2016-03-07T16:18:05-06:00 2015-06-30 042211907 MILLER WACHMAN LLP 100 CAMBRIDGE STREET 13TH FLOOR BOSTON MA 021142548 990 2014-07-01 042104457 THE RIVERS SCHOOL CORPORATION RIVE 7812359300 333 WINTER STREET WESTON MA 024931040 STEVEN J SNIDER TREASURER 7812359300 2016-03-02 1 MARK J CONKLIN CPA P01454073 6173386800 2016-03-02 2014 2016-08-17 19:52:53Z EDWARD V PARSONS 333 WINTER STREET WESTON MA 024931040 35005922 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 28 469 463 226768 -62978 2663787 2339157 23303733 24577924 766022 1089128 365347 404814 27098889 28411023 4712009 4578329 0 0 13980732 15288006 19721 10933 1215792 8609025 7929668 27321487 27806936 -222598 604087 67407803 66594428 27421169 26446924 39986634 40147504 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 19589324 4334185 19234950 SCHOOL PROGRAM - THE INSTRUCTION OF 490 STUDENTS - GRADE 6-12. THE SCHOOL YEAR RUNS FROM SEPTEMBER TO JUNE. 2501544 193828 2522911 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 846297 0 1090006 SUMMER CAMP PROGRAMS - THE INSTRUCTION AND SUPERVISION OF 650 TOTAL CAMPERS IN ARTS, CRAFTS, AND OUTDOOR ACTIVITIES. 987223 50316 1799267 OTHER SCHOOL PROGRAMS - VARIOUS EXTRA - CURRICULAR ACTIVITIES. 987223 50316 1799267 23924388 1 1 0 0 0 0 1 1 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 0 0 0 1 1 0 0 0 0 0 0 0 0 1 104 0 1 469 1 1 1 0 0 0 0 1 1 0 0 0 0 X 28 28 0 0 1 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 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 CLINTON P HARRIS 2ND VP THRU 6/4/15 1.00 X X 0 0 0 DANIEL A KRAFT OFFICER 1.80 X X 0 0 0 DANIEL R REVERS 2ND VP ELECTED 6/4/15 0.80 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 ELECTED 6/4/15 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 ELECTED 11/1/14 0.80 X 0 0 0 LAURIE SCHOEN TRUSTEE 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 0.80 X 0 0 0 MARK S SCHUSTER TRUSTEE - EXPIRED 6/4/15 0.80 X 0 0 0 MICHAEL P STANSKY TRUSTEE 1.50 X 0 0 0 PETER SAPERSTONE TRUSTEE ELECTED 9/30/14 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 2.00 X X 0 0 0 SOLOMON B ROTH TRUSTEE 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 BRUCE T AMSBARY DIR FIN &OPER/ASST TREAS THRU 6/4/15 60.00 X 192362 0 35597 EDWARD V PARSONS HEAD OF SCHOOL EFF. 7/1/14 60.00 X 207379 0 57446 JEAN I MOUZAR ASSIST CLERK THROUGH 11/20/14 37.50 X 59418 0 14447 KALI BRINK ASSIST CLERK ELECTED 11/20/14 37.50 X 8612 0 1000 THOMAS P OLVERSON HEAD OF SCHOOL THRU 6/30/14 60.00 X 155442 0 29882 JANICE H HICINBOTHEM DIRECTOR OF ADVANCEMENT 55.00 X 177196 0 32840 DAVID TIERNEY DIR. OF MUSIC CONSERVATORY 50.00 X 115958 0 12261 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 50.00 X 125648 0 86253 JONATHAN D WASSERMAN DIR FIN &OPER/ASST TREAS ELEC 6/4/15 50.00 X 131077 0 69686 PATRICIA CARBERY HEAD OF UPPER SCHOOL 50.00 X 122556 0 26107 SUSAN MCGEE HEAD OF MIDDLE SCHOOL 50.00 X 118795 0 25915 1414443 0 391434 16 0 1 0 WELLESLEY BUILDING COMPANY LLC 12 CLOCK TOWER PLACE