESTON STREET WALTHAM MA 02453 CLEANING SERVICES 143192 WORLD CULTURAL TOURS 2002 EASTWOOD ROAD SUITE 306 WILMINGTON NC 28403 INTERNATIONAL TOUR PROVIDER 120924 5 111389 10766608 234981 10877997 TUITION INCOME 900099 20075300 20075300 RIVERS SCHOOL CONSERVATORY 900099 2686336 2686336 SCHOOL ACTIVITIES 900099 1812628 1812628 SUMMER CAMPS 900099 1054473 1054473 25628737 591213 591213 84440 72370 12070 12070 12070 7173548 7192707 -19159 -19159 -19159 284993 111389 182356 102637 102637 9830 4177 5653 5653 149392 127241 22151 22151 ATHLETIC FACILITY RENTS 713990 218891 218891 MISC. INCOME 900099 39017 39017 NEXTEL RENTAL 900002 25269 25269 283177 37504476 25715174 218891 692414 4816273 4816273 806717 634810 171907 12048816 10311086 1100447 637283 710551 532913 106583 71055 1014749 761062 152212 101475 926392 694794 138959 92639 28329 28329 58175 58175 61804 61804 602 602 93742 93742 43105 43105 232739 174554 34911 23274 56617 56617 601142 601142 2012886 1912242 100644 202513 192387 10126 REPAIRS & MAINTENANCE 758902 720957 37945 LUNCH PROGRAM 753215 753215 OTHER SCHOOL ACTIVITIES 385542 385542 ELECTRICITY 322658 306525 16133 2436189 2137138 117434 181617 28371658 24342935 2687669 1341054 3271572 6063224 789805 1105944 869728 6133128 184110 210341 63570 52230 486872 581437 57093226 26193867 31690758 30899359 22297699 21180796 6403265 6321919 537049 484813 66594428 73033191 1243296 1572948 8783299 8090316 11840000 11605000 1959373 1767557 2620956 3878681 26446924 26914502 X 29184740 29873244 4946213 9799460 6016551 6445985 40147504 46118689 66594428 73033191 X 9132818 -1995913 -1165720 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 22092524 1004103 -1143300 1069092 20884235 22328209 410167 467694 1113546 22092524 19800710 768140 2710656 951297 22328209 18389441 152101 2110389 851221 19800710 18629796 273773 66996 581124 18389441 0.58320 0.30870 0.10810 0 0 1430682 1430682 49951089 22631822 27319267 3358734 2519601 839133 2352721 1042444 1310277 30899359 MONEY MARKET FUNDS 1142427 F FUND OF FUNDS 4645750 F PRIVATE EQUITY FUND 23463 F CERTIFICATES OF DEPOSIT 510279 F 6321919 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 3609317 OTHER LIABILITIES 126273 CAPITAL LEASE OBLIGATION 143091 3878681 X 31274712 -1995913 5072 348556 -1642285 32916997 602 4586877 4587479 37504476 24137807 5072 348556 353628 23784179 602 4586877 4587479 28371658 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 72,370. COGS REPORTED ON PART VIII LINE 10B 127,241. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 148,945. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,557,092. PARENT LEAGUE EXPENSES 29,785. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 72,370. COGS REPORTED ON PART VIII LINE 10B 127,241. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 148,945. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,557,092. PARENT LEAGUE EXPENSES 29,785. 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 6, 2015. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A GRANT FOR $18,800 FROM THE MASSACHUSETTS CULTURAL COUNCIL TO SUPPORT THE RIVERS SCHOOL CONSERVATORY. CAYMAN ISLANDS 0 0 INVESTMENTS 3492888 0 0 0 0 0 0 3492888 0 3492888 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 2459285 61804 2397481 2459285 61804 2397481 MA PARENT LEAGUE AUCTION 222831 15512 207319 0 1250 19306 17032 GOLF TOURNAMENT 91322 44072 47250 0 11519 0 11239 0 2785 3 79059 51650 27409 0 3920 0 25669 5150 56540 393212 111234 281978 16689 56214 5150 76357 154410 127568 1 FINANCIAL AID 107 3414105 TUITION REMISSION 28 1147160 RIVERS CONSERVATORY FINANCIAL AID 146 255008 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 343993 0 0 0 18726 0 8207 0 164495 0 535421 0 0 0 JONATHAN D WASSERMAN DIR FIN & OPER/ASST TREAS 167500 0 0 0 216 0 16733 0 82660 0 267109 0 0 0 JANICE H HICINBOTHEM DIRECTOR OF DEVELOPMENT THRU 6/30/15 160150 0 0 0 1491 0 17448 0 15150 0 194239 0 0 0 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 131227 0 0 0 276 0 14067 0 101016 0 246586 0 0 0 SUSAN MCGEE HEAD OF MIDDLE SCHOOL 121482 0 0 0 1288 0 12661 0 15984 0 151415 0 0 0 BRUCE T AMSBARY FORMER DIR OF FIN & OPERATIONS 145622 0 0 0 19311 0 18546 0 17006 0 200485 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 880000 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 7/31/16 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. SUBSTANTIAL CONTRIBUTOREMPLOYEE SUBSTANTIAL CONTRIBUTOR 40970 TUITION REMISSION EDUCATION ASSISTANCE VARIOUS OFFICERS 81940 TUITION REMISSION EDUCATION ASSISTANCE TRUSTEE TRUSTEE 36480 FINANCIAL AID EDUCATION ASSISTANCE X 20 209981 VALUE AT DONATION DATE X EQUIPMENT-PIANOS 1 25000 FAIR MARKET VALUE 1 0 1 0 FORM 990, PART VI, SECTION B, LINE 11 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 -1,166,870. GAIN ON DISPOSAL OF EQUIPMENT 1,150. FORM 990, PART XII, LINE 2C THE BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE THAT IS COMPRISED OF 5 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. FORM 990 PART IV LINE 28C THE SCHOOL MAINTAINS AN INVESTMENT IN A FOREIGN REGISTERED MUTUAL FUND OF WHICH A TRUSTEE IS A CO-FOUNDER. AS THE SCHOOL DID NOT MAKE ANY ADDITIONAL DEPOSITS TO THE FUND DURING FISCAL YEAR 2016, THE SCHOOL'S INVESTMENT IN THE FUND HAS NOT BEEN DISCLOSED ON SCHEDULE L AS A BUSINESS TRANSACTION INVOLVING INTERESTED PERSONS. THE VALUE OF THE SCHOOL'S INVESTMENT IN THE FUND IS $3,318,330 AS OF JUNE 30, 2016.