SUITE 200 MAYNARD MA 01754 GENERAL CONTRACTOR 1567458 CHARTWELLS (COMPASS GROUP USA INC) 2400 YORKMONT ROAD CHARLOTTE NC 28217 FOOD SERVICE PROVIDER 940618 LOCAL MOTION OF BOSTON 66B ROCSAM PARK ROAD BRAINTREE MA 02184 TRANSPORTATION 419544 AMPM FACILITY SERVICES 295 WESTON STREET WALTHAM MA 02453 CLEANING SERVICES 140213 BREEN & SULLIVAN MECHANICAL SERVICES IN 7 HEALY COURT DANVERS MA 01923 HVAC INSTALLATION 117512 7 99420 2239737 173265 2339157 TUITION INCOME 900099 19234950 19234950 RIVERS SCHOOL CONSERVATORY 900099 2522911 2522911 SCHOOL ACTIVITIES 900099 1730057 1730057 SUMMER CAMPS 900099 1090006 1090006 24577924 701834 701834 105270 94767 10503 10503 10503 6591329 6204035 387294 387294 387294 267389 99420 181224 86165 86165 12970 802 12168 12168 128947 114071 14876 14876 ATHLETIC FACILITY RENTS 713990 226768 226768 MISC. INCOME 900099 30268 30268 NEXTEL RENTAL 900002 24066 24066 281102 28411023 24647134 226768 1197964 4578329 4578329 957263 741643 215620 11662956 10165951 970767 526238 834941 626206 125241 83494 942787 707090 141418 94279 890059 667545 133509 89005 29744 29744 74752 74752 10933 10933 527 527 58159 58159 49977 49977 263904 197928 39586 26390 71524 71524 598631 598631 1936028 1839227 96801 184494 175269 9225 REPAIRS & MAINTENANCE 736452 699629 36823 LUNCH PROGRAM 729134 729134 OTHER SCHOOL ACTIVITIES 396346 396346 RIVERS SCHOOL CONSERVAT 327651 327651 2472345 2165475 137037 169833 27806936 23924388 2666756 1215792 3551317 3271572 1322021 789805 1394453 869728 138138 184110 52313 0 90394 63570 485224 486872 55885054 24194296 31830092 31690758 21021721 22297699 7032822 6403265 489308 537049 67407803 66594428 1557328 1243296 8590137 8783299 12065000 11840000 2983578 1959373 2225126 2620956 27421169 26446924 X 28404351 29184740 5615979 4946213 5966304 6016551 39986634 40147504 67407803 66594428 X 604087 -611774 168557 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 22328209 410167 467694 1113546 22092524 19800710 768140 2710656 951297 22328209 18389441 152101 2110389 851221 19800710 18629796 273773 66996 581124 18389441 17265455 303069 1993304 932032 18629796 0.60260 0.27240 0.12500 0 0 1430682 1430682 49428897 21004287 28424610 3108125 2247650 860475 1917350 942359 974991 31690758 MONEY MARKET FUNDS 299215 F FUND OF FUNDS 5544187 F PRIVATE EQUITY FUND 54095 F CERTIFICATES OF DEPOSIT 505768 F 6403265 FAIR VALUE OF INTEREST RATE SWAP LIABILITY 2442447 OTHER LIABILITIES 178509 2620956 X 23744406 -611774 6180 353125 -252469 23996875 527 4413621 4414148 28411023 23752093 6180 353125 359305 23392788 527 4413621 4414148 27806936 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 94,767. COGS REPORTED ON PART VIII LINE 10B 114,071. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 144,287. PART XI, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,377,462. PARENT LEAGUE EXPENSES 36,159. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSES REPORTED ON PART VIII LINE 6B 94,767. COGS REPORTED ON PART VIII LINE 10B 114,071. SPECIAL EVENT EXPENSES INCLUDED IN PART VIII LINE 8B 144,287. PART XII, LINE 4B - OTHER ADJUSTMENTS: FINANCIAL AID AND TUITION REMISSION 4,377,462. PARENT LEAGUE EXPENSES 36,159. 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 7, 2014. SCHEDULE E, PART I, LINE 6 THE SCHOOL RECEIVED A GRANT FOR $16,900 FROM THE MASSACHUSETTS CULTURAL COUNCIL TO SUPPORT THE RIVERS SCHOOL CONSERVATORY. CAYMAN ISLANDS 0 0 INVESTMENTS 4455340 0 0 0 0 0 0 4455340 0 4455340 0 0 0 0 0 0 PARENT LEAGUE AUCTION 188499 16860 171639 11751 25988 GOLF TOURNAMENT 95688 42800 52888 7452 10382 4694 3 72954 38092 34862 6547 4954 76985 357141 97752 259389 13999 27087 107667 148753 110636 1 FINANCIAL AID 109 3442381 TUITION REMISSION 24 942120 RIVERS CONSERVATORY FINANCIAL AID 123 193828 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 X X 1 1 X X X X X 0 0 0 0 0 0 0 0 0 BRUCE T AMSBARY DIR FIN &OPER/ASST TREAS THRU 6/4/15 174119 0 0 0 18243 0 19540 0 16447 0 228349 0 0 0 EDWARD V PARSONS HEAD OF SCHOOL EFF. 7/1/14 189645 0 0 0 17734 0 0 0 57487 0 264866 0 0 0 THOMAS P OLVERSON HEAD OF SCHOOL THRU 6/30/14 136952 0 0 0 18490 0 16200 0 13957 0 185599 0 0 0 JANICE H HICINBOTHEM DIRECTOR OF ADVANCEMENT 175055 0 0 0 2141 0 17859 0 15422 0 210477 0 0 0 JAMES M LONG ASST HEAD SCH/DEAN OF STUD 125393 0 0 0 255 0 13160 0 73328 0 212136 0 0 0 JONATHAN D WASSERMAN DIR FIN &OPER/ASST TREAS ELEC 6/4/15 130965 0 0 0 112 0 13216 0 56691 0 200984 0 0 0 SCHEDULE J PART II THE HEAD OF SCHOOL HAS ACCESS TO A DISCRETIONARY SPENDING ACCOUNT TO COVER EXPENSES RELATED TO TRAVEL, CONFERENCES, AND OTHER UNBUDGETED SCHOOL RELATED EXPENSES. 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 645000 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 7/31/15 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. ROBERT E BUONATO TRUSTEE 955627 MR. BUONATO IS A TRUSTEE OF THE SCHOOL. HE IS ALSO A MEMBER OF THE BOARD OF DIRECTORS OF THE PARENT COMPANY OF AN AFFILIATED COMPANY IN WHICH THE SCHOOL INCURRED CONSTRUCTION COSTS ASSOCIATED WITH THE BUILDING OF A HOUSE FOR THE HEAD OF SCHOOL. DURING THE YEAR ENDED JUNE 30,2015, THE SCHOOL PAID THE AFFILIATED COMPANY $955,627 IN CONSTRUCTION COSTS. THE TOTAL CONTRACT PRICE WAS $1,784,237. 0 X 18 111125 VALUE AT DONATION DATE X EQUIPMENT-PIANOS 2 58300 FAIR MARKET VALUE X EVENT SUPPLIES 2 3840 FAIR MARKET VALUE 2 0 1 0 FORM 990, PART VI, SECTION A, LINE 4 THE SCHOOL AMENDED IT'S BY-LAWS TO INCLUDE THE FOLLOWING 2 CHANGES: 1. ARTICLE III-SECTION 2-MAXIMUM NUMBER OF TRUSTEES WAS INCREASED TO 35. 2. ARTICLE VIII-SECTION 18 WAS ADDED TO INCLUDE A DEFINED CONTRIBUTION RETIREMENT PLAN COMMITTEE 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 -324,752. GAIN ON DISPOSAL OF PROPERTY 493,309. FORM 990, PART XII, LINE 2C THE BOARD OF TRUSTEES HAS AN AUDIT COMMITTEE THAT IS COMPRISED OF 5 MEMBERS, TWO 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 2015, 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 $4,139,769 AS OF JUNE 30, 2015.